HECO vs. CBTJ

Last updated Jun 3, 2026

HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) and CBTJ (Calamos Bitcoin 80 Series Structured Alt Protection ETF - January) are both Blockchain funds. Both are actively managed. Over the past year, HECO returned 145.75% vs -28.94% for CBTJ. A 0.62 correlation means they provide meaningful diversification when combined. HECO charges 0.90%/yr vs 0.69%/yr for CBTJ.

Performance

HECO vs. CBTJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) 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, HECO achieves a 73.41% return, which is significantly higher than CBTJ's -15.36% return.

HECO

• 1D: -0.23%
• 1M: 37.18%
• YTD: 73.41%
• 6M: 61.98%
• 1Y: 145.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBTJ

• 1D: -2.67%
• 1M: -8.33%
• YTD: -15.36%
• 6M: -20.22%
• 1Y: -28.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HECO vs. CBTJ - Yearly Performance Comparison

	2026 (YTD)	2025
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	73.41%	12.57%
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January	-15.36%	-11.32%

Correlation

The correlation between HECO and CBTJ is 0.63, 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	0.63
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025	0.62

The correlation between HECO and CBTJ has been stable across timeframes, ranging from 0.62 to 0.63 - a consistent structural relationship.

Return for Risk

HECO vs. CBTJ — Risk / Return Rank

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

HECO

HECO Risk / Return Rank: 90
HECO Sharpe Ratio Rank: 95
HECO Sortino Ratio Rank: 90
HECO Omega Ratio Rank: 85
HECO Calmar Ratio Rank: 93
HECO Martin Ratio Rank: 89

CBTJ

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

HECO vs. CBTJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) 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.

	HECO	CBTJ	Difference
Sharpe ratio Return per unit of total volatility	3.93	-1.07	+5.00
Sortino ratio Return per unit of downside risk	4.24	-1.49	+5.74
Omega ratio Gain probability vs. loss probability	1.53	0.83	+0.70
Calmar ratio Return relative to maximum drawdown	7.04	-0.76	+7.79
Martin ratio Return relative to average drawdown	20.23	-1.23	+21.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HECO vs. CBTJ - Sharpe Ratio Comparison

The current HECO Sharpe Ratio is 3.93, which is higher than the CBTJ Sharpe Ratio of -1.07. The chart below compares the historical Sharpe Ratios of HECO 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.

Sharpe Ratios by Period

	HECO	CBTJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.93	-1.07	+5.00
Sharpe Ratio (All Time) Calculated using the full available price history	1.82	-0.76	+2.59

Drawdowns

HECO vs. CBTJ - Drawdown Comparison

The maximum HECO drawdown since its inception was -44.59%, which is greater than CBTJ's maximum drawdown of -38.29%. Use the drawdown chart below to compare losses from any high point for HECO and CBTJ.

Drawdown Indicators

	HECO	CBTJ	Difference
Max Drawdown Largest peak-to-trough decline	-44.59%	-38.29%	-6.30%
Max Drawdown (1Y) Largest decline over 1 year	-21.03%	-38.29%	+17.26%
Current Drawdown Current decline from peak	-0.23%	-38.23%	+38.00%
Average Drawdown Average peak-to-trough decline	-11.84%	-15.06%	+3.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.31%	23.50%	-16.19%

Volatility

HECO vs. CBTJ - Volatility Comparison

State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) has a higher volatility of 10.02% compared to Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (CBTJ) at 4.99%. This indicates that HECO'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

	HECO	CBTJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.02%	4.99%	+5.03%
Volatility (6M) Calculated over the trailing 6-month period	29.50%	19.70%	+9.80%
Volatility (1Y) Calculated over the trailing 1-year period	37.30%	27.10%	+10.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.98%	25.65%	+19.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.98%	25.65%	+19.33%

HECO vs. CBTJ - Expense Ratio Comparison

HECO has a 0.90% expense ratio, which is higher than CBTJ's 0.69% expense ratio.

Dividends

HECO vs. CBTJ - Dividend Comparison

HECO has not paid dividends to shareholders, while CBTJ's dividend yield for the trailing twelve months is around 1.71%.

Position	TTM	2025	2024
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January	1.71%	1.45%	0.00%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%

Frequently Asked Questions

Can I hold both HECO and CBTJ in my portfolio?

HECO and CBTJ have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HECO or CBTJ?

HECO has higher volatility (10.02%) compared to CBTJ (4.99%). In terms of maximum drawdown, HECO dropped -44.59% vs CBTJ's -38.29%.

Which ETF is better, HECO or CBTJ?

On 1-year performance, HECO leads with 145.75% vs -28.94% for CBTJ. On fees, CBTJ is cheaper at 0.69% per year. On volatility, CBTJ has been the lower-risk option at 4.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HECO or CBTJ?

Over the 1-year period, HECO has performed better with a 145.75% return vs -28.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HECO or CBTJ?

CBTJ is cheaper with a 0.69% expense ratio, compared with 0.90% for HECO.

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

CBTJ has the higher dividend yield at 1.71%, compared with 0.00% for HECO.

What is the main difference between HECO and CBTJ?

They also come from different issuers: State Street and Calamos. Their fees differ too: 0.90% for HECO and 0.69% for CBTJ.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (3.93 vs -1.07), 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.