OBTC vs. CBTJ

Last updated Jun 26, 2026

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 -39.69% vs -34.58% 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

The chart below illustrates the hypothetical performance of a $10,000 investment in Osprey Bitcoin Trust (OBTC) 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, OBTC achieves a -32.48% return, which is significantly lower than CBTJ's -20.32% return.

OBTC

• 1D: -1.11%
• 1M: -22.02%
• YTD: -32.48%
• 6M: -32.20%
• 1Y: -39.69%
• 3Y*: 42.23%
• 5Y*: 5.99%
• 10Y*: —

CBTJ

• 1D: -0.26%
• 1M: -11.63%
• YTD: -20.32%
• 6M: -20.85%
• 1Y: -34.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OBTC vs. CBTJ - Yearly Performance Comparison

	2026 (YTD)	2025
OBTC Osprey Bitcoin Trust	-32.48%	-9.00%
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January	-20.32%	-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 4, 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.

Return for Risk

OBTC vs. CBTJ — Risk / Return Rank

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

OBTC

OBTC Risk / Return Rank: 3
OBTC Sharpe Ratio Rank: 3
OBTC Sortino Ratio Rank: 3
OBTC Omega Ratio Rank: 3
OBTC Calmar Ratio Rank: 3
OBTC Martin Ratio Rank: 2

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: 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.

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.

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.

	OBTC	CBTJ	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	-1.29	+0.40
Sortino ratio: Return per unit of downside risk	-1.25	-1.89	+0.64
Omega ratio: Gain probability vs. loss probability	0.86	0.79	+0.07
Calmar ratio: Return relative to maximum drawdown	-0.81	-0.83	+0.02
Martin ratio: Return relative to average drawdown	-1.45	-1.35	-0.09

OBTC vs. CBTJ - Sharpe Ratio Comparison

The current OBTC Sharpe Ratio is -0.89, which is higher than the CBTJ Sharpe Ratio of -1.29. The chart below compares the historical Sharpe Ratios of OBTC 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

OBTC vs. CBTJ - Drawdown Comparison

The maximum OBTC drawdown since its inception was -94.50%, which is greater than CBTJ's maximum drawdown of -41.84%. Use the drawdown chart below to compare losses from any high point for OBTC and CBTJ.

Drawdown Indicators

	OBTC	CBTJ	Difference
Max Drawdown Largest peak-to-trough decline	-94.50%	-41.84%	-52.66%
Max Drawdown (1Y) Largest decline over 1 year	-49.13%	-41.84%	-7.29%
Max Drawdown (3Y) Largest decline over 3 years	-49.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-83.76%	—	—
Current Drawdown Current decline from peak	-66.28%	-41.84%	-24.44%
Average Drawdown Average peak-to-trough decline	-69.52%	-16.18%	-53.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.45%	25.59%	+1.86%

Volatility

OBTC vs. CBTJ - Volatility Comparison

Osprey Bitcoin Trust (OBTC) has a higher volatility of 13.17% compared to Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (CBTJ) at 5.25%. 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.

Volatility by Period

	OBTC	CBTJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.17%	5.25%	+7.92%
Volatility (6M) Calculated over the trailing 6-month period	34.90%	18.07%	+16.83%
Volatility (1Y) Calculated over the trailing 1-year period	44.83%	27.00%	+17.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.29%	25.31%	+31.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.82%	25.31%	+51.51%

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 1.82%.

Position	TTM	2025
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January	1.82%	1.45%
OBTC Osprey Bitcoin Trust	0.00%	0.00%

Frequently Asked Questions

Can I hold both OBTC and CBTJ in my portfolio?

With a correlation of 0.90, OBTC 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, OBTC or CBTJ?

OBTC has higher volatility (13.17%) compared to CBTJ (5.25%). In terms of maximum drawdown, OBTC dropped -94.50% vs CBTJ's -41.84%.

Which ETF is better, OBTC or CBTJ?

On 1-year performance, CBTJ leads with -34.58% vs -39.69% for OBTC. On fees, OBTC is cheaper at 0.49% per year. On volatility, CBTJ has been the lower-risk option at 5.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBTC or CBTJ?

Over the 1-year period, CBTJ has performed better with a -34.58% return vs -39.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBTC or CBTJ?

OBTC is cheaper with a 0.49% expense ratio, compared with 0.69% for CBTJ.

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

CBTJ has the higher dividend yield at 1.82%, compared with 0.00% for OBTC.

What is the main difference between OBTC and CBTJ?

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.

Which has better risk-adjusted returns?

OBTC currently has the higher Sharpe Ratio (-0.89 vs -1.29), 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.