CBXJ vs. MSTZ

Last updated Jul 14, 2026

CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - CBXJ is a Blockchain fund actively managed by Calamos, while MSTZ is a Inverse Equities fund actively managed by REX. Both are actively managed. Over the past year, CBXJ returned -26.36% vs 282.56% for MSTZ. At a correlation of -0.78, they often move in opposite directions. CBXJ charges 0.69%/yr vs 1.05%/yr for MSTZ.

Performance

CBXJ vs. MSTZ - 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 T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBXJ achieves a -11.92% return, which is significantly higher than MSTZ's -23.27% return.

CBXJ

• 1D: -0.72%
• 1M: -1.11%
• 6M: -13.25%
• YTD: -11.92%
• 1Y: -26.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTZ

• 1D: 5.07%
• 1M: 46.38%
• 6M: -9.68%
• YTD: -23.27%
• 1Y: 282.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBXJ vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	-11.92%	-7.64%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-23.27%	7.32%

Correlation

The correlation between CBXJ and MSTZ is -0.80, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.80
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	-0.78

The correlation between CBXJ and MSTZ has been stable across timeframes, ranging from -0.80 to -0.78 - a consistent structural relationship.

Return for Risk

CBXJ vs. MSTZ — Risk / Return Rank

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

CBXJ

CBXJ Risk / Return Rank: 1
CBXJ Sharpe Ratio Rank: 0
CBXJ Sortino Ratio Rank: 0
CBXJ Omega Ratio Rank: 0
CBXJ Calmar Ratio Rank: 2
CBXJ Martin Ratio Rank: 2

MSTZ

MSTZ Risk / Return Rank: 68
MSTZ Sharpe Ratio Rank: 76
MSTZ Sortino Ratio Rank: 67
MSTZ Omega Ratio Rank: 68
MSTZ Calmar Ratio Rank: 80
MSTZ Martin Ratio Rank: 49

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. MSTZ - 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 T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). 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	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-1.51	1.92	-3.43
Sortino ratio: Return per unit of downside risk	-2.15	2.45	-4.60
Omega ratio: Gain probability vs. loss probability	0.76	1.32	-0.56
Calmar ratio: Return relative to maximum drawdown	-0.88	3.35	-4.23
Martin ratio: Return relative to average drawdown	-1.35	6.53	-7.88

CBXJ vs. MSTZ - Sharpe Ratio Comparison

The current CBXJ Sharpe Ratio is -1.51, which is lower than the MSTZ Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of CBXJ and MSTZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CBXJ vs. MSTZ - Drawdown Comparison

The maximum CBXJ drawdown since its inception was -30.16%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for CBXJ and MSTZ.

Drawdown Indicators

	CBXJ	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-30.16%	-99.38%	+69.22%
Max Drawdown (1Y) Largest decline over 1 year	-30.16%	-84.89%	+54.73%
Current Drawdown Current decline from peak	-29.45%	-97.39%	+67.94%
Average Drawdown Average peak-to-trough decline	-11.98%	-94.53%	+82.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.49%	43.51%	-24.02%

Volatility

CBXJ vs. MSTZ - Volatility Comparison

The current volatility for Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) is 2.40%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 56.56%. This indicates that CBXJ experiences smaller price fluctuations and is considered to be less risky than MSTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBXJ	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	56.56%	-54.16%
Volatility (6M) Calculated over the trailing 6-month period	10.70%	135.11%	-124.41%
Volatility (1Y) Calculated over the trailing 1-year period	17.55%	148.53%	-130.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.25%	171.02%	-154.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.25%	171.02%	-154.77%

CBXJ vs. MSTZ - Expense Ratio Comparison

CBXJ has a 0.69% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

CBXJ vs. MSTZ - Dividend Comparison

CBXJ's dividend yield for the trailing twelve months is around 2.23%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	2.23%	1.97%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBXJ and MSTZ in my portfolio?

CBXJ and MSTZ have a correlation of -0.80, 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 MSTZ?

MSTZ has higher volatility (56.56%) compared to CBXJ (2.40%). In terms of maximum drawdown, CBXJ dropped -30.16% vs MSTZ's -99.38%.

Which ETF is better, CBXJ or MSTZ?

On 1-year performance, MSTZ leads with 282.56% vs -26.36% for CBXJ. On fees, CBXJ is cheaper at 0.69% per year. On volatility, CBXJ has been the lower-risk option at 2.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBXJ or MSTZ?

Over the 1-year period, MSTZ has performed better with a 282.56% return vs -26.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBXJ or MSTZ?

CBXJ is cheaper with a 0.69% expense ratio, compared with 1.05% for MSTZ.

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

CBXJ has the higher dividend yield at 2.23%, compared with 0.00% for MSTZ.

What is the main difference between CBXJ and MSTZ?

CBXJ is categorized as Blockchain, while MSTZ is Inverse Equities. They also come from different issuers: Calamos and REX. Their fees differ too: 0.69% for CBXJ and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.92 vs -1.51), 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.