CBXJ vs. CVRT

Last updated Jun 4, 2026

CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) and CVRT (Calamos Convertible Equity Alternative ETF) are both exchange-traded funds - CBXJ is a Blockchain fund actively managed by Calamos, while CVRT is a Convertible Bonds fund actively managed by Calamos. Both are actively managed. Over the past year, CBXJ returned -20.48% vs 76.22% for CVRT. At a 0.46 correlation, their price movements are largely independent. Both charge a 0.69% expense ratio.

Performance

CBXJ vs. CVRT - 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 Convertible Equity Alternative ETF (CVRT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBXJ achieves a -10.13% return, which is significantly lower than CVRT's 40.89% return.

CBXJ

• 1D: -0.69%
• 1M: -6.42%
• YTD: -10.13%
• 6M: -15.21%
• 1Y: -20.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CVRT

• 1D: -1.21%
• 1M: 8.71%
• YTD: 40.89%
• 6M: 41.79%
• 1Y: 76.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBXJ vs. CVRT - Yearly Performance Comparison

	2026 (YTD)	2025
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	-10.13%	-7.64%
CVRT Calamos Convertible Equity Alternative ETF	40.89%	23.39%

Correlation

The correlation between CBXJ and CVRT 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

Return for Risk

CBXJ vs. CVRT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CBXJ

CBXJ Risk / Return Rank: 2
CBXJ Sharpe Ratio Rank: 1
CBXJ Sortino Ratio Rank: 1
CBXJ Omega Ratio Rank: 1
CBXJ Calmar Ratio Rank: 3
CBXJ Martin Ratio Rank: 3

CVRT

CVRT Risk / Return Rank: 93
CVRT Sharpe Ratio Rank: 93
CVRT Sortino Ratio Rank: 91
CVRT Omega Ratio Rank: 90
CVRT Calmar Ratio Rank: 96
CVRT Martin Ratio Rank: 96

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. CVRT - 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 Convertible Equity Alternative ETF (CVRT). 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	CVRT	Difference
Sharpe ratio: Return per unit of total volatility	-1.15	3.57	-4.71
Sortino ratio: Return per unit of downside risk	-1.57	4.32	-5.89
Omega ratio: Gain probability vs. loss probability	0.82	1.59	-0.77
Calmar ratio: Return relative to maximum drawdown	-0.73	8.91	-9.64
Martin ratio: Return relative to average drawdown	-1.20	34.91	-36.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CBXJ vs. CVRT - Sharpe Ratio Comparison

The current CBXJ Sharpe Ratio is -1.15, which is lower than the CVRT Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of CBXJ and CVRT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CBXJ	CVRT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.15	3.57	-4.71
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	1.84	-2.63

Drawdowns

CBXJ vs. CVRT - Drawdown Comparison

The maximum CBXJ drawdown since its inception was -28.02%, which is greater than CVRT's maximum drawdown of -20.71%. Use the drawdown chart below to compare losses from any high point for CBXJ and CVRT.

Drawdown Indicators

	CBXJ	CVRT	Difference
Max Drawdown Largest peak-to-trough decline	-28.02%	-20.71%	-7.31%
Max Drawdown (1Y) Largest decline over 1 year	-28.02%	-8.60%	-19.42%
Current Drawdown Current decline from peak	-28.02%	-1.21%	-26.81%
Average Drawdown Average peak-to-trough decline	-10.68%	-3.06%	-7.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.11%	2.19%	+14.92%

Volatility

CBXJ vs. CVRT - Volatility Comparison

The current volatility for Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) is 2.90%, while Calamos Convertible Equity Alternative ETF (CVRT) has a volatility of 7.64%. This indicates that CBXJ experiences smaller price fluctuations and is considered to be less risky than CVRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBXJ	CVRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	7.64%	-4.74%
Volatility (6M) Calculated over the trailing 6-month period	12.23%	17.57%	-5.34%
Volatility (1Y) Calculated over the trailing 1-year period	17.94%	21.47%	-3.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.71%	19.96%	-3.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.71%	19.96%	-3.25%

CBXJ vs. CVRT - Expense Ratio Comparison

Both CBXJ and CVRT have an expense ratio of 0.69%.

Dividends

CBXJ vs. CVRT - Dividend Comparison

CBXJ's dividend yield for the trailing twelve months is around 2.19%, more than CVRT's 1.43% yield.

Position	TTM	2025	2024	2023
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	2.19%	1.97%	0.00%	0.00%
CVRT Calamos Convertible Equity Alternative ETF	1.43%	1.68%	1.49%	0.32%

Frequently Asked Questions

Can I hold both CBXJ and CVRT in my portfolio?

CBXJ and CVRT 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.

Which is riskier, CBXJ or CVRT?

CVRT has higher volatility (7.64%) compared to CBXJ (2.90%). In terms of maximum drawdown, CBXJ dropped -28.02% vs CVRT's -20.71%.

Which ETF is better, CBXJ or CVRT?

On 1-year performance, CVRT leads with 76.22% vs -20.48% for CBXJ. Both ETFs have the same 0.69% expense ratio. 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.

Which ETF has performed better, CBXJ or CVRT?

Over the 1-year period, CVRT has performed better with a 76.22% return vs -20.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBXJ or CVRT?

CBXJ and CVRT have the same expense ratio: 0.69% per year.

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

CBXJ has the higher dividend yield at 2.19%, compared with 1.43% for CVRT.

What is the main difference between CBXJ and CVRT?

CBXJ is categorized as Blockchain, while CVRT is Convertible Bonds.

Which has better risk-adjusted returns?

CVRT currently has the higher Sharpe Ratio (3.57 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.