HBTC vs. CBTJ

Last updated Jul 11, 2026

HBTC (Fortuna Hedged Bitcoin ETF) and CBTJ (Calamos Bitcoin 80 Series Structured Alt Protection ETF - January) are both Blockchain funds. Both are actively managed. Over the past year, HBTC returned -36.06% vs -37.17% for CBTJ. Their correlation of 0.93 suggests significant overlap in exposure. HBTC charges 1.75%/yr vs 0.69%/yr for CBTJ.

Performance

HBTC vs. CBTJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fortuna Hedged Bitcoin ETF (HBTC) 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, HBTC achieves a -20.61% return, which is significantly lower than CBTJ's -18.38% return.

HBTC

• 1D: 0.87%
• 1M: 3.54%
• 6M: -22.35%
• YTD: -20.61%
• 1Y: -36.06%
• 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)

HBTC vs. CBTJ - Yearly Performance Comparison

	2026 (YTD)	2025
HBTC Fortuna Hedged Bitcoin ETF	-20.61%	1.18%
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January	-18.38%	-4.41%

Correlation

The correlation between HBTC and CBTJ is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Mar 19, 2025	0.93

The correlation between HBTC and CBTJ has been stable across timeframes, ranging from 0.93 to 0.93 - a consistent structural relationship.

Return for Risk

HBTC vs. CBTJ — Risk / Return Rank

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

HBTC

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

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.

HBTC vs. CBTJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fortuna Hedged Bitcoin ETF (HBTC) 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.

	HBTC	CBTJ	Difference
Sharpe ratio: Return per unit of total volatility	-1.20	-1.32	+0.12
Sortino ratio: Return per unit of downside risk	-1.81	-1.95	+0.13
Omega ratio: Gain probability vs. loss probability	0.81	0.78	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.84	-0.84	0.00
Martin ratio: Return relative to average drawdown	-1.43	-1.32	-0.12

HBTC vs. CBTJ - Sharpe Ratio Comparison

The current HBTC Sharpe Ratio is -1.20, which is comparable to the CBTJ Sharpe Ratio of -1.32. The chart below compares the historical Sharpe Ratios of HBTC 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

HBTC vs. CBTJ - Drawdown Comparison

The maximum HBTC drawdown since its inception was -40.45%, roughly equal to the maximum CBTJ drawdown of -42.41%. Use the drawdown chart below to compare losses from any high point for HBTC and CBTJ.

Drawdown Indicators

	HBTC	CBTJ	Difference
Max Drawdown Largest peak-to-trough decline	-40.45%	-42.41%	+1.96%
Max Drawdown (1Y) Largest decline over 1 year	-40.45%	-42.41%	+1.96%
Current Drawdown Current decline from peak	-37.30%	-40.43%	+3.13%
Average Drawdown Average peak-to-trough decline	-16.22%	-16.87%	+0.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.54%	26.88%	-3.34%

Volatility

HBTC vs. CBTJ - Volatility Comparison

Fortuna Hedged Bitcoin ETF (HBTC) has a higher volatility of 4.80% compared to Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (CBTJ) at 4.28%. This indicates that HBTC'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

	HBTC	CBTJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	4.28%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	18.97%	17.21%	+1.76%
Volatility (1Y) Calculated over the trailing 1-year period	28.11%	26.87%	+1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.81%	25.06%	+3.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.81%	25.06%	+3.75%

HBTC vs. CBTJ - Expense Ratio Comparison

HBTC has a 1.75% expense ratio, which is higher than CBTJ's 0.69% expense ratio.

Dividends

HBTC vs. CBTJ - Dividend Comparison

HBTC's dividend yield for the trailing twelve months is around 13.80%, more than CBTJ's 1.78% yield.

Position	TTM	2025
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January	1.78%	1.45%
HBTC Fortuna Hedged Bitcoin ETF	13.80%	10.96%

Frequently Asked Questions

Can I hold both HBTC and CBTJ in my portfolio?

With a correlation of 0.93, HBTC and CBTJ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HBTC or CBTJ?

HBTC has higher volatility (4.80%) compared to CBTJ (4.28%). In terms of maximum drawdown, HBTC dropped -40.45% vs CBTJ's -42.41%.

Which ETF is better, HBTC or CBTJ?

On 1-year performance, HBTC leads with -36.06% vs -37.17% for CBTJ. On fees, CBTJ is cheaper at 0.69% 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, HBTC or CBTJ?

Over the 1-year period, HBTC has performed better with a -36.06% return vs -37.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HBTC or CBTJ?

CBTJ is cheaper with a 0.69% expense ratio, compared with 1.75% for HBTC.

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

HBTC has the higher dividend yield at 13.80%, compared with 1.78% for CBTJ.

What is the main difference between HBTC and CBTJ?

They also come from different issuers: Fortuna Funds and Calamos. Their fees differ too: 1.75% for HBTC and 0.69% for CBTJ.

Which has better risk-adjusted returns?

HBTC currently has the higher Sharpe Ratio (-1.20 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.