CBTA vs. CBOJ

Last updated Aug 4, 2026

CBTA (Calamos Bitcoin 80 Series Structured Alt Protection ETF - April) and CBOJ (Calamos Bitcoin Structured Alt Protection ETF - January) are both Defined Outcome funds from Calamos tracking the CBOE Bitcoin US ETF Index. Both are passively managed. Over the past year, CBTA returned -33.12% vs -5.58% for CBOJ. Their correlation of 0.87 means they have usually moved in the same direction. Both charge a 0.69% expense ratio.

Performance

CBTA vs. CBOJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) and Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBTA achieves a -24.45% return, which is significantly lower than CBOJ's -1.54% return.

CBTA

• 1D: 0.83%
• 1M: 2.26%
• 6M: -16.28%
• YTD: -24.45%
• 1Y: -33.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -11.98%

CBOJ

• 1D: 0.21%
• 1M: 0.24%
• 6M: -0.55%
• YTD: -1.54%
• 1Y: -5.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.55%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	$91.16K	$69.82K	$86.34K
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April	$19.28K	$37.33K	$32.42K

CBTA vs. CBOJ - Yearly Performance Comparison

	2026 (YTD)	2025
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April	-24.45%	11.82%
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	-1.54%	-0.12%

Correlation

The correlation between CBTA and CBOJ is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	0.87

The correlation between CBTA and CBOJ has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

Return for Risk

CBTA vs. CBOJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CBTA

CBTA Risk / Return Rank: 2
CBTA Sharpe Ratio Rank: 1
CBTA Sortino Ratio Rank: 1
CBTA Omega Ratio Rank: 1
CBTA Calmar Ratio Rank: 2
CBTA Martin Ratio Rank: 2

CBOJ

CBOJ Risk / Return Rank: 2
CBOJ Sharpe Ratio Rank: 1
CBOJ Sortino Ratio Rank: 2
CBOJ Omega Ratio Rank: 2
CBOJ Calmar Ratio Rank: 4
CBOJ Martin Ratio Rank: 5

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CBTA vs. CBOJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) and Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CBTA	CBOJ	Difference
Sharpe ratio: Return per unit of total volatility	-1.13	-1.18	+0.05
Sortino ratio: Return per unit of downside risk	-1.61	-1.58	-0.03
Omega ratio: Gain probability vs. loss probability	0.81	0.82	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.83	-0.66	-0.17
Martin ratio: Return relative to average drawdown	-1.32	-0.94	-0.39

CBTA vs. CBOJ - Sharpe Ratio Comparison

The current CBTA Sharpe Ratio is -1.13, which is comparable to the CBOJ Sharpe Ratio of -1.18. The chart below compares the historical Sharpe Ratios of CBTA and CBOJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CBTA vs. CBOJ - Drawdown Comparison

The maximum CBTA drawdown since its inception was -39.83%, which is greater than CBOJ's maximum drawdown of -8.44%. Use the drawdown chart below to compare losses from any high point for CBTA and CBOJ.

Drawdown Indicators

	CBTA	CBOJ	Difference
Max Drawdown Largest peak-to-trough decline	-39.83%	-8.44%	-31.39%
Max Drawdown (1Y) Largest decline over 1 year	-39.83%	-8.44%	-31.39%
Current Drawdown Current decline from peak	-36.91%	-7.86%	-29.05%
Average Drawdown Average peak-to-trough decline	-15.96%	-3.64%	-12.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.05%	5.97%	+19.08%

Volatility

CBTA vs. CBOJ - Volatility Comparison

Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) has a higher volatility of 4.88% compared to Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) at 0.71%. This indicates that CBTA's price experiences larger fluctuations and is considered to be riskier than CBOJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBTA	CBOJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	0.71%	+4.17%
Volatility (6M) Calculated over the trailing 6-month period	21.40%	2.32%	+19.08%
Volatility (1Y) Calculated over the trailing 1-year period	29.44%	4.75%	+24.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.78%	4.40%	+22.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.78%	4.40%	+22.38%

CBTA vs. CBOJ - Expense Ratio Comparison

Both CBTA and CBOJ have an expense ratio of 0.69%.

Dividends

CBTA vs. CBOJ - Dividend Comparison

CBTA's dividend yield for the trailing twelve months is around 1.18%, less than CBOJ's 3.20% yield.

Position	TTM	2025
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	3.20%	3.16%
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April	1.18%	0.89%

Frequently Asked Questions

Can I hold both CBTA and CBOJ in my portfolio?

CBTA and CBOJ have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBTA or CBOJ?

CBTA has higher volatility (4.88%) compared to CBOJ (0.71%). In terms of maximum drawdown, CBTA dropped -39.83% vs CBOJ's -8.44%.

Which ETF is better, CBTA or CBOJ?

On 1-year performance, CBOJ leads with -5.58% vs -33.12% for CBTA. Both ETFs have the same 0.69% expense ratio. On volatility, CBOJ has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBTA or CBOJ?

Over the 1-year period, CBOJ has performed better with a -5.58% return vs -33.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBTA or CBOJ?

CBTA and CBOJ have the same expense ratio: 0.69% per year.

Which ETF pays a higher dividend yield, CBTA or CBOJ?

CBOJ has the higher dividend yield at 3.20%, compared with 1.18% for CBTA.

What is the main difference between CBTA and CBOJ?

Both ETFs track CBOE Bitcoin US ETF Index.

Which has better risk-adjusted returns?

CBTA currently has the higher Sharpe Ratio (-1.13 vs -1.18), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.