DECO vs. CBTJ

Last updated Jul 12, 2026

DECO (State Street Galaxy Digital Asset Ecosystem ETF) and CBTJ (Calamos Bitcoin 80 Series Structured Alt Protection ETF - January) are both Blockchain funds. Both are actively managed. Over the past year, DECO returned 109.94% vs -37.17% for CBTJ. A 0.61 correlation means they provide meaningful diversification when combined. DECO charges 0.65%/yr vs 0.69%/yr for CBTJ.

Performance

DECO vs. CBTJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Galaxy Digital Asset Ecosystem ETF (DECO) and Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (CBTJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DECO achieves a 68.09% return, which is significantly higher than CBTJ's -18.38% return.

DECO

• 1D: -1.37%
• 1M: -2.82%
• 6M: 48.75%
• YTD: 68.09%
• 1Y: 109.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBTJ

• 1D: 0.42%
• 1M: -0.53%
• 6M: -20.45%
• YTD: -18.38%
• 1Y: -37.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DECO vs. CBTJ - Yearly Performance Comparison

	2026 (YTD)	2025
DECO State Street Galaxy Digital Asset Ecosystem ETF	68.09%	27.77%
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January	-18.38%	-11.32%

Correlation

The correlation between DECO and CBTJ is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	0.61

The correlation between DECO and CBTJ has been stable across timeframes, ranging from 0.61 to 0.62 - a consistent structural relationship.

Return for Risk

DECO vs. CBTJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DECO

DECO Risk / Return Rank: 84
DECO Sharpe Ratio Rank: 91
DECO Sortino Ratio Rank: 83
DECO Omega Ratio Rank: 78
DECO Calmar Ratio Rank: 89
DECO Martin Ratio Rank: 78

CBTJ

CBTJ Risk / Return Rank: 1
CBTJ Sharpe Ratio Rank: 0
CBTJ Sortino Ratio Rank: 1
CBTJ Omega Ratio Rank: 1
CBTJ Calmar Ratio Rank: 2
CBTJ Martin Ratio Rank: 2

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.

DECO vs. CBTJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Galaxy Digital Asset Ecosystem ETF (DECO) and Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (CBTJ). 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.

	DECO	CBTJ	Difference
Sharpe ratio: Return per unit of total volatility	2.46	-1.32	+3.78
Sortino ratio: Return per unit of downside risk	2.92	-1.95	+4.87
Omega ratio: Gain probability vs. loss probability	1.36	0.78	+0.58
Calmar ratio: Return relative to maximum drawdown	4.21	-0.84	+5.05
Martin ratio: Return relative to average drawdown	11.64	-1.32	+12.96

DECO vs. CBTJ - Sharpe Ratio Comparison

The current DECO Sharpe Ratio is 2.46, which is higher than the CBTJ Sharpe Ratio of -1.32. The chart below compares the historical Sharpe Ratios of DECO and CBTJ, 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

DECO vs. CBTJ - Drawdown Comparison

The maximum DECO drawdown since its inception was -47.71%, which is greater than CBTJ's maximum drawdown of -42.41%. Use the drawdown chart below to compare losses from any high point for DECO and CBTJ.

Drawdown Indicators

	DECO	CBTJ	Difference
Max Drawdown Largest peak-to-trough decline	-47.71%	-42.41%	-5.30%
Max Drawdown (1Y) Largest decline over 1 year	-25.60%	-42.41%	+16.81%
Current Drawdown Current decline from peak	-7.91%	-40.43%	+32.52%
Average Drawdown Average peak-to-trough decline	-11.27%	-16.87%	+5.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.25%	26.88%	-17.63%

Volatility

DECO vs. CBTJ - Volatility Comparison

State Street Galaxy Digital Asset Ecosystem ETF (DECO) has a higher volatility of 10.13% compared to Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (CBTJ) at 4.28%. This indicates that DECO's price experiences larger fluctuations and is considered to be riskier than CBTJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DECO	CBTJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.13%	4.28%	+5.85%
Volatility (6M) Calculated over the trailing 6-month period	33.25%	17.21%	+16.04%
Volatility (1Y) Calculated over the trailing 1-year period	43.88%	26.87%	+17.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.93%	25.06%	+25.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.93%	25.06%	+25.87%

DECO vs. CBTJ - Expense Ratio Comparison

DECO has a 0.65% expense ratio, which is lower than CBTJ's 0.69% expense ratio.

Dividends

DECO vs. CBTJ - Dividend Comparison

DECO's dividend yield for the trailing twelve months is around 0.69%, less than CBTJ's 1.78% yield.

Position	TTM	2025	2024
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January	1.78%	1.45%	0.00%
DECO State Street Galaxy Digital Asset Ecosystem ETF	0.69%	1.16%	1.73%

Frequently Asked Questions

Can I hold both DECO and CBTJ in my portfolio?

DECO and CBTJ have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DECO or CBTJ?

DECO has higher volatility (10.13%) compared to CBTJ (4.28%). In terms of maximum drawdown, DECO dropped -47.71% vs CBTJ's -42.41%.

Which ETF is better, DECO or CBTJ?

On 1-year performance, DECO leads with 109.94% vs -37.17% for CBTJ. On fees, DECO is cheaper at 0.65% per year. On volatility, CBTJ has been the lower-risk option at 4.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DECO or CBTJ?

Over the 1-year period, DECO has performed better with a 109.94% return vs -37.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DECO or CBTJ?

DECO is cheaper with a 0.65% expense ratio, compared with 0.69% for CBTJ.

Which ETF pays a higher dividend yield, DECO or CBTJ?

CBTJ has the higher dividend yield at 1.78%, compared with 0.69% for DECO.

What is the main difference between DECO and CBTJ?

They also come from different issuers: State Street and Calamos. Their fees differ too: 0.65% for DECO and 0.69% for CBTJ.

Which has better risk-adjusted returns?

DECO currently has the higher Sharpe Ratio (2.46 vs -1.32), 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.