CBXJ vs. BITI

Last updated Jul 14, 2026

CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - CBXJ is a Blockchain fund actively managed by Calamos, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. CBXJ is actively managed, while BITI is passively managed. Over the past year, CBXJ returned -26.36% vs 68.34% for BITI. At a correlation of -0.96, they often move in opposite directions. CBXJ charges 0.69%/yr vs 1.03%/yr for BITI.

Performance

CBXJ vs. BITI - 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 ProShares Short Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBXJ achieves a -11.92% return, which is significantly lower than BITI's 28.75% return.

CBXJ

• 1D: -0.72%
• 1M: -1.11%
• 6M: -13.25%
• YTD: -11.92%
• 1Y: -26.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: 2.65%
• 1M: 1.46%
• 6M: 34.68%
• YTD: 28.75%
• 1Y: 68.34%
• 3Y*: -30.65%
• 5Y*: —
• 10Y*: —

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

CBXJ vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	-11.92%	-7.64%
BITI ProShares Short Bitcoin ETF	28.75%	7.20%

Correlation

The correlation between CBXJ and BITI is -0.96, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.96
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	-0.96

The correlation between CBXJ and BITI has been stable across timeframes, ranging from -0.96 to -0.96 - a consistent structural relationship.

Return for Risk

CBXJ vs. BITI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 2

BITI

BITI Risk / Return Rank: 57
BITI Sharpe Ratio Rank: 58
BITI Sortino Ratio Rank: 55
BITI Omega Ratio Rank: 50
BITI Calmar Ratio Rank: 68
BITI Martin Ratio Rank: 51

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.

CBXJ vs. BITI - 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 ProShares Short Bitcoin ETF (BITI). 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	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-1.51	1.56	-3.07
Sortino ratio: Return per unit of downside risk	-2.15	2.13	-4.27
Omega ratio: Gain probability vs. loss probability	0.76	1.26	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.88	2.72	-3.59
Martin ratio: Return relative to average drawdown	-1.35	6.78	-8.13

CBXJ vs. BITI - Sharpe Ratio Comparison

The current CBXJ Sharpe Ratio is -1.51, which is lower than the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of CBXJ and BITI, 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. BITI - Drawdown Comparison

The maximum CBXJ drawdown since its inception was -30.16%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for CBXJ and BITI.

Drawdown Indicators

	CBXJ	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-30.16%	-92.16%	+62.00%
Max Drawdown (1Y) Largest decline over 1 year	-30.16%	-25.28%	-4.88%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-29.45%	-85.94%	+56.49%
Average Drawdown Average peak-to-trough decline	-11.98%	-68.34%	+56.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.49%	10.11%	+9.38%

Volatility

CBXJ vs. BITI - Volatility Comparison

The current volatility for Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) is 2.40%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that CBXJ experiences smaller price fluctuations and is considered to be less risky than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBXJ	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	11.38%	-8.98%
Volatility (6M) Calculated over the trailing 6-month period	10.70%	34.25%	-23.55%
Volatility (1Y) Calculated over the trailing 1-year period	17.55%	44.14%	-26.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.25%	52.28%	-36.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.25%	52.28%	-36.03%

CBXJ vs. BITI - Expense Ratio Comparison

CBXJ has a 0.69% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

CBXJ vs. BITI - Dividend Comparison

CBXJ's dividend yield for the trailing twelve months is around 2.23%, less than BITI's 15.10% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.10%	1.60%	3.91%	3.33%	0.06%
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	2.23%	1.97%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBXJ and BITI in my portfolio?

CBXJ and BITI have a correlation of -0.96, 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 BITI?

BITI has higher volatility (11.38%) compared to CBXJ (2.40%). In terms of maximum drawdown, CBXJ dropped -30.16% vs BITI's -92.16%.

Which ETF is better, CBXJ or BITI?

On 1-year performance, BITI leads with 68.34% vs -26.36% for CBXJ. On fees, CBXJ is cheaper at 0.69% per year. On volatility, CBXJ has been the lower-risk option at 2.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBXJ or BITI?

Over the 1-year period, BITI has performed better with a 68.34% return vs -26.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBXJ or BITI?

CBXJ is cheaper with a 0.69% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.10%, compared with 2.23% for CBXJ.

What is the main difference between CBXJ and BITI?

CBXJ is categorized as Blockchain, while BITI is Cryptocurrency. They also come from different issuers: Calamos and ProShares. Their fees differ too: 0.69% for CBXJ and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.56 vs -1.51), 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.