CBXJ vs. OBTC
CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) and OBTC (Osprey Bitcoin Trust) are both exchange-traded funds - CBXJ is a Blockchain fund actively managed by Calamos, while OBTC is a Cryptocurrency fund tracking the Bitcoin (BTC). CBXJ is actively managed, while OBTC is passively managed. Over the past year, CBXJ returned -20.48% vs -28.83% for OBTC. Their correlation of 0.88 suggests significant overlap in exposure. CBXJ charges 0.69%/yr vs 0.49%/yr for OBTC.
Performance
CBXJ vs. OBTC - Performance Comparison
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Returns By Period
In the year-to-date period, CBXJ achieves a -10.13% return, which is significantly higher than OBTC's -25.45% return.
CBXJ
- 1D
- -0.69%
- 1M
- -6.42%
- YTD
- -10.13%
- 6M
- -15.21%
- 1Y
- -20.48%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OBTC
- 1D
- -2.72%
- 1M
- -18.30%
- YTD
- -25.45%
- 6M
- -25.31%
- 1Y
- -28.83%
- 3Y*
- 53.99%
- 5Y*
- 8.44%
- 10Y*
- —
CBXJ vs. OBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January | -10.13% | -7.64% |
OBTC Osprey Bitcoin Trust | -25.45% | -5.30% |
Correlation
The correlation between CBXJ and OBTC is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025 | 0.88 |
The correlation between CBXJ and OBTC has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.
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Return for Risk
CBXJ vs. OBTC — Risk / Return Rank
CBXJ
OBTC
CBXJ vs. OBTC - 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 Osprey Bitcoin Trust (OBTC). 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 | OBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.81 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.91 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | -0.64 | -0.10 |
| Martin ratioReturn relative to average drawdown | -1.20 | -1.15 | -0.05 |
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 | OBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | -0.65 | -0.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.15 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | -0.21 | -0.58 |
Drawdowns
CBXJ vs. OBTC - Drawdown Comparison
The maximum CBXJ drawdown since its inception was -28.02%, smaller than the maximum OBTC drawdown of -94.50%. Use the drawdown chart below to compare losses from any high point for CBXJ and OBTC.
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Drawdown Indicators
| CBXJ | OBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.02% | -94.50% | +66.48% |
Max Drawdown (1Y)Largest decline over 1 year | -28.02% | -45.41% | +17.39% |
Max Drawdown (3Y)Largest decline over 3 years | — | -45.41% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -83.76% | — |
Current DrawdownCurrent decline from peak | -28.02% | -62.77% | +34.75% |
Average DrawdownAverage peak-to-trough decline | -10.68% | -69.63% | +58.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.11% | 25.06% | -7.95% |
Volatility
CBXJ vs. OBTC - Volatility Comparison
The current volatility for Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) is 2.90%, while Osprey Bitcoin Trust (OBTC) has a volatility of 9.55%. This indicates that CBXJ experiences smaller price fluctuations and is considered to be less risky than OBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBXJ | OBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.90% | 9.55% | -6.65% |
Volatility (6M)Calculated over the trailing 6-month period | 12.23% | 34.48% | -22.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.94% | 44.27% | -26.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.71% | 58.11% | -41.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.71% | 71.56% | -54.85% |
CBXJ vs. OBTC - Expense Ratio Comparison
CBXJ has a 0.69% expense ratio, which is higher than OBTC's 0.49% expense ratio.
Dividends
CBXJ vs. OBTC - Dividend Comparison
CBXJ's dividend yield for the trailing twelve months is around 2.19%, while OBTC has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January | 2.19% | 1.97% |
OBTC Osprey Bitcoin Trust | 0.00% | 0.00% |
Frequently Asked Questions
CBXJ and OBTC have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OBTC has higher volatility (9.55%) compared to CBXJ (2.90%). In terms of maximum drawdown, CBXJ dropped -28.02% vs OBTC's -94.50%.
On 1-year performance, CBXJ leads with -20.48% vs -28.83% for OBTC. On fees, OBTC is cheaper at 0.49% 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, CBXJ has performed better with a -20.48% return vs -28.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OBTC is cheaper with a 0.49% expense ratio, compared with 0.69% for CBXJ.
CBXJ has the higher dividend yield at 2.19%, compared with 0.00% for OBTC.
CBXJ is categorized as Blockchain, while OBTC is Cryptocurrency. They also come from different issuers: Calamos and Osprey Funds. Their fees differ too: 0.69% for CBXJ and 0.49% for OBTC.
OBTC currently has the higher Sharpe Ratio (-0.65 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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