DECO vs. CBXJ

Last updated Jul 12, 2026

DECO (State Street Galaxy Digital Asset Ecosystem ETF) and CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) are both Blockchain funds. Both are actively managed. Over the past year, DECO returned 109.94% vs -25.83% for CBXJ. A 0.61 correlation means they provide meaningful diversification when combined. DECO charges 0.65%/yr vs 0.69%/yr for CBXJ.

Performance

DECO vs. CBXJ - 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 90 Series Structured Alt Protection ETF - January (CBXJ). 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 CBXJ's -11.28% return.

DECO

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

CBXJ

• 1D: 0.28%
• 1M: -0.40%
• 6M: -11.93%
• YTD: -11.28%
• 1Y: -25.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DECO vs. CBXJ - Yearly Performance Comparison

	2026 (YTD)	2025
DECO State Street Galaxy Digital Asset Ecosystem ETF	68.09%	27.77%
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	-11.28%	-7.64%

Correlation

The correlation between DECO and CBXJ is 0.61, 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	0.61
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	0.61

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

Return for Risk

DECO vs. CBXJ — 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

CBXJ

CBXJ Risk / Return Rank: 1
CBXJ Sharpe Ratio Rank: 0
CBXJ Sortino Ratio Rank: 1
CBXJ Omega Ratio Rank: 1
CBXJ Calmar Ratio Rank: 2
CBXJ Martin Ratio Rank: 3

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. CBXJ - 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 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.

	DECO	CBXJ	Difference
Sharpe ratio: Return per unit of total volatility	2.46	-1.39	+3.85
Sortino ratio: Return per unit of downside risk	2.92	-1.96	+4.87
Omega ratio: Gain probability vs. loss probability	1.36	0.78	+0.58
Calmar ratio: Return relative to maximum drawdown	4.21	-0.81	+5.03
Martin ratio: Return relative to average drawdown	11.64	-1.26	+12.90

DECO vs. CBXJ - Sharpe Ratio Comparison

The current DECO Sharpe Ratio is 2.46, which is higher than the CBXJ Sharpe Ratio of -1.39. The chart below compares the historical Sharpe Ratios of DECO and CBXJ, 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. CBXJ - Drawdown Comparison

The maximum DECO drawdown since its inception was -47.71%, which is greater than CBXJ's maximum drawdown of -30.16%. Use the drawdown chart below to compare losses from any high point for DECO and CBXJ.

Drawdown Indicators

	DECO	CBXJ	Difference
Max Drawdown Largest peak-to-trough decline	-47.71%	-30.16%	-17.55%
Max Drawdown (1Y) Largest decline over 1 year	-25.60%	-30.16%	+4.56%
Current Drawdown Current decline from peak	-7.91%	-28.94%	+21.03%
Average Drawdown Average peak-to-trough decline	-11.27%	-11.93%	+0.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.25%	19.40%	-10.15%

Volatility

DECO vs. CBXJ - Volatility Comparison

State Street Galaxy Digital Asset Ecosystem ETF (DECO) has a higher volatility of 10.13% compared to Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) at 2.29%. This indicates that DECO'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.

Volatility by Period

	DECO	CBXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.13%	2.29%	+7.84%
Volatility (6M) Calculated over the trailing 6-month period	33.25%	10.69%	+22.56%
Volatility (1Y) Calculated over the trailing 1-year period	43.88%	17.64%	+26.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.93%	16.26%	+34.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.93%	16.26%	+34.67%

DECO vs. CBXJ - Expense Ratio Comparison

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

Dividends

DECO vs. CBXJ - Dividend Comparison

DECO's dividend yield for the trailing twelve months is around 0.69%, less than CBXJ's 2.22% yield.

Position	TTM	2025	2024
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	2.22%	1.97%	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 CBXJ in my portfolio?

DECO and CBXJ have a correlation of 0.61, 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 CBXJ?

DECO has higher volatility (10.13%) compared to CBXJ (2.29%). In terms of maximum drawdown, DECO dropped -47.71% vs CBXJ's -30.16%.

Which ETF is better, DECO or CBXJ?

On 1-year performance, DECO leads with 109.94% vs -25.83% for CBXJ. On fees, DECO is cheaper at 0.65% per year. On volatility, CBXJ has been the lower-risk option at 2.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DECO or CBXJ?

Over the 1-year period, DECO has performed better with a 109.94% return vs -25.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DECO or CBXJ?

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

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

CBXJ has the higher dividend yield at 2.22%, compared with 0.69% for DECO.

What is the main difference between DECO and CBXJ?

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

Which has better risk-adjusted returns?

DECO currently has the higher Sharpe Ratio (2.46 vs -1.39), 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.