CBXJ vs. HECO

Last updated Jun 4, 2026

CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) and HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) are both Blockchain funds. Both are actively managed. Over the past year, CBXJ returned -20.48% vs 136.32% for HECO. A 0.61 correlation means they provide meaningful diversification when combined. CBXJ charges 0.69%/yr vs 0.90%/yr for HECO.

Performance

CBXJ vs. HECO - 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 State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO). 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 HECO's 71.77% return.

CBXJ

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

HECO

• 1D: -0.95%
• 1M: 33.22%
• YTD: 71.77%
• 6M: 57.04%
• 1Y: 136.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBXJ vs. HECO - Yearly Performance Comparison

	2026 (YTD)	2025
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	-10.13%	-7.64%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	71.77%	12.57%

Correlation

The correlation between CBXJ and HECO is 0.63, 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	0.63
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025	0.61

The correlation between CBXJ and HECO has been stable across timeframes, ranging from 0.61 to 0.63 - a consistent structural relationship.

Return for Risk

CBXJ vs. HECO — 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

HECO

HECO Risk / Return Rank: 89
HECO Sharpe Ratio Rank: 94
HECO Sortino Ratio Rank: 89
HECO Omega Ratio Rank: 84
HECO Calmar Ratio Rank: 93
HECO Martin Ratio Rank: 87

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. HECO - 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 State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO). 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	HECO	Difference
Sharpe ratio: Return per unit of total volatility	-1.15	3.68	-4.83
Sortino ratio: Return per unit of downside risk	-1.57	4.07	-5.64
Omega ratio: Gain probability vs. loss probability	0.82	1.51	-0.69
Calmar ratio: Return relative to maximum drawdown	-0.73	6.52	-7.25
Martin ratio: Return relative to average drawdown	-1.20	18.71	-19.91
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. HECO - Sharpe Ratio Comparison

The current CBXJ Sharpe Ratio is -1.15, which is lower than the HECO Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of CBXJ and HECO, 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	HECO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.15	3.68	-4.83
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	1.80	-2.58

Drawdowns

CBXJ vs. HECO - Drawdown Comparison

The maximum CBXJ drawdown since its inception was -28.02%, smaller than the maximum HECO drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for CBXJ and HECO.

Drawdown Indicators

	CBXJ	HECO	Difference
Max Drawdown Largest peak-to-trough decline	-28.02%	-44.59%	+16.57%
Max Drawdown (1Y) Largest decline over 1 year	-28.02%	-21.03%	-6.99%
Current Drawdown Current decline from peak	-28.02%	-1.18%	-26.84%
Average Drawdown Average peak-to-trough decline	-10.68%	-11.81%	+1.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.11%	7.31%	+9.80%

Volatility

CBXJ vs. HECO - Volatility Comparison

The current volatility for Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) is 2.90%, while State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) has a volatility of 10.30%. This indicates that CBXJ experiences smaller price fluctuations and is considered to be less risky than HECO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBXJ	HECO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	10.30%	-7.40%
Volatility (6M) Calculated over the trailing 6-month period	12.23%	29.36%	-17.13%
Volatility (1Y) Calculated over the trailing 1-year period	17.94%	37.32%	-19.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.71%	44.93%	-28.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.71%	44.93%	-28.22%

CBXJ vs. HECO - Expense Ratio Comparison

CBXJ has a 0.69% expense ratio, which is lower than HECO's 0.90% expense ratio.

Dividends

CBXJ vs. HECO - Dividend Comparison

CBXJ's dividend yield for the trailing twelve months is around 2.19%, while HECO has not paid dividends to shareholders.

Position	TTM	2025	2024
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	2.19%	1.97%	0.00%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%

Frequently Asked Questions

Can I hold both CBXJ and HECO in my portfolio?

CBXJ and HECO have a correlation of 0.63, 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 HECO?

HECO has higher volatility (10.30%) compared to CBXJ (2.90%). In terms of maximum drawdown, CBXJ dropped -28.02% vs HECO's -44.59%.

Which ETF is better, CBXJ or HECO?

On 1-year performance, HECO leads with 136.32% vs -20.48% for CBXJ. On fees, CBXJ is cheaper at 0.69% 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.

Which ETF has performed better, CBXJ or HECO?

Over the 1-year period, HECO has performed better with a 136.32% 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 HECO?

CBXJ is cheaper with a 0.69% expense ratio, compared with 0.90% for HECO.

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

CBXJ has the higher dividend yield at 2.19%, compared with 0.00% for HECO.

What is the main difference between CBXJ and HECO?

They also come from different issuers: Calamos and State Street. Their fees differ too: 0.69% for CBXJ and 0.90% for HECO.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (3.68 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.