CBTJ vs. OWNB

Last updated Aug 5, 2026

CBTJ (Calamos Bitcoin 80 Series Structured Alt Protection ETF - January) and OWNB (Bitwise Bitcoin Standard Corporations ETF) are both Blockchain funds. CBTJ is actively managed, while OWNB is passively managed. Over the past year, CBTJ returned -36.69% vs -43.84% for OWNB. Their 0.77 correlation means they have sometimes moved together and sometimes differently. CBTJ charges 0.69%/yr vs 0.85%/yr for OWNB.

Performance

CBTJ vs. OWNB - 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 Bitwise Bitcoin Standard Corporations ETF (OWNB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CBTJ having a -19.11% return and OWNB slightly higher at -19.05%.

CBTJ

• 1D: 0.16%
• 1M: 0.52%
• 6M: -10.11%
• YTD: -19.11%
• 1Y: -36.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -19.93%

OWNB

• 1D: 0.92%
• 1M: -2.84%
• 6M: -14.04%
• YTD: -19.05%
• 1Y: -43.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -14.75%

*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	$73.35K	$163.83K	$333.67K
OWNB Bitwise Bitcoin Standard Corporations ETF	$36.59K	$37.92K	$152.76K

CBTJ vs. OWNB - Yearly Performance Comparison

	2026 (YTD)	2025
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January	-19.11%	-3.34%
OWNB Bitwise Bitcoin Standard Corporations ETF	-19.05%	-1.19%

Correlation

The correlation between CBTJ and OWNB is 0.77, 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.	0.77
Correlation (All Time) Calculated using the full available price history since Mar 11, 2025	0.77

The correlation between CBTJ and OWNB has been stable across timeframes, ranging from 0.77 to 0.77 - a consistent structural relationship.

Return for Risk

CBTJ vs. OWNB — 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: 1
CBTJ Calmar Ratio Rank: 2
CBTJ Martin Ratio Rank: 2

OWNB

OWNB Risk / Return Rank: 3
OWNB Sharpe Ratio Rank: 3
OWNB Sortino Ratio Rank: 3
OWNB Omega Ratio Rank: 4
OWNB Calmar Ratio Rank: 3
OWNB Martin Ratio Rank: 4

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. OWNB - 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 Bitcoin Standard Corporations ETF (OWNB). 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	OWNB	Difference
Sharpe ratio: Return per unit of total volatility	-1.39	-0.75	-0.64
Sortino ratio: Return per unit of downside risk	-2.07	-0.96	-1.10
Omega ratio: Gain probability vs. loss probability	0.77	0.90	-0.13
Calmar ratio: Return relative to maximum drawdown	-0.87	-0.74	-0.13
Martin ratio: Return relative to average drawdown	-1.27	-1.11	-0.16

CBTJ vs. OWNB - Sharpe Ratio Comparison

The current CBTJ Sharpe Ratio is -1.39, which is lower than the OWNB Sharpe Ratio of -0.75. The chart below compares the historical Sharpe Ratios of CBTJ and OWNB, 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. OWNB - Drawdown Comparison

The maximum CBTJ drawdown since its inception was -42.41%, smaller than the maximum OWNB drawdown of -59.47%. Use the drawdown chart below to compare losses from any high point for CBTJ and OWNB.

Drawdown Indicators

	CBTJ	OWNB	Difference
Max Drawdown Largest peak-to-trough decline	-42.41%	-59.47%	+17.06%
Max Drawdown (1Y) Largest decline over 1 year	-42.41%	-59.47%	+17.06%
Current Drawdown Current decline from peak	-40.96%	-54.39%	+13.43%
Average Drawdown Average peak-to-trough decline	-17.94%	-28.03%	+10.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.86%	39.59%	-10.73%

Volatility

CBTJ vs. OWNB - Volatility Comparison

The current volatility for Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (CBTJ) is 3.63%, while Bitwise Bitcoin Standard Corporations ETF (OWNB) has a volatility of 15.51%. This indicates that CBTJ experiences smaller price fluctuations and is considered to be less risky than OWNB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBTJ	OWNB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	15.51%	-11.88%
Volatility (6M) Calculated over the trailing 6-month period	13.52%	43.66%	-30.14%
Volatility (1Y) Calculated over the trailing 1-year period	26.56%	59.01%	-32.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.64%	61.94%	-37.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.64%	61.94%	-37.30%

CBTJ vs. OWNB - Expense Ratio Comparison

CBTJ has a 0.69% expense ratio, which is lower than OWNB's 0.85% expense ratio.

Dividends

CBTJ vs. OWNB - Dividend Comparison

CBTJ's dividend yield for the trailing twelve months is around 1.79%, more than OWNB's 1.08% yield.

Position	TTM	2025
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January	1.79%	1.45%
OWNB Bitwise Bitcoin Standard Corporations ETF	1.08%	0.87%

Frequently Asked Questions

Can I hold both CBTJ and OWNB in my portfolio?

CBTJ and OWNB have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBTJ or OWNB?

OWNB has higher volatility (15.51%) compared to CBTJ (3.63%). In terms of maximum drawdown, CBTJ dropped -42.41% vs OWNB's -59.47%.

Which ETF is better, CBTJ or OWNB?

On 1-year performance, CBTJ leads with -36.69% vs -43.84% for OWNB. 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.

Which ETF has performed better, CBTJ or OWNB?

Over the 1-year period, CBTJ has performed better with a -36.69% return vs -43.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBTJ or OWNB?

CBTJ is cheaper with a 0.69% expense ratio, compared with 0.85% for OWNB.

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

CBTJ has the higher dividend yield at 1.79%, compared with 1.08% for OWNB.

What is the main difference between CBTJ and OWNB?

They also come from different issuers: Calamos and Bitwise. Their fees differ too: 0.69% for CBTJ and 0.85% for OWNB.

Which has better risk-adjusted returns?

OWNB currently has the higher Sharpe Ratio (-0.75 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.