CBXJ vs HDG

Comparison between Calamos Bitcoin 90 Series Structured Alt Protection ETF January (CBXJ, ETF) and PROSHARES HEDGE REPLICATION ETF (HDG, ETF).

CBXJ vs HDG - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	CBXJ(ETF)	HDG(ETF)
Net Assets	$22M	$22M
Expense Ratio	0.69%	0.95%
Max Drawdown	30.55%	15.31%
Sharpe Ratio	-1.46	1.30
5Y Beta	0.34	0.32
5Y Dividends CAGR	N/A	106.61%

Net Assets

CBXJ

$22M

Winner

HDG

$22M

Expense Ratio

Winner

CBXJ

0.69%

HDG

0.95%

Max Drawdown

CBXJ

30.55%

Winner

HDG

15.31%

Sharpe Ratio

CBXJ

-1.46

Winner

HDG

1.30

5Y Beta

CBXJ

0.34

Winner

HDG

0.32

5Y Dividends CAGR

CBXJ

N/A

HDG

106.61%

CBXJ vs HDG - Historical Returns

Returns include dividend reinvestment.

Period	CBXJ	HDG
1 month	-8.60%	-0.40%
3 months	-4.62%	+3.79%
6 months	-14.68%	+5.25%
1 year	-20.62%	+11.74%
5 years(CAGR)	N/A	+2.76%
10 years(CAGR)	N/A	+3.74%
Max(CAGR)	-14.16%	+2.86%

CBXJ

-8.60%

Winner

HDG

-0.40%

CBXJ

-4.62%

Winner

HDG

+3.79%

CBXJ

-14.68%

Winner

HDG

+5.25%

CBXJ

-20.62%

Winner

HDG

+11.74%

5Y(CAGR)

CBXJ

N/A

HDG

+2.76%

10Y(CAGR)

CBXJ

N/A

HDG

+3.74%

Max(CAGR)

CBXJ

-14.16%

Winner

HDG

+2.86%

CBXJ vs HDG - Annual Returns (2011 - 2026)

Returns include dividend reinvestment.

Year	CBXJ	HDG
2026	-12.81%	+4.84%
2025	-7.62%	+7.20%
2024	N/A	+5.48%
2023	N/A	+6.75%
2022	N/A	-8.65%
2021	N/A	+3.46%
2020	N/A	+7.08%
2019	N/A	+9.83%
2018	N/A	-4.79%
2017	N/A	+5.32%
2016	N/A	+2.87%
2015	N/A	-0.06%
2014	N/A	+2.04%
2013	N/A	+3.33%
2012	N/A	+2.38%
2011	N/A	-3.01%

CBXJ vs HDG Drawdown Comparison

The maximum drawdown for CBXJ was -29.22%, occurring on Jun 5, 2026. This drawdown has not yet recovered.

The maximum drawdown for HDG was -15.31%, occurring on Sep 29, 2022. Recovery took 722 trading sessions.

The current CBXJ drawdown is -29.22%. The current HDG drawdown is -1.62%.

Rank	CBXJ	HDG
#1	-29.22% Oct 6, 2025 - Jun 5, 2026	-15.31% Nov 8, 2021 - Sep 24, 2024
#2	-5.34% Feb 20, 2025 - May 1, 2025	-13.76% Feb 14, 2020 - Nov 5, 2020
#3	-4.80% Aug 13, 2025 - Oct 2, 2025	-7.83% Jul 21, 2011 - Jan 2, 2013
#4	-2.66% Jul 14, 2025 - Aug 12, 2025	-7.82% May 21, 2015 - Feb 15, 2017
#5	-2.59% May 22, 2025 - Jun 10, 2025	-7.43% Jan 26, 2018 - Oct 21, 2019
#6	-1.98% Jun 10, 2025 - Jun 26, 2025	-7.20% Feb 18, 2025 - Jul 3, 2025
#7	-1.24% Feb 10, 2025 - Feb 20, 2025	-3.97% Feb 25, 2026 - Apr 16, 2026
#8	-0.90% Jun 26, 2025 - Jul 2, 2025	-3.78% May 21, 2013 - Sep 18, 2013
#9	-0.83% May 1, 2025 - May 8, 2025	-3.67% Mar 15, 2021 - Nov 5, 2021
#10	-0.52% Feb 5, 2025 - Feb 10, 2025	-3.41% Sep 3, 2014 - Feb 4, 2015
#11	-0.41% Jul 3, 2025 - Jul 9, 2025	-2.92% Feb 9, 2021 - Mar 15, 2021
#12	-0.37% May 9, 2025 - May 13, 2025	-2.72% Oct 31, 2013 - Apr 2, 2014
#13	-0.23% May 13, 2025 - May 16, 2025	-2.21% Oct 27, 2025 - Dec 10, 2025
#14	N/A	-1.81% Jan 14, 2021 - Feb 4, 2021
#15	N/A	-1.73% Dec 4, 2024 - Jan 30, 2025

Correlation

Correlation between CBXJ and HDG is -0.66 which considered as a moderate negative correlation - the stocks show some tendency to move in opposite directions.

-0.66

-101