CBTJ vs. BITQ
CBTJ (Calamos Bitcoin 80 Series Structured Alt Protection ETF - January) and BITQ (Bitwise Crypto Industry Innovators ETF) are both Blockchain funds. CBTJ is actively managed, while BITQ is passively managed. Over the past year, CBTJ returned -36.69% vs 19.45% for BITQ. Their 0.68 correlation means they have sometimes moved together and sometimes differently. CBTJ charges 0.69%/yr vs 0.85%/yr for BITQ.
Performance
CBTJ vs. BITQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CBTJ achieves a -19.11% return, which is significantly lower than BITQ's 17.71% return.
CBTJ
- 1D
- 0.16%
- 1M
- 0.52%
- 6M
- -10.11%
- YTD
- -19.11%
- 1Y
- -36.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -19.93%
BITQ
- 1D
- -0.38%
- 1M
- -1.39%
- 6M
- 15.51%
- YTD
- 17.71%
- 1Y
- 19.45%
- 3Y*
- 39.04%
- 5Y*
- -0.03%
- 10Y*
- —
- ALL TIME*
- 0.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.13M | $2.18M | $2.93M | |
| $73.35K | $163.83K | $333.67K |
CBTJ vs. BITQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January | -19.11% | -11.32% |
BITQ Bitwise Crypto Industry Innovators ETF | 17.71% | 9.63% |
Correlation
The correlation between CBTJ and BITQ is 0.67, 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. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025 | 0.68 |
The correlation between CBTJ and BITQ has been stable across timeframes, ranging from 0.67 to 0.68 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CBTJ vs. BITQ — Risk / Return Rank
CBTJ
BITQ
CBTJ vs. BITQ - 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 Bitwise Crypto Industry Innovators ETF (BITQ). 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 | BITQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.72 | ||
| Sortino ratioReturn per unit of downside risk | -2.95 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.10 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 0.43 | -1.30 |
| Martin ratioReturn relative to average drawdown | -1.27 | 0.87 | -2.14 |
Loading charts...
Drawdowns
CBTJ vs. BITQ - Drawdown Comparison
The maximum CBTJ drawdown since its inception was -42.41%, smaller than the maximum BITQ drawdown of -90.32%. Use the drawdown chart below to compare losses from any high point for CBTJ and BITQ.
Loading charts...
Drawdown Indicators
| CBTJ | BITQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.41% | -90.32% | +47.91% |
Max Drawdown (1Y)Largest decline over 1 year | -42.41% | -44.99% | +2.58% |
Max Drawdown (3Y)Largest decline over 3 years | — | -51.22% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.32% | — |
Current DrawdownCurrent decline from peak | -40.96% | -27.64% | -13.32% |
Average DrawdownAverage peak-to-trough decline | -17.94% | -51.95% | +34.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.86% | 22.48% | +6.38% |
Volatility
CBTJ vs. BITQ - Volatility Comparison
The current volatility for Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (CBTJ) is 3.63%, while Bitwise Crypto Industry Innovators ETF (BITQ) has a volatility of 19.33%. This indicates that CBTJ experiences smaller price fluctuations and is considered to be less risky than BITQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CBTJ | BITQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.63% | 19.33% | -15.70% |
Volatility (6M)Calculated over the trailing 6-month period | 13.52% | 44.22% | -30.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.56% | 58.91% | -32.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.64% | 67.23% | -42.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.64% | 67.12% | -42.48% |
CBTJ vs. BITQ - Expense Ratio Comparison
CBTJ has a 0.69% expense ratio, which is lower than BITQ's 0.85% expense ratio.
Dividends
CBTJ vs. BITQ - Dividend Comparison
CBTJ's dividend yield for the trailing twelve months is around 1.79%, while BITQ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BITQ Bitwise Crypto Industry Innovators ETF | 0.00% | 0.00% | 0.90% | 1.51% | 0.00% | 3.12% |
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January | 1.79% | 1.45% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CBTJ and BITQ have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITQ has higher volatility (19.33%) compared to CBTJ (3.63%). In terms of maximum drawdown, CBTJ dropped -42.41% vs BITQ's -90.32%.
On 1-year performance, BITQ leads with 19.45% vs -36.69% for CBTJ. On fees, CBTJ is cheaper at 0.69% 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, BITQ has performed better with a 19.45% return vs -36.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CBTJ is cheaper with a 0.69% expense ratio, compared with 0.85% for BITQ.
CBTJ has the higher dividend yield at 1.79%, compared with 0.00% for BITQ.
They also come from different issuers: Calamos and Bitwise. Their fees differ too: 0.69% for CBTJ and 0.85% for BITQ.
BITQ currently has the higher Sharpe Ratio (0.33 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.
Find the right allocation for CBTJ and BITQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer