CBXJ vs. STCE

Last updated Aug 4, 2026

CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) and STCE (Schwab Crypto Thematic ETF) are both Blockchain funds. CBXJ is actively managed, while STCE is passively managed. Over the past year, CBXJ returned -25.10% vs 22.67% for STCE. Their 0.65 correlation means they have sometimes moved together and sometimes differently. CBXJ charges 0.69%/yr vs 0.30%/yr for STCE.

Performance

CBXJ vs. STCE - 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 Schwab Crypto Thematic ETF (STCE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBXJ achieves a -11.85% return, which is significantly lower than STCE's 8.56% return.

CBXJ

• 1D: 0.30%
• 1M: 0.08%
• 6M: -6.39%
• YTD: -11.85%
• 1Y: -25.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -12.87%

STCE

• 1D: 0.25%
• 1M: -1.29%
• 6M: 4.24%
• YTD: 8.56%
• 1Y: 22.67%
• 3Y*: 39.06%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.73%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	$116.24K	$123.69K	$145.65K
STCE Schwab Crypto Thematic ETF	$6.33M	$7.66M	$10.53M

CBXJ vs. STCE - Yearly Performance Comparison

	2026 (YTD)	2025
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	-11.85%	-7.64%
STCE Schwab Crypto Thematic ETF	8.56%	25.97%

Correlation

The correlation between CBXJ and STCE is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.63
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	0.65

The correlation between CBXJ and STCE has been stable across timeframes, ranging from 0.63 to 0.65 - a consistent structural relationship.

Return for Risk

CBXJ vs. STCE — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 3

STCE

STCE Risk / Return Rank: 19
STCE Sharpe Ratio Rank: 17
STCE Sortino Ratio Rank: 24
STCE Omega Ratio Rank: 21
STCE Calmar Ratio Rank: 17
STCE Martin Ratio Rank: 15

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CBXJ vs. STCE - 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 Schwab Crypto Thematic ETF (STCE). 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	STCE	Difference
Sharpe ratio: Return per unit of total volatility	-1.45	0.36	-1.81
Sortino ratio: Return per unit of downside risk	-2.05	0.94	-3.00
Omega ratio: Gain probability vs. loss probability	0.77	1.11	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.84	0.42	-1.26
Martin ratio: Return relative to average drawdown	-1.21	0.69	-1.90

CBXJ vs. STCE - Sharpe Ratio Comparison

The current CBXJ Sharpe Ratio is -1.45, which is lower than the STCE Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of CBXJ and STCE, 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. STCE - Drawdown Comparison

The maximum CBXJ drawdown since its inception was -30.16%, smaller than the maximum STCE drawdown of -54.11%. Use the drawdown chart below to compare losses from any high point for CBXJ and STCE.

Drawdown Indicators

	CBXJ	STCE	Difference
Max Drawdown Largest peak-to-trough decline	-30.16%	-54.11%	+23.95%
Max Drawdown (1Y) Largest decline over 1 year	-30.16%	-54.11%	+23.95%
Max Drawdown (3Y) Largest decline over 3 years	—	-54.11%	—
Current Drawdown Current decline from peak	-29.40%	-38.84%	+9.44%
Average Drawdown Average peak-to-trough decline	-12.66%	-22.50%	+9.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.73%	33.05%	-12.32%

Volatility

CBXJ vs. STCE - Volatility Comparison

The current volatility for Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) is 2.27%, while Schwab Crypto Thematic ETF (STCE) has a volatility of 20.36%. This indicates that CBXJ experiences smaller price fluctuations and is considered to be less risky than STCE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBXJ	STCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	20.36%	-18.09%
Volatility (6M) Calculated over the trailing 6-month period	8.27%	44.42%	-36.15%
Volatility (1Y) Calculated over the trailing 1-year period	17.37%	63.97%	-46.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.99%	56.31%	-40.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.99%	56.31%	-40.32%

CBXJ vs. STCE - Expense Ratio Comparison

CBXJ has a 0.69% expense ratio, which is higher than STCE's 0.30% expense ratio.

Dividends

CBXJ vs. STCE - Dividend Comparison

CBXJ's dividend yield for the trailing twelve months is around 2.23%, more than STCE's 1.74% yield.

Position	TTM	2025	2024	2023	2022
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	2.23%	1.97%	0.00%	0.00%	0.00%
STCE Schwab Crypto Thematic ETF	1.74%	1.96%	0.64%	0.31%	1.46%

Frequently Asked Questions

Can I hold both CBXJ and STCE in my portfolio?

CBXJ and STCE 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 STCE?

STCE has higher volatility (20.36%) compared to CBXJ (2.27%). In terms of maximum drawdown, CBXJ dropped -30.16% vs STCE's -54.11%.

Which ETF is better, CBXJ or STCE?

On 1-year performance, STCE leads with 22.67% vs -25.10% for CBXJ. On fees, STCE is cheaper at 0.30% per year. On volatility, CBXJ has been the lower-risk option at 2.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBXJ or STCE?

Over the 1-year period, STCE has performed better with a 22.67% return vs -25.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBXJ or STCE?

STCE is cheaper with a 0.30% expense ratio, compared with 0.69% for CBXJ.

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

CBXJ has the higher dividend yield at 2.23%, compared with 1.74% for STCE.

What is the main difference between CBXJ and STCE?

They also come from different issuers: Calamos and Charles Schwab. Their fees differ too: 0.69% for CBXJ and 0.30% for STCE.

Which has better risk-adjusted returns?

STCE currently has the higher Sharpe Ratio (0.36 vs -1.45), 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.