FDIG vs. CBTJ

Last updated Jul 15, 2026

FDIG (Fidelity Crypto Industry and Digital Payments ETF) and CBTJ (Calamos Bitcoin 80 Series Structured Alt Protection ETF - January) are both Blockchain funds. FDIG is passively managed, while CBTJ is actively managed. Over the past year, FDIG returned 9.34% vs -37.79% for CBTJ. A 0.67 correlation means they provide meaningful diversification when combined. FDIG charges 0.39%/yr vs 0.69%/yr for CBTJ.

Performance

FDIG vs. CBTJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Crypto Industry and Digital Payments ETF (FDIG) 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, FDIG achieves a 8.21% return, which is significantly higher than CBTJ's -18.22% return.

FDIG

• 1D: 1.16%
• 1M: -5.73%
• 6M: -5.21%
• YTD: 8.21%
• 1Y: 9.34%
• 3Y*: 19.63%
• 5Y*: —
• 10Y*: —

CBTJ

• 1D: 1.50%
• 1M: -0.33%
• 6M: -23.82%
• YTD: -18.22%
• 1Y: -37.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FDIG vs. CBTJ - Yearly Performance Comparison

	2026 (YTD)	2025
FDIG Fidelity Crypto Industry and Digital Payments ETF	8.21%	13.72%
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January	-18.22%	-11.32%

Correlation

The correlation between FDIG and CBTJ is 0.67, 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	0.67
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	0.67

The correlation between FDIG and CBTJ has been stable across timeframes, ranging from 0.67 to 0.67 - a consistent structural relationship.

Return for Risk

FDIG vs. CBTJ — Risk / Return Rank

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

FDIG

FDIG Risk / Return Rank: 13
FDIG Sharpe Ratio Rank: 12
FDIG Sortino Ratio Rank: 15
FDIG Omega Ratio Rank: 14
FDIG Calmar Ratio Rank: 12
FDIG Martin Ratio Rank: 11

CBTJ

CBTJ Risk / Return Rank: 1
CBTJ Sharpe Ratio Rank: 0
CBTJ Sortino Ratio Rank: 0
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.

FDIG vs. CBTJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Crypto Industry and Digital Payments ETF (FDIG) 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.

	FDIG	CBTJ	Difference
Sharpe ratio: Return per unit of total volatility	0.19	-1.42	+1.61
Sortino ratio: Return per unit of downside risk	0.62	-2.13	+2.75
Omega ratio: Gain probability vs. loss probability	1.07	0.77	+0.31
Calmar ratio: Return relative to maximum drawdown	0.20	-0.89	+1.09
Martin ratio: Return relative to average drawdown	0.37	-1.40	+1.76

FDIG vs. CBTJ - Sharpe Ratio Comparison

The current FDIG Sharpe Ratio is 0.19, which is higher than the CBTJ Sharpe Ratio of -1.42. The chart below compares the historical Sharpe Ratios of FDIG 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

FDIG vs. CBTJ - Drawdown Comparison

The maximum FDIG drawdown since its inception was -61.35%, which is greater than CBTJ's maximum drawdown of -42.41%. Use the drawdown chart below to compare losses from any high point for FDIG and CBTJ.

Drawdown Indicators

	FDIG	CBTJ	Difference
Max Drawdown Largest peak-to-trough decline	-61.35%	-42.41%	-18.94%
Max Drawdown (1Y) Largest decline over 1 year	-46.69%	-42.41%	-4.28%
Max Drawdown (3Y) Largest decline over 3 years	-49.66%	—	—
Current Drawdown Current decline from peak	-28.33%	-40.31%	+11.98%
Average Drawdown Average peak-to-trough decline	-27.47%	-17.01%	-10.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.48%	27.12%	-1.64%

Volatility

FDIG vs. CBTJ - Volatility Comparison

Fidelity Crypto Industry and Digital Payments ETF (FDIG) has a higher volatility of 10.36% compared to Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (CBTJ) at 4.64%. This indicates that FDIG'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

	FDIG	CBTJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.36%	4.64%	+5.72%
Volatility (6M) Calculated over the trailing 6-month period	36.48%	17.32%	+19.16%
Volatility (1Y) Calculated over the trailing 1-year period	50.30%	26.76%	+23.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.66%	25.04%	+35.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.66%	25.04%	+35.62%

FDIG vs. CBTJ - Expense Ratio Comparison

FDIG has a 0.39% expense ratio, which is lower than CBTJ's 0.69% expense ratio.

Dividends

FDIG vs. CBTJ - Dividend Comparison

FDIG's dividend yield for the trailing twelve months is around 1.51%, less than CBTJ's 1.77% yield.

Position	TTM	2025	2024	2023
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January	1.77%	1.45%	0.00%	0.00%
FDIG Fidelity Crypto Industry and Digital Payments ETF	1.51%	1.14%	1.17%	0.18%

Frequently Asked Questions

Can I hold both FDIG and CBTJ in my portfolio?

FDIG and CBTJ 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.

Which is riskier, FDIG or CBTJ?

FDIG has higher volatility (10.36%) compared to CBTJ (4.64%). In terms of maximum drawdown, FDIG dropped -61.35% vs CBTJ's -42.41%.

Which ETF is better, FDIG or CBTJ?

On 1-year performance, FDIG leads with 9.34% vs -37.79% for CBTJ. On fees, FDIG is cheaper at 0.39% per year. On volatility, CBTJ has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDIG or CBTJ?

Over the 1-year period, FDIG has performed better with a 9.34% return vs -37.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDIG or CBTJ?

FDIG is cheaper with a 0.39% expense ratio, compared with 0.69% for CBTJ.

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

CBTJ has the higher dividend yield at 1.77%, compared with 1.51% for FDIG.

What is the main difference between FDIG and CBTJ?

They also come from different issuers: Fidelity and Calamos. Their fees differ too: 0.39% for FDIG and 0.69% for CBTJ.

Which has better risk-adjusted returns?

FDIG currently has the higher Sharpe Ratio (0.19 vs -1.42), 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.