ARKY vs. CBTO

Last updated Jun 5, 2026

ARKY (ARK 21Shares Active Bitcoin Ethereum Strategy ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - ARKY is a Cryptocurrency fund actively managed by ARK, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. ARKY charges 1.00%/yr vs 0.69%/yr for CBTO.

Performance

ARKY vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY) 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

ARKY

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBTO

• 1D: -0.10%
• 1M: -3.47%
• YTD: -8.32%
• 6M: -10.84%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ARKY vs. CBTO - Yearly Performance Comparison

	2026 (YTD)
ARKY ARK 21Shares Active Bitcoin Ethereum Strategy ETF	0.00%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-2.87%

Return for Risk

ARKY vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY) 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.

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

Sharpe Ratios by Period

	ARKY	CBTO	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	—	-2.36	—

Drawdowns

ARKY vs. CBTO - Drawdown Comparison

The maximum ARKY drawdown since its inception was 0.00%, smaller than the maximum CBTO drawdown of -21.15%. Use the drawdown chart below to compare losses from any high point for ARKY and CBTO.

Drawdown Indicators

	ARKY	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-21.15%	+21.15%
Current Drawdown Current decline from peak	0.00%	-21.15%	+21.15%
Average Drawdown Average peak-to-trough decline	0.00%	-14.96%	+14.96%

Volatility

Volatility by Period

	ARKY	CBTO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	12.84%	-12.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	12.84%	-12.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	12.84%	-12.84%

ARKY vs. CBTO - Expense Ratio Comparison

ARKY has a 1.00% expense ratio, which is higher than CBTO's 0.69% expense ratio.

Dividends

ARKY vs. CBTO - Dividend Comparison

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

Position	TTM	2025
ARKY ARK 21Shares Active Bitcoin Ethereum Strategy ETF	0.00%	0.00%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%

Frequently Asked Questions

Which ETF is better, ARKY 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, ARKY or CBTO?

CBTO is cheaper with a 0.69% expense ratio, compared with 1.00% for ARKY.

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

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

What is the main difference between ARKY and CBTO?

ARKY is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: ARK and Calamos. Their fees differ too: 1.00% for ARKY and 0.69% for CBTO.