GXRP vs. CBXJ

Last updated Jun 5, 2026

GXRP (Grayscale XRP Trust ETF) and CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) are both exchange-traded funds - GXRP is a Cryptocurrency fund tracking the CoinDesk XRP Reference Rate Index, while CBXJ is a Blockchain fund actively managed by Calamos. GXRP is passively managed, while CBXJ is actively managed. Their correlation of 0.86 suggests significant overlap in exposure. GXRP charges 0.35%/yr vs 0.69%/yr for CBXJ.

Performance

GXRP vs. CBXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale XRP Trust ETF (GXRP) 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, GXRP achieves a -35.87% return, which is significantly lower than CBXJ's -10.68% return.

GXRP

• 1D: -2.33%
• 1M: -17.12%
• YTD: -35.87%
• 6M: -44.38%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBXJ

• 1D: -0.61%
• 1M: -7.59%
• YTD: -10.68%
• 6M: -15.36%
• 1Y: -20.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GXRP vs. CBXJ - Yearly Performance Comparison

	2026 (YTD)	2025
GXRP Grayscale XRP Trust ETF	-35.87%	-18.76%
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	-10.68%	-4.33%

Correlation

The correlation between GXRP and CBXJ is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 25, 2025	0.86

Return for Risk

GXRP vs. CBXJ — Risk / Return Rank

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

CBXJ

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

GXRP vs. CBXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale XRP Trust ETF (GXRP) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	GXRP	CBXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-1.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.00	-0.81	-0.19

Drawdowns

GXRP vs. CBXJ - Drawdown Comparison

The maximum GXRP drawdown since its inception was -49.34%, which is greater than CBXJ's maximum drawdown of -28.46%. Use the drawdown chart below to compare losses from any high point for GXRP and CBXJ.

Drawdown Indicators

	GXRP	CBXJ	Difference
Max Drawdown Largest peak-to-trough decline	-49.34%	-28.46%	-20.88%
Max Drawdown (1Y) Largest decline over 1 year	—	-28.46%	—
Current Drawdown Current decline from peak	-49.34%	-28.46%	-20.88%
Average Drawdown Average peak-to-trough decline	-30.29%	-10.74%	-19.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	17.20%	—

Volatility

Volatility by Period

	GXRP	CBXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.73%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.89%	—
Volatility (1Y) Calculated over the trailing 1-year period	71.66%	17.95%	+53.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.66%	16.69%	+54.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.66%	16.69%	+54.97%

GXRP vs. CBXJ - Expense Ratio Comparison

GXRP has a 0.35% expense ratio, which is lower than CBXJ's 0.69% expense ratio.

Dividends

GXRP vs. CBXJ - Dividend Comparison

GXRP has not paid dividends to shareholders, while CBXJ's dividend yield for the trailing twelve months is around 2.20%.

Position	TTM	2025
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	2.20%	1.97%
GXRP Grayscale XRP Trust ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both GXRP and CBXJ in my portfolio?

GXRP and CBXJ have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GXRP or CBXJ?

On fees, GXRP is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GXRP or CBXJ?

GXRP is cheaper with a 0.35% expense ratio, compared with 0.69% for CBXJ.

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

CBXJ has the higher dividend yield at 2.20%, compared with 0.00% for GXRP.

What is the main difference between GXRP and CBXJ?

GXRP is categorized as Cryptocurrency, while CBXJ is Blockchain. They also come from different issuers: Grayscale and Calamos. Their fees differ too: 0.35% for GXRP and 0.69% for CBXJ.