CBXJ vs. CAGE

Last updated Aug 4, 2026

CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) and CAGE (Calamos Autocallable Growth ETF) are both exchange-traded funds - CBXJ is a Blockchain fund actively managed by Calamos, while CAGE is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Their 0.42 correlation means their historical movements had little consistent relationship. CBXJ charges 0.69%/yr vs 0.74%/yr for CAGE.

Performance

CBXJ vs. CAGE - 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 Calamos Autocallable Growth ETF (CAGE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CBXJ

• 1D: 0.30%
• 1M: 0.08%
• 6M: -6.39%
• YTD: -11.85%
• 1Y: -25.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -12.87%

CAGE

• 1D: 3.40%
• 1M: 5.64%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
CAGE Calamos Autocallable Growth ETF	$2.54M	$3.19M	$2.74M
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	$116.24K	$123.69K	$145.65K

CBXJ vs. CAGE - Yearly Performance Comparison

	2026 (YTD)
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	-6.32%
CAGE Calamos Autocallable Growth ETF	16.75%

Correlation

The correlation between CBXJ and CAGE is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 16, 2026	0.42

Return for Risk

CBXJ vs. CAGE — 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

CAGE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. CAGE - 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 Calamos Autocallable Growth ETF (CAGE). 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	CAGE	Difference
Sharpe ratio: Return per unit of total volatility	-1.45	—	—
Sortino ratio: Return per unit of downside risk	-2.05	—	—
Omega ratio: Gain probability vs. loss probability	0.77	—	—
Calmar ratio: Return relative to maximum drawdown	-0.84	—	—
Martin ratio: Return relative to average drawdown	-1.21	—	—

Drawdowns

CBXJ vs. CAGE - Drawdown Comparison

The maximum CBXJ drawdown since its inception was -30.16%, which is greater than CAGE's maximum drawdown of -6.67%. Use the drawdown chart below to compare losses from any high point for CBXJ and CAGE.

Drawdown Indicators

	CBXJ	CAGE	Difference
Max Drawdown Largest peak-to-trough decline	-30.16%	-6.67%	-23.49%
Max Drawdown (1Y) Largest decline over 1 year	-30.16%	—	—
Current Drawdown Current decline from peak	-29.40%	0.00%	-29.40%
Average Drawdown Average peak-to-trough decline	-12.66%	-2.00%	-10.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.73%	—	—

Volatility

Volatility by Period

	CBXJ	CAGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.27%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.37%	22.46%	-5.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.99%	22.46%	-6.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.99%	22.46%	-6.47%

CBXJ vs. CAGE - Expense Ratio Comparison

CBXJ has a 0.69% expense ratio, which is lower than CAGE's 0.74% expense ratio.

Dividends

CBXJ vs. CAGE - Dividend Comparison

CBXJ's dividend yield for the trailing twelve months is around 2.23%, while CAGE has not paid dividends to shareholders.

Position	TTM	2025
CAGE Calamos Autocallable Growth ETF	0.00%	0.00%
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	2.23%	1.97%

Frequently Asked Questions

Can I hold both CBXJ and CAGE in my portfolio?

CBXJ and CAGE have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBXJ or CAGE?

On fees, CBXJ is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBXJ or CAGE?

CBXJ is cheaper with a 0.69% expense ratio, compared with 0.74% for CAGE.

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

CBXJ has the higher dividend yield at 2.23%, compared with 0.00% for CAGE.

What is the main difference between CBXJ and CAGE?

CBXJ is categorized as Blockchain, while CAGE is Defined Outcome. Their fees differ too: 0.69% for CBXJ and 0.74% for CAGE.