CBTJ vs. TOXR

Last updated Jun 4, 2026

CBTJ (Calamos Bitcoin 80 Series Structured Alt Protection ETF - January) and TOXR (21Shares XRP ETF) are both exchange-traded funds - CBTJ is a Blockchain fund actively managed by Calamos, while TOXR is a Cryptocurrency fund tracking the CME CF XRP-Dollar Reference Rate - New York Variant. CBTJ is actively managed, while TOXR is passively managed. Their correlation of 0.87 suggests significant overlap in exposure. CBTJ charges 0.69%/yr vs 0.30%/yr for TOXR.

Performance

CBTJ vs. TOXR - 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 21Shares XRP ETF (TOXR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBTJ achieves a -16.58% return, which is significantly higher than TOXR's -34.38% return.

CBTJ

• 1D: -1.44%
• 1M: -10.52%
• YTD: -16.58%
• 6M: -22.65%
• 1Y: -30.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TOXR

• 1D: -1.62%
• 1M: -14.04%
• YTD: -34.38%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CBTJ vs. TOXR - Yearly Performance Comparison

	2026 (YTD)	2025
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January	-16.58%	-5.82%
TOXR 21Shares XRP ETF	-34.38%	-9.65%

Correlation

The correlation between CBTJ and TOXR is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 12, 2025	0.87

Return for Risk

CBTJ vs. TOXR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CBTJ

CBTJ Risk / Return Rank: 2
CBTJ Sharpe Ratio Rank: 1
CBTJ Sortino Ratio Rank: 1
CBTJ Omega Ratio Rank: 1
CBTJ Calmar Ratio Rank: 2
CBTJ Martin Ratio Rank: 3

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CBTJ vs. TOXR - 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 21Shares XRP ETF (TOXR). 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	TOXR	Difference
Sharpe ratio: Return per unit of total volatility	-1.12	—	—
Sortino ratio: Return per unit of downside risk	-1.59	—	—
Omega ratio: Gain probability vs. loss probability	0.82	—	—
Calmar ratio: Return relative to maximum drawdown	-0.78	—	—
Martin ratio: Return relative to average drawdown	-1.29	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CBTJ	TOXR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.12	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.80	-0.92	+0.13

Drawdowns

CBTJ vs. TOXR - Drawdown Comparison

The maximum CBTJ drawdown since its inception was -39.12%, smaller than the maximum TOXR drawdown of -48.78%. Use the drawdown chart below to compare losses from any high point for CBTJ and TOXR.

Drawdown Indicators

	CBTJ	TOXR	Difference
Max Drawdown Largest peak-to-trough decline	-39.12%	-48.78%	+9.66%
Max Drawdown (1Y) Largest decline over 1 year	-39.12%	—	—
Current Drawdown Current decline from peak	-39.12%	-48.10%	+8.98%
Average Drawdown Average peak-to-trough decline	-15.13%	-31.50%	+16.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.62%	—	—

Volatility

Volatility by Period

	CBTJ	TOXR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.34%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	27.13%	73.16%	-46.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.64%	73.16%	-47.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.64%	73.16%	-47.52%

CBTJ vs. TOXR - Expense Ratio Comparison

CBTJ has a 0.69% expense ratio, which is higher than TOXR's 0.30% expense ratio.

Dividends

CBTJ vs. TOXR - Dividend Comparison

CBTJ's dividend yield for the trailing twelve months is around 1.74%, while TOXR has not paid dividends to shareholders.

Position	TTM	2025
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January	1.74%	1.45%
TOXR 21Shares XRP ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBTJ and TOXR in my portfolio?

CBTJ and TOXR have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBTJ or TOXR?

On fees, TOXR is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBTJ or TOXR?

TOXR is cheaper with a 0.30% expense ratio, compared with 0.69% for CBTJ.

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

CBTJ has the higher dividend yield at 1.74%, compared with 0.00% for TOXR.

What is the main difference between CBTJ and TOXR?

CBTJ is categorized as Blockchain, while TOXR is Cryptocurrency. They also come from different issuers: Calamos and 21Shares. Their fees differ too: 0.69% for CBTJ and 0.30% for TOXR.