AETH vs. CBTO
AETH (Bitwise Trendwise Ethereum and Treasuries Rotation 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. Their 0.44 correlation means their historical movements had little consistent relationship. AETH charges 0.89%/yr vs 0.69%/yr for CBTO.
Performance
AETH vs. CBTO - Performance Comparison
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Returns By Period
In the year-to-date period, AETH achieves a -15.81% return, which is significantly lower than CBTO's -8.21% return.
AETH
- 1D
- 0.17%
- 1M
- 4.00%
- 6M
- -13.15%
- YTD
- -15.81%
- 1Y
- -34.66%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 14.72%
CBTO
- 1D
- 0.00%
- 1M
- 0.10%
- 6M
- -4.87%
- YTD
- -8.21%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $27.84K | $19.14K | $18.72K | |
| $168.87K | $138.73K | $218.79K |
AETH vs. CBTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
AETH Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF | -15.81% | -22.59% |
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | -8.21% | -13.82% |
Correlation
The correlation between AETH and CBTO is 0.44, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025 | 0.44 |
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Return for Risk
AETH vs. CBTO — Risk / Return Rank
AETH
CBTO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
AETH vs. CBTO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Trendwise Ethereum and Treasuries Rotation 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 ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.82 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | — | — |
| Martin ratioReturn relative to average drawdown | -0.96 | — | — |
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Drawdowns
AETH vs. CBTO - Drawdown Comparison
The maximum AETH drawdown since its inception was -51.08%, 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.
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Drawdown Indicators
| AETH | CBTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.08% | -21.27% | -29.81% |
Max Drawdown (1Y)Largest decline over 1 year | -51.08% | — | — |
Current DrawdownCurrent decline from peak | -47.60% | -21.06% | -26.54% |
Average DrawdownAverage peak-to-trough decline | -25.96% | -16.09% | -9.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.10% | — | — |
Volatility
AETH vs. CBTO - Volatility Comparison
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Volatility by Period
| AETH | CBTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.22% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 24.81% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 41.17% | 11.54% | +29.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 53.64% | 11.54% | +42.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.64% | 11.54% | +42.10% |
AETH vs. CBTO - Expense Ratio Comparison
AETH has a 0.89% 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 2.86%, more than CBTO's 0.24% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
AETH Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF | 2.86% | 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
AETH and CBTO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
CBTO is cheaper with a 0.69% expense ratio, compared with 0.89% for AETH.
AETH has the higher dividend yield at 2.86%, compared with 0.24% for CBTO.
AETH is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: Bitwise and Calamos. Their fees differ too: 0.89% for AETH and 0.69% for CBTO.
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