CBTJ vs. WNTR
CBTJ (Calamos Bitcoin 80 Series Structured Alt Protection ETF - January) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - CBTJ is a Blockchain fund actively managed by Calamos, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, CBTJ returned -36.69% vs 106.98% for WNTR. Their -0.78 correlation means they have often moved in opposite directions in the past. CBTJ charges 0.69%/yr vs 1.00%/yr for WNTR.
Performance
CBTJ vs. WNTR - 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 WNTR's 7.92% return.
CBTJ
- 1D
- 0.16%
- 1M
- 0.52%
- 6M
- -10.11%
- YTD
- -19.11%
- 1Y
- -36.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -19.93%
WNTR
- 1D
- -2.34%
- 1M
- 5.36%
- 6M
- 2.42%
- YTD
- 7.92%
- 1Y
- 106.98%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 44.62%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $73.35K | $163.83K | $333.67K | |
| $3.95M | $3.66M | $3.95M |
CBTJ vs. WNTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January | -19.11% | -6.23% |
WNTR YieldMax MSTR Short Option Income Strategy ETF | 7.92% | 52.78% |
Correlation
The correlation between CBTJ and WNTR is -0.77, 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. | -0.77 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025 | -0.78 |
The correlation between CBTJ and WNTR has been stable across timeframes, ranging from -0.78 to -0.77 - a consistent structural relationship.
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Return for Risk
CBTJ vs. WNTR — Risk / Return Rank
CBTJ
WNTR
CBTJ vs. WNTR - 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 YieldMax MSTR Short Option Income Strategy ETF (WNTR). 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 | WNTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.36 | ||
| Sortino ratioReturn per unit of downside risk | -4.34 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.30 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 2.52 | -3.39 |
| Martin ratioReturn relative to average drawdown | -1.27 | 6.38 | -7.65 |
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Drawdowns
CBTJ vs. WNTR - Drawdown Comparison
The maximum CBTJ drawdown since its inception was -42.41%, roughly equal to the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for CBTJ and WNTR.
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Drawdown Indicators
| CBTJ | WNTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.41% | -42.65% | +0.24% |
Max Drawdown (1Y)Largest decline over 1 year | -42.41% | -42.65% | +0.24% |
Current DrawdownCurrent decline from peak | -40.96% | -11.95% | -29.01% |
Average DrawdownAverage peak-to-trough decline | -17.94% | -20.12% | +2.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.86% | 16.84% | +12.02% |
Volatility
CBTJ vs. WNTR - Volatility Comparison
The current volatility for Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (CBTJ) is 3.63%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 13.23%. This indicates that CBTJ experiences smaller price fluctuations and is considered to be less risky than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBTJ | WNTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.63% | 13.23% | -9.60% |
Volatility (6M)Calculated over the trailing 6-month period | 13.52% | 46.95% | -33.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.56% | 54.62% | -28.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.64% | 53.31% | -28.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.64% | 53.31% | -28.67% |
CBTJ vs. WNTR - Expense Ratio Comparison
CBTJ has a 0.69% expense ratio, which is lower than WNTR's 1.00% expense ratio.
Dividends
CBTJ vs. WNTR - Dividend Comparison
CBTJ's dividend yield for the trailing twelve months is around 1.79%, less than WNTR's 109.83% yield.
| Position | TTM | 2025 |
|---|---|---|
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January | 1.79% | 1.45% |
WNTR YieldMax MSTR Short Option Income Strategy ETF | 109.83% | 58.56% |
Frequently Asked Questions
CBTJ and WNTR 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.
WNTR has higher volatility (13.23%) compared to CBTJ (3.63%). In terms of maximum drawdown, CBTJ dropped -42.41% vs WNTR's -42.65%.
On 1-year performance, WNTR leads with 106.98% vs -36.69% for CBTJ. 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.
Over the 1-year period, WNTR has performed better with a 106.98% return vs -36.69%. 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 1.00% for WNTR.
WNTR has the higher dividend yield at 109.83%, compared with 1.79% for CBTJ.
CBTJ is categorized as Blockchain, while WNTR is Derivative Income. They also come from different issuers: Calamos and YieldMax. Their fees differ too: 0.69% for CBTJ and 1.00% for WNTR.
WNTR currently has the higher Sharpe Ratio (1.97 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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