CBXJ vs. ARKF

Last updated Aug 4, 2026

CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) and ARKF (ARK Fintech Innovation ETF) are both Blockchain funds. Both are actively managed. Over the past year, CBXJ returned -25.69% vs -20.14% for ARKF. Their 0.61 correlation means they have sometimes moved together and sometimes differently. CBXJ charges 0.69%/yr vs 0.75%/yr for ARKF.

Performance

CBXJ vs. ARKF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) and ARK Fintech Innovation ETF (ARKF). 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 CBXJ having a -11.85% return and ARKF slightly higher at -11.82%.

CBXJ

• 1D: 0.30%
• 1M: 0.08%
• 6M: -5.78%
• YTD: -11.85%
• 1Y: -25.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -12.87%

ARKF

• 1D: 3.60%
• 1M: 2.51%
• 6M: 2.26%
• YTD: -11.82%
• 1Y: -20.14%
• 3Y*: 24.18%
• 5Y*: -4.60%
• 10Y*: —
• ALL TIME*: 10.54%

*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)
ARKF ARK Fintech Innovation ETF	$5.98M	$5.40M	$7.03M
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	$116.24K	$123.69K	$145.65K

CBXJ vs. ARKF - Yearly Performance Comparison

	2026 (YTD)	2025
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	-11.85%	-7.64%
ARKF ARK Fintech Innovation ETF	-11.82%	15.90%

Correlation

The correlation between CBXJ and ARKF is 0.66, 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.	0.66
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	0.62

The correlation between CBXJ and ARKF has been stable across timeframes, ranging from 0.61 to 0.66 - a consistent structural relationship.

Return for Risk

CBXJ vs. ARKF — Risk / Return Rank

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

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: 3

ARKF

ARKF Risk / Return Rank: 5
ARKF Sharpe Ratio Rank: 4
ARKF Sortino Ratio Rank: 4
ARKF Omega Ratio Rank: 4
ARKF Calmar Ratio Rank: 5
ARKF Martin Ratio Rank: 5

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.

CBXJ vs. ARKF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) and ARK Fintech Innovation ETF (ARKF). 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.

	CBXJ	ARKF	Difference
Sharpe ratio: Return per unit of total volatility	-1.45	-0.60	-0.85
Sortino ratio: Return per unit of downside risk	-2.05	-0.67	-1.38
Omega ratio: Gain probability vs. loss probability	0.77	0.92	-0.16
Calmar ratio: Return relative to maximum drawdown	-0.84	-0.53	-0.31
Martin ratio: Return relative to average drawdown	-1.21	-0.84	-0.37

CBXJ vs. ARKF - Sharpe Ratio Comparison

The current CBXJ Sharpe Ratio is -1.45, which is lower than the ARKF Sharpe Ratio of -0.60. The chart below compares the historical Sharpe Ratios of CBXJ and ARKF, 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

CBXJ vs. ARKF - Drawdown Comparison

The maximum CBXJ drawdown since its inception was -30.16%, smaller than the maximum ARKF drawdown of -78.63%. Use the drawdown chart below to compare losses from any high point for CBXJ and ARKF.

Drawdown Indicators

	CBXJ	ARKF	Difference
Max Drawdown Largest peak-to-trough decline	-30.16%	-78.63%	+48.47%
Max Drawdown (1Y) Largest decline over 1 year	-30.16%	-38.50%	+8.34%
Max Drawdown (3Y) Largest decline over 3 years	—	-38.50%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-75.30%	—
Current Drawdown Current decline from peak	-29.40%	-33.90%	+4.50%
Average Drawdown Average peak-to-trough decline	-12.66%	-34.98%	+22.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.73%	23.97%	-3.24%

Volatility

CBXJ vs. ARKF - Volatility Comparison

The current volatility for Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) is 2.27%, while ARK Fintech Innovation ETF (ARKF) has a volatility of 8.97%. This indicates that CBXJ experiences smaller price fluctuations and is considered to be less risky than ARKF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBXJ	ARKF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	8.97%	-6.70%
Volatility (6M) Calculated over the trailing 6-month period	8.27%	26.26%	-17.99%
Volatility (1Y) Calculated over the trailing 1-year period	17.37%	33.92%	-16.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.99%	43.03%	-27.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.99%	39.63%	-23.64%

CBXJ vs. ARKF - Expense Ratio Comparison

CBXJ has a 0.69% expense ratio, which is lower than ARKF's 0.75% expense ratio.

Dividends

CBXJ vs. ARKF - Dividend Comparison

CBXJ's dividend yield for the trailing twelve months is around 2.23%, more than ARKF's 0.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
ARKF ARK Fintech Innovation ETF	0.10%	0.09%	0.00%	0.00%	0.00%	0.00%	0.37%	1.25%
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	2.23%	1.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBXJ and ARKF in my portfolio?

CBXJ and ARKF have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBXJ or ARKF?

ARKF has higher volatility (8.97%) compared to CBXJ (2.27%). In terms of maximum drawdown, CBXJ dropped -30.16% vs ARKF's -78.63%.

Which ETF is better, CBXJ or ARKF?

On 1-year performance, ARKF leads with -20.14% vs -25.69% for CBXJ. On fees, CBXJ is cheaper at 0.69% per year. On volatility, CBXJ has been the lower-risk option at 2.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBXJ or ARKF?

Over the 1-year period, ARKF has performed better with a -20.14% return vs -25.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBXJ or ARKF?

CBXJ is cheaper with a 0.69% expense ratio, compared with 0.75% for ARKF.

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

CBXJ has the higher dividend yield at 2.23%, compared with 0.10% for ARKF.

What is the main difference between CBXJ and ARKF?

They also come from different issuers: Calamos and ARK. Their fees differ too: 0.69% for CBXJ and 0.75% for ARKF.

Which has better risk-adjusted returns?

ARKF currently has the higher Sharpe Ratio (-0.60 vs -1.45), 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.