DAPP vs. CBXJ
DAPP (VanEck Digital Transformation ETF) and CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) are both Blockchain funds. DAPP is passively managed, while CBXJ is actively managed. Over the past year, DAPP returned 9.98% vs -25.33% for CBXJ. Their 0.66 correlation means they have sometimes moved together and sometimes differently. DAPP charges 0.52%/yr vs 0.69%/yr for CBXJ.
Performance
DAPP vs. CBXJ - Performance Comparison
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Returns By Period
In the year-to-date period, DAPP achieves a 6.65% return, which is significantly higher than CBXJ's -12.12% return.
DAPP
- 1D
- -3.40%
- 1M
- -4.60%
- 6M
- -2.22%
- YTD
- 6.65%
- 1Y
- 9.98%
- 3Y*
- 30.75%
- 5Y*
- -3.48%
- 10Y*
- —
- ALL TIME*
- -11.19%
CBXJ
- 1D
- -0.79%
- 1M
- -0.23%
- 6M
- -8.81%
- YTD
- -12.12%
- 1Y
- -25.33%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -13.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $98.27K | $111.32K | $150.57K | |
| $5.30M | $5.85M | $16.14M |
DAPP vs. CBXJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
DAPP VanEck Digital Transformation ETF | 6.65% | 9.18% |
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January | -12.12% | -7.64% |
Correlation
The correlation between DAPP and CBXJ is 0.67, 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. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025 | 0.66 |
The correlation between DAPP and CBXJ has been stable across timeframes, ranging from 0.66 to 0.67 - a consistent structural relationship.
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Return for Risk
DAPP vs. CBXJ — Risk / Return Rank
DAPP
CBXJ
DAPP vs. CBXJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Digital Transformation ETF (DAPP) and Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ). 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.
| DAPP | CBXJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.54 | ||
| Sortino ratioReturn per unit of downside risk | +2.66 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 0.75 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.02 | -0.88 | +0.90 |
| Martin ratioReturn relative to average drawdown | 0.03 | -1.28 | +1.31 |
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Drawdowns
DAPP vs. CBXJ - Drawdown Comparison
The maximum DAPP drawdown since its inception was -92.61%, which is greater than CBXJ's maximum drawdown of -30.16%. Use the drawdown chart below to compare losses from any high point for DAPP and CBXJ.
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Drawdown Indicators
| DAPP | CBXJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.61% | -30.16% | -62.45% |
Max Drawdown (1Y)Largest decline over 1 year | -48.21% | -30.16% | -18.05% |
Max Drawdown (3Y)Largest decline over 3 years | -58.88% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -91.90% | — | — |
Current DrawdownCurrent decline from peak | -46.67% | -29.61% | -17.06% |
Average DrawdownAverage peak-to-trough decline | -60.79% | -12.62% | -48.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.69% | 20.65% | +6.04% |
Volatility
DAPP vs. CBXJ - Volatility Comparison
VanEck Digital Transformation ETF (DAPP) has a higher volatility of 21.95% compared to Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) at 2.31%. This indicates that DAPP's price experiences larger fluctuations and is considered to be riskier than CBXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DAPP | CBXJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.95% | 2.31% | +19.64% |
Volatility (6M)Calculated over the trailing 6-month period | 47.95% | 8.26% | +39.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 64.80% | 17.40% | +47.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.12% | 16.01% | +57.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.72% | 16.01% | +56.71% |
DAPP vs. CBXJ - Expense Ratio Comparison
DAPP has a 0.52% expense ratio, which is lower than CBXJ's 0.69% expense ratio.
Dividends
DAPP vs. CBXJ - Dividend Comparison
DAPP has not paid dividends to shareholders, while CBXJ's dividend yield for the trailing twelve months is around 2.24%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January | 2.24% | 1.97% | 0.00% | 0.00% | 0.00% | 0.00% |
DAPP VanEck Digital Transformation ETF | 0.00% | 0.00% | 4.04% | 0.00% | 0.00% | 10.13% |
Frequently Asked Questions
DAPP and CBXJ have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DAPP has higher volatility (21.95%) compared to CBXJ (2.31%). In terms of maximum drawdown, DAPP dropped -92.61% vs CBXJ's -30.16%.
On 1-year performance, DAPP leads with 9.98% vs -25.33% for CBXJ. On fees, DAPP is cheaper at 0.52% 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, DAPP has performed better with a 9.98% return vs -25.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DAPP is cheaper with a 0.52% expense ratio, compared with 0.69% for CBXJ.
CBXJ has the higher dividend yield at 2.24%, compared with 0.00% for DAPP.
They also come from different issuers: VanEck and Calamos. Their fees differ too: 0.52% for DAPP and 0.69% for CBXJ.
DAPP currently has the higher Sharpe Ratio (0.01 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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