CBXJ vs. BITQ
CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) and BITQ (Bitwise Crypto Industry Innovators ETF) are both exchange-traded funds - CBXJ is a Blockchain fund actively managed by Calamos, while BITQ is a Technology Equities fund tracking the Bitwise Crypto Innovators 30 Total Return. CBXJ is actively managed, while BITQ is passively managed. Over the past year, CBXJ returned -20.48% vs 60.30% for BITQ. A 0.67 correlation means they provide meaningful diversification when combined. CBXJ charges 0.69%/yr vs 0.85%/yr for BITQ.
Performance
CBXJ vs. BITQ - Performance Comparison
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Returns By Period
In the year-to-date period, CBXJ achieves a -10.13% return, which is significantly lower than BITQ's 39.79% return.
CBXJ
- 1D
- -0.69%
- 1M
- -6.42%
- YTD
- -10.13%
- 6M
- -15.21%
- 1Y
- -20.48%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BITQ
- 1D
- -2.21%
- 1M
- 11.04%
- YTD
- 39.79%
- 6M
- 21.39%
- 1Y
- 60.30%
- 3Y*
- 58.56%
- 5Y*
- 5.19%
- 10Y*
- —
CBXJ vs. BITQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January | -10.13% | -7.64% |
BITQ Bitwise Crypto Industry Innovators ETF | 39.79% | 9.87% |
Correlation
The correlation between CBXJ and BITQ is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025 | 0.67 |
The correlation between CBXJ and BITQ has been stable across timeframes, ranging from 0.66 to 0.67 - a consistent structural relationship.
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Return for Risk
CBXJ vs. BITQ — Risk / Return Rank
CBXJ
BITQ
CBXJ vs. BITQ - 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 Bitwise Crypto Industry Innovators ETF (BITQ). 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.
| CBXJ | BITQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.23 | ||
| Sortino ratioReturn per unit of downside risk | -3.26 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.20 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | 1.35 | -2.08 |
| Martin ratioReturn relative to average drawdown | -1.20 | 2.84 | -4.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CBXJ | BITQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | 1.08 | -2.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.08 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | 0.07 | -0.86 |
Drawdowns
CBXJ vs. BITQ - Drawdown Comparison
The maximum CBXJ drawdown since its inception was -28.02%, smaller than the maximum BITQ drawdown of -90.32%. Use the drawdown chart below to compare losses from any high point for CBXJ and BITQ.
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Drawdown Indicators
| CBXJ | BITQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.02% | -90.32% | +62.30% |
Max Drawdown (1Y)Largest decline over 1 year | -28.02% | -44.99% | +16.97% |
Max Drawdown (3Y)Largest decline over 3 years | — | -51.22% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.32% | — |
Current DrawdownCurrent decline from peak | -28.02% | -14.06% | -13.96% |
Average DrawdownAverage peak-to-trough decline | -10.68% | -52.80% | +42.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.11% | 21.32% | -4.21% |
Volatility
CBXJ vs. BITQ - Volatility Comparison
The current volatility for Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) is 2.90%, while Bitwise Crypto Industry Innovators ETF (BITQ) has a volatility of 14.73%. This indicates that CBXJ experiences smaller price fluctuations and is considered to be less risky than BITQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBXJ | BITQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.90% | 14.73% | -11.83% |
Volatility (6M)Calculated over the trailing 6-month period | 12.23% | 42.74% | -30.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.94% | 56.05% | -38.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.71% | 67.17% | -50.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.71% | 67.23% | -50.52% |
CBXJ vs. BITQ - Expense Ratio Comparison
CBXJ has a 0.69% expense ratio, which is lower than BITQ's 0.85% expense ratio.
Dividends
CBXJ vs. BITQ - Dividend Comparison
CBXJ's dividend yield for the trailing twelve months is around 2.19%, while BITQ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BITQ Bitwise Crypto Industry Innovators ETF | 0.00% | 0.00% | 0.90% | 1.51% | 0.00% | 3.12% |
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January | 2.19% | 1.97% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CBXJ and BITQ 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.
BITQ has higher volatility (14.73%) compared to CBXJ (2.90%). In terms of maximum drawdown, CBXJ dropped -28.02% vs BITQ's -90.32%.
On 1-year performance, BITQ leads with 60.30% vs -20.48% for CBXJ. On fees, CBXJ is cheaper at 0.69% per year. On volatility, CBXJ has been the lower-risk option at 2.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BITQ has performed better with a 60.30% return vs -20.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CBXJ is cheaper with a 0.69% expense ratio, compared with 0.85% for BITQ.
CBXJ has the higher dividend yield at 2.19%, compared with 0.00% for BITQ.
CBXJ is categorized as Blockchain, while BITQ is Technology Equities. They also come from different issuers: Calamos and Exchange Traded Concepts. Their fees differ too: 0.69% for CBXJ and 0.85% for BITQ.
BITQ currently has the higher Sharpe Ratio (1.08 vs -1.15), 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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