CBTJ vs. BITQ
CBTJ (Calamos Bitcoin 80 Series Structured Alt Protection ETF - January) and BITQ (Bitwise Crypto Industry Innovators ETF) are both exchange-traded funds - CBTJ is a Blockchain fund actively managed by Calamos, while BITQ is a Technology Equities fund tracking the Bitwise Crypto Innovators 30 Total Return. CBTJ is actively managed, while BITQ is passively managed. Over the past year, CBTJ returned -30.49% vs 53.75% for BITQ. A 0.68 correlation means they provide meaningful diversification when combined. CBTJ charges 0.69%/yr vs 0.85%/yr for BITQ.
Performance
CBTJ vs. BITQ - Performance Comparison
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Returns By Period
In the year-to-date period, CBTJ achieves a -17.54% return, which is significantly lower than BITQ's 37.93% return.
CBTJ
- 1D
- -1.16%
- 1M
- -12.47%
- YTD
- -17.54%
- 6M
- -23.16%
- 1Y
- -30.49%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BITQ
- 1D
- -1.33%
- 1M
- 4.84%
- YTD
- 37.93%
- 6M
- 16.04%
- 1Y
- 53.75%
- 3Y*
- 60.76%
- 5Y*
- 4.91%
- 10Y*
- —
CBTJ vs. BITQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January | -17.54% | -11.32% |
BITQ Bitwise Crypto Industry Innovators ETF | 37.93% | 9.87% |
Correlation
The correlation between CBTJ and BITQ is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025 | 0.68 |
The correlation between CBTJ and BITQ has been stable across timeframes, ranging from 0.68 to 0.68 - a consistent structural relationship.
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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.
| CBTJ | BITQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.09 | ||
| Sortino ratioReturn per unit of downside risk | -3.16 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.18 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 1.20 | -1.97 |
| Martin ratioReturn relative to average drawdown | -1.29 | 2.53 | -3.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CBTJ | BITQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.13 | 0.97 | -2.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.07 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.82 | 0.07 | -0.89 |
Drawdowns
CBTJ vs. BITQ - Drawdown Comparison
The maximum CBTJ drawdown since its inception was -39.82%, 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.
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Drawdown Indicators
| CBTJ | BITQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.82% | -90.32% | +50.50% |
Max Drawdown (1Y)Largest decline over 1 year | -39.82% | -44.99% | +5.17% |
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 | -39.82% | -15.21% | -24.61% |
Average DrawdownAverage peak-to-trough decline | -15.21% | -52.77% | +37.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.76% | 21.33% | +2.43% |
Volatility
CBTJ vs. BITQ - Volatility Comparison
The current volatility for Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (CBTJ) is 4.62%, while Bitwise Crypto Industry Innovators ETF (BITQ) has a volatility of 14.24%. 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.
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Volatility by Period
| CBTJ | BITQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.62% | 14.24% | -9.62% |
Volatility (6M)Calculated over the trailing 6-month period | 18.82% | 42.58% | -23.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.14% | 55.93% | -28.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.62% | 67.18% | -41.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.62% | 67.21% | -41.59% |
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 1.76%, 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 | 1.76% | 1.45% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CBTJ and BITQ have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITQ has higher volatility (14.24%) compared to CBTJ (4.62%). In terms of maximum drawdown, CBTJ dropped -39.82% vs BITQ's -90.32%.
On 1-year performance, BITQ leads with 53.75% vs -30.49% for CBTJ. On fees, CBTJ is cheaper at 0.69% per year. On volatility, CBTJ has been the lower-risk option at 4.62%. 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 53.75% return vs -30.49%. 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 1.76%, compared with 0.00% for BITQ.
CBTJ is categorized as Blockchain, while BITQ is Technology Equities. They also come from different issuers: Calamos and Exchange Traded Concepts. Their fees differ too: 0.69% for CBTJ and 0.85% for BITQ.
BITQ currently has the higher Sharpe Ratio (0.97 vs -1.13), 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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