CBTJ vs SPY
Calamos Bitcoin 80 Series Structured Alt Protection ETF - January vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | CBTJ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.69% | 0.09% | |
| AUM | $24M | $789.1B | |
| Dividend Yield | 1.83% | 1.01% | |
| Holdings | 7 | 505 | |
| YTD Return | -21.70% | +14.47% | |
| 1Y Return | -40.07% | +21.96% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +13.30% | |
| Volatility (annualized) | 22.2% | 15.3% | |
| Max Drawdown | -42.4% | -56.5% | |
| Fund Family | Calamos Investments | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Feb 4, 2025 | Jan 22, 1993 |
CBTJ vs SPY Performance
Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (CBTJ) is a ETF from Calamos Investments and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CBTJ returned -40.07% while SPY returned +21.96%. Year to date, CBTJ is down 21.70% versus a gain of 14.47% for SPY.
Risk: Volatility and Drawdowns
CBTJ has been the more volatile fund, with annualized monthly volatility of 22.2% compared with 15.3% for SPY. 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 -56.5% for SPY. 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 0.36. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CBTJ charges 0.69% per year while SPY charges 0.09%. On a $10,000 position that is $69 vs $9 annually, a gap of $60 per year that compounds over a long holding period. On income, CBTJ currently yields 1.83% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, CBTJ or SPY?
CBTJ has an expense ratio of 0.69% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $60 per year of difference.
Which performed better, CBTJ or SPY?
Over the past year CBTJ returned -40.07% vs +21.96% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), CBTJ annualized -20.02% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, CBTJ or SPY?
CBTJ has been the more volatile fund at 22.2% annualized versus 15.3% for SPY. Worst drawdown: CBTJ -42.4% vs SPY -56.5%.
Should I hold both CBTJ and SPY?
CBTJ and SPY have a monthly-return correlation of 0.36, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, CBTJ or SPY?
CBTJ yields 1.83% while SPY yields 1.01%, so CBTJ currently pays the higher dividend yield.
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