CBTJ vs. USFR
CBTJ (Calamos Bitcoin 80 Series Structured Alt Protection ETF - January) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - CBTJ is a Blockchain fund actively managed by Calamos, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. CBTJ is actively managed, while USFR is passively managed. Over the past year, CBTJ returned -36.69% vs 3.97% for USFR. Their -0.06 correlation means they have often moved in opposite directions in the past. CBTJ charges 0.69%/yr vs 0.15%/yr for USFR.
Performance
CBTJ vs. USFR - Performance Comparison
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Returns By Period
In the year-to-date period, CBTJ achieves a -19.11% return, which is significantly lower than USFR's 2.29% return.
CBTJ
- 1D
- 0.16%
- 1M
- 0.52%
- 6M
- -10.11%
- YTD
- -19.11%
- 1Y
- -36.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -19.93%
USFR
- 1D
- 0.00%
- 1M
- 0.36%
- 6M
- 1.89%
- YTD
- 2.29%
- 1Y
- 3.97%
- 3Y*
- 4.68%
- 5Y*
- 3.81%
- 10Y*
- 2.48%
- ALL TIME*
- 1.98%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $73.35K | $163.83K | $333.67K | |
| $352.79M | $265.75M | $249.59M |
CBTJ vs. USFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January | -19.11% | -11.32% |
USFR WisdomTree Floating Rate Treasury Fund | 2.29% | 3.79% |
Correlation
The correlation between CBTJ and USFR is -0.11, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.11 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025 | -0.06 |
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Return for Risk
CBTJ vs. USFR — Risk / Return Rank
CBTJ
USFR
CBTJ vs. USFR - 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 WisdomTree Floating Rate Treasury Fund (USFR). 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 | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -16.03 | ||
| Sortino ratioReturn per unit of downside risk | -53.67 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 14.07 | -13.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 200.37 | -201.24 |
| Martin ratioReturn relative to average drawdown | -1.27 | 800.41 | -801.69 |
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Drawdowns
CBTJ vs. USFR - Drawdown Comparison
The maximum CBTJ drawdown since its inception was -42.41%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for CBTJ and USFR.
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Drawdown Indicators
| CBTJ | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.41% | -1.36% | -41.05% |
Max Drawdown (1Y)Largest decline over 1 year | -42.41% | -0.02% | -42.39% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.06% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.18% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.80% | — |
Current DrawdownCurrent decline from peak | -40.96% | 0.00% | -40.96% |
Average DrawdownAverage peak-to-trough decline | -17.94% | -0.15% | -17.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.86% | 0.00% | +28.86% |
Volatility
CBTJ vs. USFR - Volatility Comparison
Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (CBTJ) has a higher volatility of 3.63% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.09%. This indicates that CBTJ's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBTJ | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.63% | 0.09% | +3.54% |
Volatility (6M)Calculated over the trailing 6-month period | 13.52% | 0.20% | +13.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.56% | 0.27% | +26.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.64% | 0.39% | +24.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.64% | 0.76% | +23.88% |
CBTJ vs. USFR - Expense Ratio Comparison
CBTJ has a 0.69% expense ratio, which is higher than USFR's 0.15% expense ratio.
Dividends
CBTJ vs. USFR - Dividend Comparison
CBTJ's dividend yield for the trailing twelve months is around 1.79%, less than USFR's 3.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January | 1.79% | 1.45% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USFR WisdomTree Floating Rate Treasury Fund | 3.79% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% |
Frequently Asked Questions
CBTJ and USFR have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CBTJ has higher volatility (3.63%) compared to USFR (0.09%). In terms of maximum drawdown, CBTJ dropped -42.41% vs USFR's -1.36%.
On 1-year performance, USFR leads with 3.97% vs -36.69% for CBTJ. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USFR has performed better with a 3.97% return vs -36.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USFR is cheaper with a 0.15% expense ratio, compared with 0.69% for CBTJ.
USFR has the higher dividend yield at 3.79%, compared with 1.79% for CBTJ.
CBTJ is categorized as Blockchain, while USFR is Government Bonds. They also come from different issuers: Calamos and WisdomTree. Their fees differ too: 0.69% for CBTJ and 0.15% for USFR.
USFR currently has the higher Sharpe Ratio (14.64 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.
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