AETH vs. CBTO

Last updated Jun 25, 2026

AETH (Bitwise Ethereum Strategy ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - AETH is a Cryptocurrency fund actively managed by Bitwise, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. At a 0.45 correlation, their price movements are largely independent. AETH charges 0.90%/yr vs 0.69%/yr for CBTO.

Performance

AETH vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Ethereum Strategy ETF (AETH) and Calamos Bitcoin 80 Series Structured Alt Protection ETF - October (CBTO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AETH achieves a -17.82% return, which is significantly lower than CBTO's -8.46% return.

AETH

• 1D: -4.82%
• 1M: -8.81%
• YTD: -17.82%
• 6M: -17.79%
• 1Y: -14.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBTO

• 1D: -0.05%
• 1M: -1.40%
• YTD: -8.46%
• 6M: -8.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AETH vs. CBTO - Yearly Performance Comparison

	2026 (YTD)	2025
AETH Bitwise Ethereum Strategy ETF	-17.82%	-22.59%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.46%	-13.82%

Correlation

The correlation between AETH and CBTO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025	0.45

Return for Risk

AETH vs. CBTO — Risk / Return Rank

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

AETH

AETH Risk / Return Rank: 6
AETH Sharpe Ratio Rank: 6
AETH Sortino Ratio Rank: 6
AETH Omega Ratio Rank: 6
AETH Calmar Ratio Rank: 6
AETH Martin Ratio Rank: 7

CBTO

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

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.

AETH vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum Strategy ETF (AETH) and Calamos Bitcoin 80 Series Structured Alt Protection ETF - October (CBTO). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AETH	CBTO	Difference
Sharpe ratio: Return per unit of total volatility	-0.33	—	—
Sortino ratio: Return per unit of downside risk	-0.21	—	—
Omega ratio: Gain probability vs. loss probability	0.97	—	—
Calmar ratio: Return relative to maximum drawdown	-0.30	—	—
Martin ratio: Return relative to average drawdown	-0.44	—	—

Drawdowns

AETH vs. CBTO - Drawdown Comparison

The maximum AETH drawdown since its inception was -48.85%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for AETH and CBTO.

Drawdown Indicators

	AETH	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-48.85%	-21.27%	-27.58%
Max Drawdown (1Y) Largest decline over 1 year	-48.85%	—	—
Current Drawdown Current decline from peak	-48.85%	-21.27%	-27.58%
Average Drawdown Average peak-to-trough decline	-25.09%	-15.33%	-9.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.47%	—	—

Volatility

Volatility by Period

	AETH	CBTO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.43%	—	—
Volatility (6M) Calculated over the trailing 6-month period	25.54%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	43.78%	12.34%	+31.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.27%	12.34%	+41.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.27%	12.34%	+41.93%

AETH vs. CBTO - Expense Ratio Comparison

AETH has a 0.90% expense ratio, which is higher than CBTO's 0.69% expense ratio.

Dividends

AETH vs. CBTO - Dividend Comparison

AETH's dividend yield for the trailing twelve months is around 2.93%, more than CBTO's 0.24% yield.

Position	TTM	2025	2024	2023
AETH Bitwise Ethereum Strategy ETF	2.93%	2.41%	14.73%	6.64%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AETH and CBTO in my portfolio?

AETH and CBTO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AETH or CBTO?

On fees, CBTO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AETH or CBTO?

CBTO is cheaper with a 0.69% expense ratio, compared with 0.90% for AETH.

Which ETF pays a higher dividend yield, AETH or CBTO?

AETH has the higher dividend yield at 2.93%, compared with 0.24% for CBTO.

What is the main difference between AETH and CBTO?

AETH is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: Bitwise and Calamos. Their fees differ too: 0.90% for AETH and 0.69% for CBTO.