CBXJ vs. DAPP
CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) and DAPP (VanEck Digital Transformation ETF) are both exchange-traded funds - CBXJ is a Blockchain fund actively managed by Calamos, while DAPP is a Technology Equities fund tracking the MVIS Global Digital Assets Equity Index. CBXJ is actively managed, while DAPP is passively managed. Over the past year, CBXJ returned -20.48% vs 55.85% for DAPP. A 0.67 correlation means they provide meaningful diversification when combined. CBXJ charges 0.69%/yr vs 0.50%/yr for DAPP.
Performance
CBXJ vs. DAPP - 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 DAPP's 33.03% return.
CBXJ
- 1D
- -0.69%
- 1M
- -6.42%
- YTD
- -10.13%
- 6M
- -15.21%
- 1Y
- -20.48%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DAPP
- 1D
- -2.57%
- 1M
- 10.45%
- YTD
- 33.03%
- 6M
- 15.86%
- 1Y
- 55.85%
- 3Y*
- 57.26%
- 5Y*
- -0.16%
- 10Y*
- —
CBXJ vs. DAPP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January | -10.13% | -7.64% |
DAPP VanEck Digital Transformation ETF | 33.03% | 9.18% |
Correlation
The correlation between CBXJ and DAPP is 0.67, 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 | 0.67 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025 | 0.67 |
The correlation between CBXJ and DAPP has been stable across timeframes, ranging from 0.67 to 0.67 - a consistent structural relationship.
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Return for Risk
CBXJ vs. DAPP — Risk / Return Rank
CBXJ
DAPP
CBXJ vs. DAPP - 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 VanEck Digital Transformation ETF (DAPP). 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 | DAPP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.06 | ||
| Sortino ratioReturn per unit of downside risk | -3.11 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.18 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | 1.16 | -1.90 |
| Martin ratioReturn relative to average drawdown | -1.20 | 2.28 | -3.48 |
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 | DAPP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | 0.91 | -2.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.00 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | -0.07 | -0.71 |
Drawdowns
CBXJ vs. DAPP - Drawdown Comparison
The maximum CBXJ drawdown since its inception was -28.02%, smaller than the maximum DAPP drawdown of -91.90%. Use the drawdown chart below to compare losses from any high point for CBXJ and DAPP.
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Drawdown Indicators
| CBXJ | DAPP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.02% | -91.90% | +63.88% |
Max Drawdown (1Y)Largest decline over 1 year | -28.02% | -48.21% | +20.19% |
Max Drawdown (3Y)Largest decline over 3 years | — | -58.88% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -91.90% | — |
Current DrawdownCurrent decline from peak | -28.02% | -27.06% | -0.96% |
Average DrawdownAverage peak-to-trough decline | -10.68% | -57.42% | +46.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.11% | 24.56% | -7.45% |
Volatility
CBXJ vs. DAPP - Volatility Comparison
The current volatility for Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) is 2.90%, while VanEck Digital Transformation ETF (DAPP) has a volatility of 15.49%. This indicates that CBXJ experiences smaller price fluctuations and is considered to be less risky than DAPP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBXJ | DAPP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.90% | 15.49% | -12.59% |
Volatility (6M)Calculated over the trailing 6-month period | 12.23% | 46.31% | -34.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.94% | 61.71% | -43.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.71% | 72.90% | -56.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.71% | 72.64% | -55.93% |
CBXJ vs. DAPP - Expense Ratio Comparison
CBXJ has a 0.69% expense ratio, which is higher than DAPP's 0.50% expense ratio.
Dividends
CBXJ vs. DAPP - Dividend Comparison
CBXJ's dividend yield for the trailing twelve months is around 2.19%, while DAPP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January | 2.19% | 1.97% | 0.00% | 0.00% | 0.00% | 0.00% |
DAPP VanEck Digital Transformation ETF | 0.00% | 0.00% | 4.04% | 0.00% | 0.00% | 10.13% |
Frequently Asked Questions
CBXJ and DAPP have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DAPP has higher volatility (15.49%) compared to CBXJ (2.90%). In terms of maximum drawdown, CBXJ dropped -28.02% vs DAPP's -91.90%.
On 1-year performance, DAPP leads with 55.85% vs -20.48% for CBXJ. On fees, DAPP is cheaper at 0.50% 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, DAPP has performed better with a 55.85% return vs -20.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DAPP is cheaper with a 0.50% expense ratio, compared with 0.69% for CBXJ.
CBXJ has the higher dividend yield at 2.19%, compared with 0.00% for DAPP.
CBXJ is categorized as Blockchain, while DAPP is Technology Equities. They also come from different issuers: Calamos and VanEck. Their fees differ too: 0.69% for CBXJ and 0.50% for DAPP.
DAPP currently has the higher Sharpe Ratio (0.91 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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