ARKD vs. CBTO

Last updated Jul 12, 2026

ARKD (ARK 21Shares Digital Asset and Blockchain Strategy ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - ARKD is a Cryptocurrency fund actively managed by ARK, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. A 0.56 correlation means they provide meaningful diversification when combined. ARKD charges 0.90%/yr vs 0.69%/yr for CBTO.

Performance

ARKD vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ARK 21Shares Digital Asset and Blockchain Strategy ETF (ARKD) 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

ARKD

• 1D: -0.72%
• 1M: 3.05%
• 6M: -1.50%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBTO

• 1D: -0.10%
• 1M: -0.10%
• 6M: -9.35%
• YTD: -8.41%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ARKD vs. CBTO - Yearly Performance Comparison

	2026 (YTD)
ARKD ARK 21Shares Digital Asset and Blockchain Strategy ETF	0.21%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.41%

Correlation

The correlation between ARKD and CBTO is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 2, 2026	0.56

Return for Risk

ARKD vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ARK 21Shares Digital Asset and Blockchain Strategy ETF (ARKD) 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.

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

Drawdowns

ARKD vs. CBTO - Drawdown Comparison

The maximum ARKD drawdown since its inception was -14.03%, smaller than the maximum CBTO drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for ARKD and CBTO.

Drawdown Indicators

	ARKD	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-14.03%	-21.27%	+7.24%
Current Drawdown Current decline from peak	-3.08%	-21.23%	+18.15%
Average Drawdown Average peak-to-trough decline	-5.76%	-15.67%	+9.91%

Volatility

Volatility by Period

	ARKD	CBTO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	20.15%	11.99%	+8.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.15%	11.99%	+8.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.15%	11.99%	+8.16%

ARKD vs. CBTO - Expense Ratio Comparison

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

Dividends

ARKD vs. CBTO - Dividend Comparison

ARKD has not paid dividends to shareholders, while CBTO's dividend yield for the trailing twelve months is around 0.24%.

Position	TTM	2025
ARKD ARK 21Shares Digital Asset and Blockchain Strategy ETF	0.00%	0.00%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%

Frequently Asked Questions

Can I hold both ARKD and CBTO in my portfolio?

ARKD and CBTO have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ARKD 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, ARKD or CBTO?

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

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

CBTO has the higher dividend yield at 0.24%, compared with 0.00% for ARKD.

What is the main difference between ARKD and CBTO?

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