CBXJ vs. USFR
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 -20.48% vs 4.03% for USFR. At a correlation of -0.05, they often move in opposite directions. CBXJ charges 0.69%/yr vs 0.15%/yr for USFR.
Performance
CBXJ vs. USFR - Performance Comparison
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Returns By Period
In the year-to-date period, CBXJ achieves a -10.13% return, which is significantly lower than USFR's 1.60% return.
CBXJ
- 1D
- -0.69%
- 1M
- -6.42%
- YTD
- -10.13%
- 6M
- -15.21%
- 1Y
- -20.48%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USFR
- 1D
- 0.02%
- 1M
- 0.29%
- YTD
- 1.60%
- 6M
- 1.98%
- 1Y
- 4.03%
- 3Y*
- 4.76%
- 5Y*
- 3.66%
- 10Y*
- 2.47%
CBXJ vs. USFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January | -10.13% | -7.64% |
USFR WisdomTree Floating Rate Treasury Fund | 1.60% | 3.77% |
Correlation
The correlation between CBXJ and USFR is -0.07, 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 | -0.07 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025 | -0.05 |
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Return for Risk
CBXJ vs. USFR — Risk / Return Rank
CBXJ
USFR
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.
| CBXJ | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -16.26 | ||
| Sortino ratioReturn per unit of downside risk | -52.21 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 13.43 | -12.61 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | 203.42 | -204.15 |
| Martin ratioReturn relative to average drawdown | -1.20 | 787.84 | -789.04 |
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 | USFR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | 15.11 | -16.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 9.26 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 3.07 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | 1.60 | -2.39 |
Drawdowns
CBXJ vs. USFR - Drawdown Comparison
The maximum CBXJ drawdown since its inception was -28.02%, 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.
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Drawdown Indicators
| CBXJ | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.02% | -1.36% | -26.66% |
Max Drawdown (1Y)Largest decline over 1 year | -28.02% | -0.02% | -28.00% |
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 DrawdownCurrent decline from peak | -28.02% | 0.00% | -28.02% |
Average DrawdownAverage peak-to-trough decline | -10.68% | -0.16% | -10.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.11% | 0.01% | +17.10% |
Volatility
CBXJ vs. USFR - Volatility Comparison
Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) has a higher volatility of 2.90% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.06%. 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.
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Volatility by Period
| CBXJ | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.90% | 0.06% | +2.84% |
Volatility (6M)Calculated over the trailing 6-month period | 12.23% | 0.18% | +12.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.94% | 0.27% | +17.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.71% | 0.40% | +16.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.71% | 0.81% | +15.90% |
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 2.19%, less than USFR's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
USFR WisdomTree Floating Rate Treasury Fund | 3.91% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% |
Frequently Asked Questions
CBXJ and USFR have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CBXJ has higher volatility (2.90%) compared to USFR (0.06%). In terms of maximum drawdown, CBXJ dropped -28.02% vs USFR's -1.36%.
On 1-year performance, USFR leads with 4.03% vs -20.48% for CBXJ. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USFR has performed better with a 4.03% return vs -20.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USFR is cheaper with a 0.15% expense ratio, compared with 0.69% for CBXJ.
USFR has the higher dividend yield at 3.91%, compared with 2.19% for CBXJ.
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.
USFR currently has the higher Sharpe Ratio (15.11 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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