HBTC vs. CBXJ

Last updated Aug 4, 2026

HBTC (Fortuna Hedged Bitcoin ETF) and CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) are both Blockchain funds. Both are actively managed. Over the past year, HBTC returned -34.67% vs -25.10% for CBXJ. Their correlation of 0.93 means they have usually moved in the same direction. HBTC charges 1.75%/yr vs 0.69%/yr for CBXJ.

Performance

HBTC vs. CBXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fortuna Hedged Bitcoin ETF (HBTC) 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, HBTC achieves a -22.69% return, which is significantly lower than CBXJ's -11.85% return.

HBTC

• 1D: 0.29%
• 1M: 0.03%
• 6M: -17.34%
• YTD: -22.69%
• 1Y: -34.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -16.36%

CBXJ

• 1D: 0.30%
• 1M: 0.08%
• 6M: -6.39%
• YTD: -11.85%
• 1Y: -25.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -12.87%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	$116.24K	$123.69K	$145.65K
HBTC Fortuna Hedged Bitcoin ETF	$435.61	$1.99K	$5.78K

HBTC vs. CBXJ - Yearly Performance Comparison

	2026 (YTD)	2025
HBTC Fortuna Hedged Bitcoin ETF	-22.69%	1.18%
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	-11.85%	-3.72%

Correlation

The correlation between HBTC and CBXJ is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (All Time) Calculated using the full available price history since Mar 19, 2025	0.93

The correlation between HBTC and CBXJ has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

HBTC vs. CBXJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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

CBXJ

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HBTC vs. CBXJ - Risk-Adjusted Trends Comparison

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

	HBTC	CBXJ	Difference
Sharpe ratio: Return per unit of total volatility	-1.25	-1.45	+0.21
Sortino ratio: Return per unit of downside risk	-1.89	-2.05	+0.16
Omega ratio: Gain probability vs. loss probability	0.80	0.77	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.86	-0.84	-0.02
Martin ratio: Return relative to average drawdown	-1.37	-1.21	-0.16

HBTC vs. CBXJ - Sharpe Ratio Comparison

The current HBTC Sharpe Ratio is -1.25, which is comparable to the CBXJ Sharpe Ratio of -1.45. The chart below compares the historical Sharpe Ratios of HBTC 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

HBTC vs. CBXJ - Drawdown Comparison

The maximum HBTC drawdown since its inception was -40.45%, which is greater than CBXJ's maximum drawdown of -30.16%. Use the drawdown chart below to compare losses from any high point for HBTC and CBXJ.

Drawdown Indicators

	HBTC	CBXJ	Difference
Max Drawdown Largest peak-to-trough decline	-40.45%	-30.16%	-10.29%
Max Drawdown (1Y) Largest decline over 1 year	-40.45%	-30.16%	-10.29%
Current Drawdown Current decline from peak	-38.94%	-29.40%	-9.54%
Average Drawdown Average peak-to-trough decline	-17.20%	-12.66%	-4.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.33%	20.73%	+4.60%

Volatility

HBTC vs. CBXJ - Volatility Comparison

Fortuna Hedged Bitcoin ETF (HBTC) has a higher volatility of 7.18% compared to Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) at 2.27%. This indicates that HBTC'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

	HBTC	CBXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.18%	2.27%	+4.91%
Volatility (6M) Calculated over the trailing 6-month period	18.26%	8.27%	+9.99%
Volatility (1Y) Calculated over the trailing 1-year period	27.98%	17.37%	+10.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.58%	15.99%	+12.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.58%	15.99%	+12.59%

HBTC vs. CBXJ - Expense Ratio Comparison

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

Dividends

HBTC vs. CBXJ - Dividend Comparison

HBTC's dividend yield for the trailing twelve months is around 14.17%, more than CBXJ's 2.23% yield.

Position	TTM	2025
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	2.23%	1.97%
HBTC Fortuna Hedged Bitcoin ETF	14.17%	10.96%

Frequently Asked Questions

Can I hold both HBTC and CBXJ in my portfolio?

With a correlation of 0.92, HBTC and CBXJ 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 CBXJ?

HBTC has higher volatility (7.18%) compared to CBXJ (2.27%). In terms of maximum drawdown, HBTC dropped -40.45% vs CBXJ's -30.16%.

Which ETF is better, HBTC or CBXJ?

On 1-year performance, CBXJ leads with -25.10% vs -34.67% for HBTC. On fees, CBXJ is cheaper at 0.69% per year. On volatility, CBXJ has been the lower-risk option at 2.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HBTC or CBXJ?

Over the 1-year period, CBXJ has performed better with a -25.10% return vs -34.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HBTC or CBXJ?

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

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

HBTC has the higher dividend yield at 14.17%, compared with 2.23% for CBXJ.

What is the main difference between HBTC and CBXJ?

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

Which has better risk-adjusted returns?

HBTC currently has the higher Sharpe Ratio (-1.25 vs -1.45), 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.