STCE vs. CBXJ

Last updated Jun 4, 2026

STCE (Schwab Crypto Thematic ETF) and CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) are both Blockchain funds. STCE is passively managed, while CBXJ is actively managed. Over the past year, STCE returned 84.98% vs -20.48% for CBXJ. A 0.65 correlation means they provide meaningful diversification when combined. STCE charges 0.30%/yr vs 0.69%/yr for CBXJ.

Performance

STCE vs. CBXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Crypto Thematic ETF (STCE) 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, STCE achieves a 32.00% return, which is significantly higher than CBXJ's -10.13% return.

STCE

• 1D: -1.96%
• 1M: 16.12%
• YTD: 32.00%
• 6M: 10.29%
• 1Y: 84.98%
• 3Y*: 58.04%
• 5Y*: —
• 10Y*: —

CBXJ

• 1D: -0.69%
• 1M: -6.42%
• YTD: -10.13%
• 6M: -15.21%
• 1Y: -20.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

STCE vs. CBXJ - Yearly Performance Comparison

	2026 (YTD)	2025
STCE Schwab Crypto Thematic ETF	32.00%	26.67%
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	-10.13%	-7.64%

Correlation

The correlation between STCE and CBXJ is 0.65, 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	0.65
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025	0.65

The correlation between STCE and CBXJ has been stable across timeframes, ranging from 0.65 to 0.65 - a consistent structural relationship.

Return for Risk

STCE vs. CBXJ — Risk / Return Rank

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

STCE

STCE Risk / Return Rank: 33
STCE Sharpe Ratio Rank: 38
STCE Sortino Ratio Rank: 38
STCE Omega Ratio Rank: 34
STCE Calmar Ratio Rank: 32
STCE Martin Ratio Rank: 22

CBXJ

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

STCE vs. CBXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Crypto Thematic ETF (STCE) 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.

	STCE	CBXJ	Difference
Sharpe ratio: Return per unit of total volatility	1.40	-1.15	+2.54
Sortino ratio: Return per unit of downside risk	1.99	-1.57	+3.56
Omega ratio: Gain probability vs. loss probability	1.24	0.82	+0.41
Calmar ratio: Return relative to maximum drawdown	1.58	-0.73	+2.31
Martin ratio: Return relative to average drawdown	2.85	-1.20	+4.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

STCE vs. CBXJ - Sharpe Ratio Comparison

The current STCE Sharpe Ratio is 1.40, which is higher than the CBXJ Sharpe Ratio of -1.15. The chart below compares the historical Sharpe Ratios of STCE 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.

Sharpe Ratios by Period

	STCE	CBXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	-1.15	+2.54
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	-0.79	+1.44

Drawdowns

STCE vs. CBXJ - Drawdown Comparison

The maximum STCE drawdown since its inception was -54.11%, which is greater than CBXJ's maximum drawdown of -28.02%. Use the drawdown chart below to compare losses from any high point for STCE and CBXJ.

Drawdown Indicators

	STCE	CBXJ	Difference
Max Drawdown Largest peak-to-trough decline	-54.11%	-28.02%	-26.09%
Max Drawdown (1Y) Largest decline over 1 year	-54.11%	-28.02%	-26.09%
Max Drawdown (3Y) Largest decline over 3 years	-54.11%	—	—
Current Drawdown Current decline from peak	-25.63%	-28.02%	+2.39%
Average Drawdown Average peak-to-trough decline	-21.98%	-10.68%	-11.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.87%	17.11%	+12.76%

Volatility

STCE vs. CBXJ - Volatility Comparison

Schwab Crypto Thematic ETF (STCE) has a higher volatility of 14.89% compared to Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) at 2.90%. This indicates that STCE'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

	STCE	CBXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.89%	2.90%	+11.99%
Volatility (6M) Calculated over the trailing 6-month period	42.80%	12.23%	+30.57%
Volatility (1Y) Calculated over the trailing 1-year period	61.14%	17.94%	+43.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.86%	16.71%	+39.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.86%	16.71%	+39.15%

STCE vs. CBXJ - Expense Ratio Comparison

STCE has a 0.30% expense ratio, which is lower than CBXJ's 0.69% expense ratio.

Dividends

STCE vs. CBXJ - Dividend Comparison

STCE's dividend yield for the trailing twelve months is around 1.49%, less than CBXJ's 2.19% yield.

Position	TTM	2025	2024	2023	2022
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	2.19%	1.97%	0.00%	0.00%	0.00%
STCE Schwab Crypto Thematic ETF	1.49%	1.96%	0.64%	0.31%	1.46%

Frequently Asked Questions

Can I hold both STCE and CBXJ in my portfolio?

STCE and CBXJ have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, STCE or CBXJ?

STCE has higher volatility (14.89%) compared to CBXJ (2.90%). In terms of maximum drawdown, STCE dropped -54.11% vs CBXJ's -28.02%.

Which ETF is better, STCE or CBXJ?

On 1-year performance, STCE leads with 84.98% vs -20.48% for CBXJ. On fees, STCE is cheaper at 0.30% per year. On volatility, CBXJ has been the lower-risk option at 2.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, STCE or CBXJ?

Over the 1-year period, STCE has performed better with a 84.98% return vs -20.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, STCE or CBXJ?

STCE is cheaper with a 0.30% expense ratio, compared with 0.69% for CBXJ.

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

CBXJ has the higher dividend yield at 2.19%, compared with 1.49% for STCE.

What is the main difference between STCE and CBXJ?

They also come from different issuers: Charles Schwab and Calamos. Their fees differ too: 0.30% for STCE and 0.69% for CBXJ.

Which has better risk-adjusted returns?

STCE currently has the higher Sharpe Ratio (1.40 vs -1.15), 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.