CBXJ vs. BLCN
CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) and BLCN (Siren ETF Trust Siren Nasdaq NexGen Economy ETF) are both exchange-traded funds - CBXJ is a Blockchain fund actively managed by Calamos, while BLCN is a Large Cap Blend Equities fund tracking the Siren NASDAQ Blockchain Economy Index. CBXJ is actively managed, while BLCN is passively managed. Over the past year, CBXJ returned -20.48% vs 27.10% for BLCN. At a 0.46 correlation, their price movements are largely independent. CBXJ charges 0.69%/yr vs 0.68%/yr for BLCN.
Performance
CBXJ vs. BLCN - 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 BLCN's 13.09% return.
CBXJ
- 1D
- -0.69%
- 1M
- -6.42%
- YTD
- -10.13%
- 6M
- -15.21%
- 1Y
- -20.48%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BLCN
- 1D
- 0.39%
- 1M
- 10.42%
- YTD
- 13.09%
- 6M
- 10.14%
- 1Y
- 27.10%
- 3Y*
- 9.50%
- 5Y*
- -9.77%
- 10Y*
- —
CBXJ vs. BLCN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January | -10.13% | -7.64% |
BLCN Siren ETF Trust Siren Nasdaq NexGen Economy ETF | 13.09% | -4.29% |
Correlation
The correlation between CBXJ and BLCN is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025 | 0.46 |
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Return for Risk
CBXJ vs. BLCN — Risk / Return Rank
CBXJ
BLCN
CBXJ vs. BLCN - 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 Siren ETF Trust Siren Nasdaq NexGen Economy ETF (BLCN). 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 | BLCN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.90 | ||
| Sortino ratioReturn per unit of downside risk | -2.82 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.15 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | 0.92 | -1.66 |
| Martin ratioReturn relative to average drawdown | -1.20 | 1.97 | -3.17 |
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 | BLCN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | 0.76 | -1.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.28 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | 0.08 | -0.87 |
Drawdowns
CBXJ vs. BLCN - Drawdown Comparison
The maximum CBXJ drawdown since its inception was -28.02%, smaller than the maximum BLCN drawdown of -67.51%. Use the drawdown chart below to compare losses from any high point for CBXJ and BLCN.
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Drawdown Indicators
| CBXJ | BLCN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.02% | -67.51% | +39.49% |
Max Drawdown (1Y)Largest decline over 1 year | -28.02% | -29.53% | +1.51% |
Max Drawdown (3Y)Largest decline over 3 years | — | -45.26% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -67.51% | — |
Current DrawdownCurrent decline from peak | -28.02% | -45.11% | +17.09% |
Average DrawdownAverage peak-to-trough decline | -10.68% | -30.29% | +19.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.11% | 13.82% | +3.29% |
Volatility
CBXJ vs. BLCN - Volatility Comparison
The current volatility for Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) is 2.90%, while Siren ETF Trust Siren Nasdaq NexGen Economy ETF (BLCN) has a volatility of 14.45%. This indicates that CBXJ experiences smaller price fluctuations and is considered to be less risky than BLCN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBXJ | BLCN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.90% | 14.45% | -11.55% |
Volatility (6M)Calculated over the trailing 6-month period | 12.23% | 29.11% | -16.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.94% | 36.03% | -18.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.71% | 34.93% | -18.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.71% | 31.22% | -14.51% |
CBXJ vs. BLCN - Expense Ratio Comparison
CBXJ has a 0.69% expense ratio, which is higher than BLCN's 0.68% expense ratio.
Dividends
CBXJ vs. BLCN - Dividend Comparison
CBXJ's dividend yield for the trailing twelve months is around 2.19%, less than BLCN's 2.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BLCN Siren ETF Trust Siren Nasdaq NexGen Economy ETF | 2.66% | 3.01% | 0.67% | 0.54% | 1.28% | 0.56% | 0.58% | 1.45% | 1.16% |
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January | 2.19% | 1.97% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CBXJ and BLCN have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BLCN has higher volatility (14.45%) compared to CBXJ (2.90%). In terms of maximum drawdown, CBXJ dropped -28.02% vs BLCN's -67.51%.
On 1-year performance, BLCN leads with 27.10% vs -20.48% for CBXJ. On fees, BLCN is cheaper at 0.68% 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, BLCN has performed better with a 27.10% return vs -20.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BLCN is cheaper with a 0.68% expense ratio, compared with 0.69% for CBXJ.
BLCN has the higher dividend yield at 2.66%, compared with 2.19% for CBXJ.
CBXJ is categorized as Blockchain, while BLCN is Large Cap Blend Equities. They also come from different issuers: Calamos and SRN Advisors. Their fees differ too: 0.69% for CBXJ and 0.68% for BLCN.
BLCN currently has the higher Sharpe Ratio (0.76 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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