CBXJ vs. WNTR
CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - CBXJ is a Blockchain fund actively managed by Calamos, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, CBXJ returned -25.33% vs 107.38% for WNTR. Their -0.76 correlation means they have often moved in opposite directions in the past. CBXJ charges 0.69%/yr vs 1.00%/yr for WNTR.
Performance
CBXJ vs. WNTR - Performance Comparison
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Returns By Period
In the year-to-date period, CBXJ achieves a -12.12% return, which is significantly lower than WNTR's 10.75% return.
CBXJ
- 1D
- -0.79%
- 1M
- -0.23%
- 6M
- -8.81%
- YTD
- -12.12%
- 1Y
- -25.33%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -13.12%
WNTR
- 1D
- 3.26%
- 1M
- 8.13%
- 6M
- 14.92%
- YTD
- 10.75%
- 1Y
- 107.38%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 47.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $98.27K | $111.32K | $150.57K | |
| $4.02M | $3.86M | $3.95M |
CBXJ vs. WNTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January | -12.12% | -4.78% |
WNTR YieldMax MSTR Short Option Income Strategy ETF | 10.75% | 52.78% |
Correlation
The correlation between CBXJ and WNTR is -0.76, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.76 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025 | -0.76 |
The correlation between CBXJ and WNTR has been stable across timeframes, ranging from -0.76 to -0.76 - a consistent structural relationship.
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Return for Risk
CBXJ vs. WNTR — Risk / Return Rank
CBXJ
WNTR
CBXJ vs. WNTR - 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 YieldMax MSTR Short Option Income Strategy ETF (WNTR). 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 | WNTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.64 | ||
| Sortino ratioReturn per unit of downside risk | -4.55 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.32 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 2.71 | -3.59 |
| Martin ratioReturn relative to average drawdown | -1.28 | 6.87 | -8.15 |
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Drawdowns
CBXJ vs. WNTR - Drawdown Comparison
The maximum CBXJ drawdown since its inception was -30.16%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for CBXJ and WNTR.
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Drawdown Indicators
| CBXJ | WNTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.16% | -42.65% | +12.49% |
Max Drawdown (1Y)Largest decline over 1 year | -30.16% | -42.65% | +12.49% |
Current DrawdownCurrent decline from peak | -29.61% | -9.64% | -19.97% |
Average DrawdownAverage peak-to-trough decline | -12.62% | -20.18% | +7.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.65% | 16.81% | +3.84% |
Volatility
CBXJ vs. WNTR - Volatility Comparison
The current volatility for Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) is 2.31%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 14.85%. This indicates that CBXJ experiences smaller price fluctuations and is considered to be less risky than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBXJ | WNTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 14.85% | -12.54% |
Volatility (6M)Calculated over the trailing 6-month period | 8.26% | 47.43% | -39.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.40% | 54.68% | -37.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.01% | 53.42% | -37.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.01% | 53.42% | -37.41% |
CBXJ vs. WNTR - Expense Ratio Comparison
CBXJ has a 0.69% expense ratio, which is lower than WNTR's 1.00% expense ratio.
Dividends
CBXJ vs. WNTR - Dividend Comparison
CBXJ's dividend yield for the trailing twelve months is around 2.24%, less than WNTR's 107.02% yield.
| Position | TTM | 2025 |
|---|---|---|
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January | 2.24% | 1.97% |
WNTR YieldMax MSTR Short Option Income Strategy ETF | 107.02% | 58.56% |
Frequently Asked Questions
CBXJ and WNTR have a correlation of -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WNTR has higher volatility (14.85%) compared to CBXJ (2.31%). In terms of maximum drawdown, CBXJ dropped -30.16% vs WNTR's -42.65%.
On 1-year performance, WNTR leads with 107.38% vs -25.33% for CBXJ. On fees, CBXJ is cheaper at 0.69% per year. On volatility, CBXJ has been the lower-risk option at 2.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, WNTR has performed better with a 107.38% return vs -25.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CBXJ is cheaper with a 0.69% expense ratio, compared with 1.00% for WNTR.
WNTR has the higher dividend yield at 107.02%, compared with 2.24% for CBXJ.
CBXJ is categorized as Blockchain, while WNTR is Derivative Income. They also come from different issuers: Calamos and YieldMax. Their fees differ too: 0.69% for CBXJ and 1.00% for WNTR.
WNTR currently has the higher Sharpe Ratio (2.12 vs -1.53), 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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