CBXJ vs. USFR

Last updated Jun 24, 2026

CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - CBXJ is a Blockchain fund actively managed by Calamos, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. CBXJ is actively managed, while USFR is passively managed. Over the past year, CBXJ returned -21.37% vs 3.99% for USFR. At a correlation of -0.07, they often move in opposite directions. CBXJ charges 0.69%/yr vs 0.15%/yr for USFR.

Performance

CBXJ vs. USFR - 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 WisdomTree Floating Rate Treasury Fund (USFR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBXJ achieves a -11.67% return, which is significantly lower than USFR's 1.82% return.

CBXJ

• 1D: -0.85%
• 1M: -6.08%
• YTD: -11.67%
• 6M: -12.37%
• 1Y: -21.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USFR

• 1D: 0.04%
• 1M: 0.33%
• YTD: 1.82%
• 6M: 1.92%
• 1Y: 3.99%
• 3Y*: 4.74%
• 5Y*: 3.71%
• 10Y*: 2.43%

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

CBXJ vs. USFR - Yearly Performance Comparison

	2026 (YTD)	2025
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	-11.67%	-7.64%
USFR WisdomTree Floating Rate Treasury Fund	1.82%	3.79%

Correlation

The correlation between CBXJ and USFR is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	-0.07

Return for Risk

CBXJ vs. USFR — 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: 0
CBXJ Sortino Ratio Rank: 1
CBXJ Omega Ratio Rank: 1
CBXJ Calmar Ratio Rank: 3
CBXJ Martin Ratio Rank: 3

USFR

USFR Risk / Return Rank: 100
USFR Sharpe Ratio Rank: 100
USFR Sortino Ratio Rank: 100
USFR Omega Ratio Rank: 100
USFR Calmar Ratio Rank: 100
USFR Martin Ratio Rank: 100

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. USFR - 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 WisdomTree Floating Rate Treasury Fund (USFR). 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	USFR	Difference
Sharpe ratio: Return per unit of total volatility	-1.21	14.67	-15.88
Sortino ratio: Return per unit of downside risk	-1.66	50.13	-51.79
Omega ratio: Gain probability vs. loss probability	0.81	13.31	-12.50
Calmar ratio: Return relative to maximum drawdown	-0.73	201.33	-202.07
Martin ratio: Return relative to average drawdown	-1.17	779.76	-780.93

CBXJ vs. USFR - Sharpe Ratio Comparison

The current CBXJ Sharpe Ratio is -1.21, which is lower than the USFR Sharpe Ratio of 14.67. The chart below compares the historical Sharpe Ratios of CBXJ and USFR, 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. USFR - Drawdown Comparison

The maximum CBXJ drawdown since its inception was -29.25%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for CBXJ and USFR.

Drawdown Indicators

	CBXJ	USFR	Difference
Max Drawdown Largest peak-to-trough decline	-29.25%	-1.36%	-27.89%
Max Drawdown (1Y) Largest decline over 1 year	-29.25%	-0.02%	-29.23%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.06%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.18%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.80%	—
Current Drawdown Current decline from peak	-29.25%	0.00%	-29.25%
Average Drawdown Average peak-to-trough decline	-11.33%	-0.15%	-11.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.30%	0.01%	+18.29%

Volatility

CBXJ vs. USFR - Volatility Comparison

Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) has a higher volatility of 3.06% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.09%. This indicates that CBXJ's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBXJ	USFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	0.09%	+2.97%
Volatility (6M) Calculated over the trailing 6-month period	11.42%	0.19%	+11.23%
Volatility (1Y) Calculated over the trailing 1-year period	17.78%	0.27%	+17.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.49%	0.40%	+16.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.49%	0.78%	+15.71%

CBXJ vs. USFR - Expense Ratio Comparison

CBXJ has a 0.69% expense ratio, which is higher than USFR's 0.15% expense ratio.

Dividends

CBXJ vs. USFR - Dividend Comparison

CBXJ's dividend yield for the trailing twelve months is around 2.23%, less than USFR's 3.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	2.23%	1.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USFR WisdomTree Floating Rate Treasury Fund	3.90%	4.15%	5.17%	5.12%	1.78%	0.01%	0.40%	2.08%	1.67%	1.03%	0.29%

Frequently Asked Questions

Can I hold both CBXJ and USFR in my portfolio?

CBXJ and USFR have a correlation of -0.09, 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 USFR?

CBXJ has higher volatility (3.06%) compared to USFR (0.09%). In terms of maximum drawdown, CBXJ dropped -29.25% vs USFR's -1.36%.

Which ETF is better, CBXJ or USFR?

On 1-year performance, USFR leads with 3.99% vs -21.37% for CBXJ. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBXJ or USFR?

Over the 1-year period, USFR has performed better with a 3.99% return vs -21.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBXJ or USFR?

USFR is cheaper with a 0.15% expense ratio, compared with 0.69% for CBXJ.

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

USFR has the higher dividend yield at 3.90%, compared with 2.23% for CBXJ.

What is the main difference between CBXJ and USFR?

CBXJ is categorized as Blockchain, while USFR is Government Bonds. They also come from different issuers: Calamos and WisdomTree. Their fees differ too: 0.69% for CBXJ and 0.15% for USFR.

Which has better risk-adjusted returns?

USFR currently has the higher Sharpe Ratio (14.67 vs -1.21), 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.