CBXJ vs. LEGR

Last updated Jun 4, 2026

CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) and LEGR (First Trust Indxx Innovative Transaction & Process ETF) are both Blockchain funds. CBXJ is actively managed, while LEGR is passively managed. Over the past year, CBXJ returned -20.48% vs 30.64% for LEGR. At a 0.41 correlation, their price movements are largely independent. CBXJ charges 0.69%/yr vs 0.65%/yr for LEGR.

Performance

CBXJ vs. LEGR - 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 First Trust Indxx Innovative Transaction & Process ETF (LEGR). 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 LEGR's 12.39% return.

CBXJ

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

LEGR

• 1D: -1.50%
• 1M: 7.23%
• YTD: 12.39%
• 6M: 15.64%
• 1Y: 30.64%
• 3Y*: 23.83%
• 5Y*: 11.82%
• 10Y*: —

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

CBXJ vs. LEGR - Yearly Performance Comparison

	2026 (YTD)	2025
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	-10.13%	-7.64%
LEGR First Trust Indxx Innovative Transaction & Process ETF	12.39%	24.52%

Correlation

The correlation between CBXJ and LEGR is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025	0.41

Return for Risk

CBXJ vs. LEGR — 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

LEGR

LEGR Risk / Return Rank: 64
LEGR Sharpe Ratio Rank: 68
LEGR Sortino Ratio Rank: 67
LEGR Omega Ratio Rank: 65
LEGR Calmar Ratio Rank: 59
LEGR Martin Ratio Rank: 62

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. LEGR - 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 First Trust Indxx Innovative Transaction & Process ETF (LEGR). 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	LEGR	Difference
Sharpe ratio: Return per unit of total volatility	-1.15	2.26	-3.41
Sortino ratio: Return per unit of downside risk	-1.57	3.10	-4.67
Omega ratio: Gain probability vs. loss probability	0.82	1.40	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.73	2.96	-3.69
Martin ratio: Return relative to average drawdown	-1.20	11.21	-12.41
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. LEGR - Sharpe Ratio Comparison

The current CBXJ Sharpe Ratio is -1.15, which is lower than the LEGR Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of CBXJ and LEGR, 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	LEGR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.15	2.26	-3.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	0.60	-1.39

Drawdowns

CBXJ vs. LEGR - Drawdown Comparison

The maximum CBXJ drawdown since its inception was -28.02%, smaller than the maximum LEGR drawdown of -36.12%. Use the drawdown chart below to compare losses from any high point for CBXJ and LEGR.

Drawdown Indicators

	CBXJ	LEGR	Difference
Max Drawdown Largest peak-to-trough decline	-28.02%	-36.12%	+8.10%
Max Drawdown (1Y) Largest decline over 1 year	-28.02%	-10.40%	-17.62%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-31.45%	—
Current Drawdown Current decline from peak	-28.02%	-1.50%	-26.52%
Average Drawdown Average peak-to-trough decline	-10.68%	-6.61%	-4.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.11%	2.74%	+14.37%

Volatility

CBXJ vs. LEGR - Volatility Comparison

The current volatility for Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) is 2.90%, while First Trust Indxx Innovative Transaction & Process ETF (LEGR) has a volatility of 4.93%. This indicates that CBXJ experiences smaller price fluctuations and is considered to be less risky than LEGR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBXJ	LEGR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	4.93%	-2.03%
Volatility (6M) Calculated over the trailing 6-month period	12.23%	11.22%	+1.01%
Volatility (1Y) Calculated over the trailing 1-year period	17.94%	13.62%	+4.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.71%	16.96%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.71%	20.31%	-3.60%

CBXJ vs. LEGR - Expense Ratio Comparison

CBXJ has a 0.69% expense ratio, which is higher than LEGR's 0.65% expense ratio.

Dividends

CBXJ vs. LEGR - Dividend Comparison

CBXJ's dividend yield for the trailing twelve months is around 2.19%, more than LEGR's 1.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	2.19%	1.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
LEGR First Trust Indxx Innovative Transaction & Process ETF	1.67%	1.84%	2.40%	2.56%	2.64%	1.80%	0.95%	2.04%	1.30%

Frequently Asked Questions

Can I hold both CBXJ and LEGR in my portfolio?

CBXJ and LEGR have a correlation of 0.40, 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 LEGR?

LEGR has higher volatility (4.93%) compared to CBXJ (2.90%). In terms of maximum drawdown, CBXJ dropped -28.02% vs LEGR's -36.12%.

Which ETF is better, CBXJ or LEGR?

On 1-year performance, LEGR leads with 30.64% vs -20.48% for CBXJ. On fees, LEGR is cheaper at 0.65% 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 LEGR?

Over the 1-year period, LEGR has performed better with a 30.64% 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 LEGR?

LEGR is cheaper with a 0.65% expense ratio, compared with 0.69% for CBXJ.

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

CBXJ has the higher dividend yield at 2.19%, compared with 1.67% for LEGR.

What is the main difference between CBXJ and LEGR?

They also come from different issuers: Calamos and First Trust. Their fees differ too: 0.69% for CBXJ and 0.65% for LEGR.

Which has better risk-adjusted returns?

LEGR currently has the higher Sharpe Ratio (2.26 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.