CBTJ vs QQQ
Calamos Bitcoin 80 Series Structured Alt Protection ETF - January vs Invesco QQQ Trust, Series 1
Quick Verdict
QQQ has a lower expense ratio. QQQ delivered stronger 1-year returns. QQQ offers more diversification with 108 holdings.
Side-by-Side Comparison
| Metric | CBTJ | QQQ | Winner |
|---|---|---|---|
| Expense Ratio | 0.69% | 0.18% | |
| AUM | $24M | $496.3B | |
| Dividend Yield | 1.77% | 0.44% | |
| Holdings | 7 | 108 | |
| YTD Return | -15.87% | +16.23% | |
| 1Y Return | -32.85% | +26.23% | |
| 3Y Return (annualized) | - | +25.75% | |
| 5Y Return (annualized) | - | +14.78% | |
| Volatility (annualized) | 23.3% | 30.6% | |
| Max Drawdown | -42.4% | -83.0% | |
| Fund Family | Calamos Investments | Invesco (US) | |
| Category | Alternative | Equity | |
| Inception | Feb 4, 2025 | Mar 10, 1999 |
CBTJ vs QQQ Performance
Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (CBTJ) is a ETF from Calamos Investments and Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US). Over the past year CBTJ returned -32.85% while QQQ returned +26.23%. Year to date, CBTJ is down 15.87% versus a gain of 16.23% for QQQ.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 30.6% compared with 23.3% for CBTJ. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -42.4% for CBTJ and -83.0% for QQQ. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.37. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CBTJ charges 0.69% per year while QQQ charges 0.18%. On a $10,000 position that is $69 vs $18 annually, a gap of $51 per year that compounds over a long holding period. On income, CBTJ currently yields 1.77% against 0.44% for QQQ.
Frequently Asked Questions
Which is cheaper, CBTJ or QQQ?
CBTJ has an expense ratio of 0.69% while QQQ charges 0.18%. QQQ is the cheaper option. On a $10,000 investment, that is $51 per year of difference.
Which performed better, CBTJ or QQQ?
Over the past year CBTJ returned -32.85% vs +26.23% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (2 years), CBTJ annualized -15.97% vs +13.02% for QQQ. Past performance does not guarantee future results.
Which is riskier, CBTJ or QQQ?
QQQ has been the more volatile fund at 30.6% annualized versus 23.3% for CBTJ. Worst drawdown: CBTJ -42.4% vs QQQ -83.0%.
Should I hold both CBTJ and QQQ?
CBTJ and QQQ have a monthly-return correlation of 0.37, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, CBTJ or QQQ?
CBTJ yields 1.77% while QQQ yields 0.44%, so CBTJ currently pays the higher dividend yield.
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