OBTC vs. CBTJ
OBTC (Osprey Bitcoin Trust) and CBTJ (Calamos Bitcoin 80 Series Structured Alt Protection ETF - January) are both exchange-traded funds - OBTC is a Cryptocurrency fund tracking the Bitcoin (BTC), while CBTJ is a Blockchain fund actively managed by Calamos. OBTC is passively managed, while CBTJ is actively managed. Over the past year, OBTC returned -32.02% vs -30.88% for CBTJ. Their correlation of 0.90 suggests significant overlap in exposure. OBTC charges 0.49%/yr vs 0.69%/yr for CBTJ.
Performance
OBTC vs. CBTJ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, OBTC achieves a -31.16% return, which is significantly lower than CBTJ's -19.14% return.
OBTC
- 1D
- -5.16%
- 1M
- -26.03%
- YTD
- -31.16%
- 6M
- -29.55%
- 1Y
- -32.02%
- 3Y*
- 55.06%
- 5Y*
- 6.73%
- 10Y*
- —
CBTJ
- 1D
- -1.93%
- 1M
- -14.09%
- YTD
- -19.14%
- 6M
- -22.53%
- 1Y
- -30.88%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OBTC vs. CBTJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
OBTC Osprey Bitcoin Trust | -31.16% | -5.30% |
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January | -19.14% | -11.32% |
Correlation
The correlation between OBTC and CBTJ is 0.90, 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 | 0.90 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025 | 0.90 |
The correlation between OBTC and CBTJ has been stable across timeframes, ranging from 0.90 to 0.90 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
OBTC vs. CBTJ — Risk / Return Rank
OBTC
CBTJ
OBTC vs. CBTJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Osprey Bitcoin Trust (OBTC) 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.
| OBTC | CBTJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.72 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.82 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | -0.76 | +0.09 |
| Martin ratioReturn relative to average drawdown | -1.26 | -1.29 | +0.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| OBTC | CBTJ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.72 | -1.14 | +0.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.23 | -0.86 | +0.64 |
Drawdowns
OBTC vs. CBTJ - Drawdown Comparison
The maximum OBTC drawdown since its inception was -94.50%, which is greater than CBTJ's maximum drawdown of -40.98%. Use the drawdown chart below to compare losses from any high point for OBTC and CBTJ.
Loading charts...
Drawdown Indicators
| OBTC | CBTJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.50% | -40.98% | -53.52% |
Max Drawdown (1Y)Largest decline over 1 year | -48.14% | -40.98% | -7.16% |
Max Drawdown (3Y)Largest decline over 3 years | -48.14% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -83.76% | — | — |
Current DrawdownCurrent decline from peak | -65.62% | -40.98% | -24.64% |
Average DrawdownAverage peak-to-trough decline | -69.62% | -15.29% | -54.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.40% | 23.90% | +1.50% |
Volatility
OBTC vs. CBTJ - Volatility Comparison
Osprey Bitcoin Trust (OBTC) has a higher volatility of 9.93% compared to Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (CBTJ) at 4.76%. This indicates that OBTC'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.
Loading charts...
Volatility by Period
| OBTC | CBTJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.93% | 4.76% | +5.17% |
Volatility (6M)Calculated over the trailing 6-month period | 34.48% | 18.81% | +15.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.58% | 27.19% | +17.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.14% | 25.63% | +32.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.55% | 25.63% | +45.92% |
OBTC vs. CBTJ - Expense Ratio Comparison
OBTC has a 0.49% expense ratio, which is lower than CBTJ's 0.69% expense ratio.
Dividends
OBTC vs. CBTJ - Dividend Comparison
OBTC has not paid dividends to shareholders, while CBTJ's dividend yield for the trailing twelve months is around 1.79%.
| Position | TTM | 2025 |
|---|---|---|
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January | 1.79% | 1.45% |
OBTC Osprey Bitcoin Trust | 0.00% | 0.00% |
Frequently Asked Questions
OBTC and CBTJ have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OBTC has higher volatility (9.93%) compared to CBTJ (4.76%). In terms of maximum drawdown, OBTC dropped -94.50% vs CBTJ's -40.98%.
On 1-year performance, CBTJ leads with -30.88% vs -32.02% for OBTC. On fees, OBTC is cheaper at 0.49% per year. On volatility, CBTJ has been the lower-risk option at 4.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CBTJ has performed better with a -30.88% return vs -32.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OBTC is cheaper with a 0.49% expense ratio, compared with 0.69% for CBTJ.
CBTJ has the higher dividend yield at 1.79%, compared with 0.00% for OBTC.
OBTC is categorized as Cryptocurrency, while CBTJ is Blockchain. They also come from different issuers: Osprey Funds and Calamos. Their fees differ too: 0.49% for OBTC and 0.69% for CBTJ.
OBTC currently has the higher Sharpe Ratio (-0.72 vs -1.14), 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.
Find the right allocation for OBTC and CBTJ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer