CBTJ vs. CBXJ

Last updated Aug 1, 2026

CBTJ (Calamos Bitcoin 80 Series Structured Alt Protection ETF - January) and CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) are both Blockchain funds from Calamos. Both are actively managed. Over the past year, CBTJ returned -36.43% vs -25.33% for CBXJ. Their 0.99 correlation means they have historically moved very closely together. Both charge a 0.69% expense ratio.

Performance

CBTJ vs. CBXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (CBTJ) and Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBTJ achieves a -19.65% return, which is significantly lower than CBXJ's -12.12% return.

CBTJ

• 1D: -1.43%
• 1M: -0.15%
• 6M: -15.00%
• YTD: -19.65%
• 1Y: -36.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -20.42%

CBXJ

• 1D: -0.79%
• 1M: -0.23%
• 6M: -8.81%
• YTD: -12.12%
• 1Y: -25.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -13.12%

*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)
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January	$84.52K	$173.79K	$339.97K
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	$98.27K	$111.32K	$150.57K

CBTJ vs. CBXJ - Yearly Performance Comparison

	2026 (YTD)	2025
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January	-19.65%	-11.32%
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	-12.12%	-7.64%

Correlation

The correlation between CBTJ and CBXJ is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.99
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	0.99

The correlation between CBTJ and CBXJ has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

CBTJ vs. CBXJ — Risk / Return Rank

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

CBTJ

CBTJ Risk / Return Rank: 1
CBTJ Sharpe Ratio Rank: 0
CBTJ Sortino Ratio Rank: 0
CBTJ Omega Ratio Rank: 0
CBTJ Calmar Ratio Rank: 1
CBTJ Martin Ratio Rank: 2

CBXJ

CBXJ Risk / Return Rank: 1
CBXJ Sharpe Ratio Rank: 0
CBXJ Sortino Ratio Rank: 0
CBXJ Omega Ratio Rank: 0
CBXJ Calmar Ratio Rank: 2
CBXJ Martin Ratio Rank: 2

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.

CBTJ vs. CBXJ - 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 Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ). 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	CBXJ	Difference
Sharpe ratio: Return per unit of total volatility	-1.43	-1.53	+0.10
Sortino ratio: Return per unit of downside risk	-2.15	-2.18	+0.03
Omega ratio: Gain probability vs. loss probability	0.76	0.75	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.90	-0.88	-0.02
Martin ratio: Return relative to average drawdown	-1.33	-1.28	-0.04

CBTJ vs. CBXJ - Sharpe Ratio Comparison

The current CBTJ Sharpe Ratio is -1.43, which is comparable to the CBXJ Sharpe Ratio of -1.53. The chart below compares the historical Sharpe Ratios of CBTJ and CBXJ, 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

CBTJ vs. CBXJ - Drawdown Comparison

The maximum CBTJ drawdown since its inception was -42.41%, which is greater than CBXJ's maximum drawdown of -30.16%. Use the drawdown chart below to compare losses from any high point for CBTJ and CBXJ.

Drawdown Indicators

	CBTJ	CBXJ	Difference
Max Drawdown Largest peak-to-trough decline	-42.41%	-30.16%	-12.25%
Max Drawdown (1Y) Largest decline over 1 year	-42.41%	-30.16%	-12.25%
Current Drawdown Current decline from peak	-41.36%	-29.61%	-11.75%
Average Drawdown Average peak-to-trough decline	-17.82%	-12.62%	-5.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.63%	20.65%	+7.98%

Volatility

CBTJ vs. CBXJ - Volatility Comparison

Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (CBTJ) has a higher volatility of 4.03% compared to Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) at 2.31%. This indicates that CBTJ's price experiences larger fluctuations and is considered to be riskier than CBXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBTJ	CBXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.03%	2.31%	+1.72%
Volatility (6M) Calculated over the trailing 6-month period	13.94%	8.26%	+5.68%
Volatility (1Y) Calculated over the trailing 1-year period	26.64%	17.40%	+9.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.70%	16.01%	+8.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.70%	16.01%	+8.69%

CBTJ vs. CBXJ - Expense Ratio Comparison

Both CBTJ and CBXJ have an expense ratio of 0.69%.

Dividends

CBTJ vs. CBXJ - Dividend Comparison

CBTJ's dividend yield for the trailing twelve months is around 1.80%, less than CBXJ's 2.24% yield.

Position	TTM	2025
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January	1.80%	1.45%
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	2.24%	1.97%

Frequently Asked Questions

Can I hold both CBTJ and CBXJ in my portfolio?

With a correlation of 0.99, CBTJ and CBXJ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CBTJ or CBXJ?

CBTJ has higher volatility (4.03%) compared to CBXJ (2.31%). In terms of maximum drawdown, CBTJ dropped -42.41% vs CBXJ's -30.16%.

Which ETF is better, CBTJ or CBXJ?

On 1-year performance, CBXJ leads with -25.33% vs -36.43% for CBTJ. Both ETFs have the same 0.69% expense ratio. On volatility, CBXJ has been the lower-risk option at 2.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBTJ or CBXJ?

Over the 1-year period, CBXJ has performed better with a -25.33% return vs -36.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBTJ or CBXJ?

CBTJ and CBXJ have the same expense ratio: 0.69% per year.

Which ETF pays a higher dividend yield, CBTJ or CBXJ?

CBXJ has the higher dividend yield at 2.24%, compared with 1.80% for CBTJ.

Which has better risk-adjusted returns?

CBTJ currently has the higher Sharpe Ratio (-1.43 vs -1.53), 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.