CBXJ vs. CSHP
CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - CBXJ is a Blockchain fund actively managed by Calamos, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, CBXJ returned -21.37% vs 3.94% for CSHP. At a correlation of -0.04, they often move in opposite directions. CBXJ charges 0.69%/yr vs 0.20%/yr for CSHP.
Performance
CBXJ vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, CBXJ achieves a -11.67% return, which is significantly lower than CSHP's 1.83% return.
CBXJ
- 1D
- -0.85%
- 1M
- -6.08%
- YTD
- -11.67%
- 6M
- -12.37%
- 1Y
- -21.37%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CSHP
- 1D
- -0.03%
- 1M
- 0.27%
- YTD
- 1.83%
- 6M
- 1.92%
- 1Y
- 3.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBXJ vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January | -11.67% | -7.64% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.83% | 3.70% |
Correlation
The correlation between CBXJ and CSHP is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025 | -0.04 |
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Return for Risk
CBXJ vs. CSHP — Risk / Return Rank
CBXJ
CSHP
CBXJ vs. CSHP - 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 iShares Enhanced Short-Term Bond Active ETF (CSHP). 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 | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -12.29 | ||
| Sortino ratioReturn per unit of downside risk | -29.26 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 6.46 | -5.65 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | 65.45 | -66.18 |
| Martin ratioReturn relative to average drawdown | -1.17 | 381.67 | -382.84 |
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Drawdowns
CBXJ vs. CSHP - Drawdown Comparison
The maximum CBXJ drawdown since its inception was -29.25%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for CBXJ and CSHP.
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Drawdown Indicators
| CBXJ | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.25% | -0.08% | -29.17% |
Max Drawdown (1Y)Largest decline over 1 year | -29.25% | -0.06% | -29.19% |
Current DrawdownCurrent decline from peak | -29.25% | -0.04% | -29.21% |
Average DrawdownAverage peak-to-trough decline | -11.33% | -0.00% | -11.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.30% | 0.01% | +18.29% |
Volatility
CBXJ vs. CSHP - Volatility Comparison
Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) has a higher volatility of 3.06% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that CBXJ's price experiences larger fluctuations and is considered to be riskier than CSHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBXJ | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.06% | 0.16% | +2.90% |
Volatility (6M)Calculated over the trailing 6-month period | 11.42% | 0.27% | +11.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.78% | 0.36% | +17.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.49% | 0.41% | +16.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.49% | 0.41% | +16.08% |
CBXJ vs. CSHP - Expense Ratio Comparison
CBXJ has a 0.69% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
CBXJ vs. CSHP - Dividend Comparison
CBXJ's dividend yield for the trailing twelve months is around 2.23%, less than CSHP's 3.91% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January | 2.23% | 1.97% | 0.00% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.91% | 5.39% | 1.96% |
Frequently Asked Questions
CBXJ and CSHP have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CBXJ has higher volatility (3.06%) compared to CSHP (0.16%). In terms of maximum drawdown, CBXJ dropped -29.25% vs CSHP's -0.08%.
On 1-year performance, CSHP leads with 3.94% vs -21.37% for CBXJ. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CSHP has performed better with a 3.94% return vs -21.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSHP is cheaper with a 0.20% expense ratio, compared with 0.69% for CBXJ.
CSHP has the higher dividend yield at 3.91%, compared with 2.23% for CBXJ.
CBXJ is categorized as Blockchain, while CSHP is Ultrashort Bond. They also come from different issuers: Calamos and iShares. Their fees differ too: 0.69% for CBXJ and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (11.09 vs -1.21), 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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