CBTJ vs. BCOR
CBTJ (Calamos Bitcoin 80 Series Structured Alt Protection ETF - January) and BCOR (Grayscale Bitcoin Adopters ETF) are both Blockchain funds. CBTJ is actively managed, while BCOR is passively managed. Over the past year, CBTJ returned -36.69% vs -29.74% for BCOR. Their 0.76 correlation means they have sometimes moved together and sometimes differently. CBTJ charges 0.69%/yr vs 0.59%/yr for BCOR.
Performance
CBTJ vs. BCOR - Performance Comparison
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Returns By Period
In the year-to-date period, CBTJ achieves a -19.11% return, which is significantly lower than BCOR's -13.11% return.
CBTJ
- 1D
- 0.16%
- 1M
- 0.52%
- 6M
- -10.11%
- YTD
- -19.11%
- 1Y
- -36.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -19.93%
BCOR
- 1D
- 1.65%
- 1M
- -3.34%
- 6M
- -7.85%
- YTD
- -13.11%
- 1Y
- -29.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -6.53%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $7.76K | $9.85K | $15.22K | |
| $73.35K | $163.83K | $333.67K |
CBTJ vs. BCOR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January | -19.11% | -10.82% |
BCOR Grayscale Bitcoin Adopters ETF | -13.11% | 5.68% |
Correlation
The correlation between CBTJ and BCOR is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Apr 30, 2025 | 0.76 |
The correlation between CBTJ and BCOR has been stable across timeframes, ranging from 0.76 to 0.78 - a consistent structural relationship.
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Return for Risk
CBTJ vs. BCOR — Risk / Return Rank
CBTJ
BCOR
CBTJ vs. BCOR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (CBTJ) and Grayscale Bitcoin Adopters ETF (BCOR). 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.
| CBTJ | BCOR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -1.22 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 0.91 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | -0.69 | -0.17 |
| Martin ratioReturn relative to average drawdown | -1.27 | -1.09 | -0.18 |
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Drawdowns
CBTJ vs. BCOR - Drawdown Comparison
The maximum CBTJ drawdown since its inception was -42.41%, roughly equal to the maximum BCOR drawdown of -42.99%. Use the drawdown chart below to compare losses from any high point for CBTJ and BCOR.
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Drawdown Indicators
| CBTJ | BCOR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.41% | -42.99% | +0.58% |
Max Drawdown (1Y)Largest decline over 1 year | -42.41% | -42.99% | +0.58% |
Current DrawdownCurrent decline from peak | -40.96% | -38.54% | -2.42% |
Average DrawdownAverage peak-to-trough decline | -17.94% | -20.50% | +2.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.86% | 27.36% | +1.50% |
Volatility
CBTJ vs. BCOR - Volatility Comparison
The current volatility for Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (CBTJ) is 3.63%, while Grayscale Bitcoin Adopters ETF (BCOR) has a volatility of 12.86%. This indicates that CBTJ experiences smaller price fluctuations and is considered to be less risky than BCOR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBTJ | BCOR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.63% | 12.86% | -9.23% |
Volatility (6M)Calculated over the trailing 6-month period | 13.52% | 34.00% | -20.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.56% | 42.95% | -16.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.64% | 43.44% | -18.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.64% | 43.44% | -18.80% |
CBTJ vs. BCOR - Expense Ratio Comparison
CBTJ has a 0.69% expense ratio, which is higher than BCOR's 0.59% expense ratio.
Dividends
CBTJ vs. BCOR - Dividend Comparison
CBTJ's dividend yield for the trailing twelve months is around 1.79%, less than BCOR's 3.63% yield.
| Position | TTM | 2025 |
|---|---|---|
BCOR Grayscale Bitcoin Adopters ETF | 3.63% | 3.10% |
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January | 1.79% | 1.45% |
Frequently Asked Questions
CBTJ and BCOR have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BCOR has higher volatility (12.86%) compared to CBTJ (3.63%). In terms of maximum drawdown, CBTJ dropped -42.41% vs BCOR's -42.99%.
On 1-year performance, BCOR leads with -29.74% vs -36.69% for CBTJ. On fees, BCOR is cheaper at 0.59% per year. On volatility, CBTJ has been the lower-risk option at 3.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BCOR has performed better with a -29.74% return vs -36.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BCOR is cheaper with a 0.59% expense ratio, compared with 0.69% for CBTJ.
BCOR has the higher dividend yield at 3.63%, compared with 1.79% for CBTJ.
They also come from different issuers: Calamos and Grayscale. Their fees differ too: 0.69% for CBTJ and 0.59% for BCOR.
BCOR currently has the higher Sharpe Ratio (-0.70 vs -1.39), 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.
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