TSOL vs. CBTJ

Last updated Jun 5, 2026

TSOL (21Shares Solana ETF) and CBTJ (Calamos Bitcoin 80 Series Structured Alt Protection ETF - January) are both exchange-traded funds - TSOL is a Cryptocurrency fund actively managed by 21Shares, while CBTJ is a Blockchain fund actively managed by Calamos. Both are actively managed. Their correlation of 0.86 suggests significant overlap in exposure. TSOL charges 0.21%/yr vs 0.69%/yr for CBTJ.

Performance

TSOL vs. CBTJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 21Shares Solana ETF (TSOL) 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, TSOL achieves a -43.91% return, which is significantly lower than CBTJ's -17.54% return.

TSOL

• 1D: -4.13%
• 1M: -20.12%
• YTD: -43.91%
• 6M: -50.30%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBTJ

• 1D: -1.16%
• 1M: -12.47%
• YTD: -17.54%
• 6M: -23.16%
• 1Y: -30.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSOL vs. CBTJ - Yearly Performance Comparison

	2026 (YTD)	2025
TSOL 21Shares Solana ETF	-43.91%	-6.28%
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January	-17.54%	-5.74%

Correlation

The correlation between TSOL and CBTJ is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025	0.86

Return for Risk

TSOL vs. CBTJ — Risk / Return Rank

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

CBTJ

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

TSOL vs. CBTJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares Solana ETF (TSOL) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TSOL	CBTJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-1.13	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.98	-0.82	-0.16

Drawdowns

TSOL vs. CBTJ - Drawdown Comparison

The maximum TSOL drawdown since its inception was -52.78%, which is greater than CBTJ's maximum drawdown of -39.82%. Use the drawdown chart below to compare losses from any high point for TSOL and CBTJ.

Drawdown Indicators

	TSOL	CBTJ	Difference
Max Drawdown Largest peak-to-trough decline	-52.78%	-39.82%	-12.96%
Max Drawdown (1Y) Largest decline over 1 year	—	-39.82%	—
Current Drawdown Current decline from peak	-52.78%	-39.82%	-12.96%
Average Drawdown Average peak-to-trough decline	-29.52%	-15.21%	-14.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	23.76%	—

Volatility

Volatility by Period

	TSOL	CBTJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.62%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.82%	—
Volatility (1Y) Calculated over the trailing 1-year period	71.62%	27.14%	+44.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.62%	25.62%	+46.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.62%	25.62%	+46.00%

TSOL vs. CBTJ - Expense Ratio Comparison

TSOL has a 0.21% expense ratio, which is lower than CBTJ's 0.69% expense ratio.

Dividends

TSOL vs. CBTJ - Dividend Comparison

TSOL's dividend yield for the trailing twelve months is around 4.98%, more than CBTJ's 1.76% yield.

Position	TTM	2025
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January	1.76%	1.45%
TSOL 21Shares Solana ETF	4.98%	0.00%

Frequently Asked Questions

Can I hold both TSOL and CBTJ in my portfolio?

TSOL and CBTJ have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TSOL or CBTJ?

On fees, TSOL is cheaper at 0.21% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TSOL or CBTJ?

TSOL is cheaper with a 0.21% expense ratio, compared with 0.69% for CBTJ.

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

TSOL has the higher dividend yield at 4.98%, compared with 1.76% for CBTJ.

What is the main difference between TSOL and CBTJ?

TSOL is categorized as Cryptocurrency, while CBTJ is Blockchain. They also come from different issuers: 21Shares and Calamos. Their fees differ too: 0.21% for TSOL and 0.69% for CBTJ.