BAVA vs. CBTO

Last updated Jul 1, 2026

BAVA (Bitwise Avalanche ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - BAVA is a Cryptocurrency fund actively managed by Bitwise, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. A 0.61 correlation means they provide meaningful diversification when combined.

Performance

BAVA vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Avalanche ETF (BAVA) 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

BAVA

• 1D: -2.24%
• 1M: -25.27%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBTO

• 1D: -0.10%
• 1M: -1.01%
• YTD: -8.44%
• 6M: -8.90%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BAVA vs. CBTO - Yearly Performance Comparison

	2026 (YTD)
BAVA Bitwise Avalanche ETF	-29.45%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-2.09%

Correlation

The correlation between BAVA and CBTO is 0.61, 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 Apr 15, 2026	0.61

Return for Risk

BAVA vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Avalanche ETF (BAVA) 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

BAVA vs. CBTO - Drawdown Comparison

The maximum BAVA drawdown since its inception was -40.15%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for BAVA and CBTO.

Drawdown Indicators

	BAVA	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-40.15%	-21.27%	-18.88%
Current Drawdown Current decline from peak	-35.39%	-21.25%	-14.14%
Average Drawdown Average peak-to-trough decline	-16.47%	-15.46%	-1.01%

Volatility

Volatility by Period

	BAVA	CBTO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	53.55%	12.21%	+41.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.55%	12.21%	+41.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.55%	12.21%	+41.34%

Dividends

BAVA vs. CBTO - Dividend Comparison

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

Position	TTM	2025
BAVA Bitwise Avalanche 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 BAVA and CBTO in my portfolio?

BAVA and CBTO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

What is the main difference between BAVA and CBTO?

BAVA is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: Bitwise and Calamos.