BCDF vs. CBTO
BCDF (Horizon Kinetics Blockchain Development ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - BCDF is a Cryptocurrency fund actively managed by Horizon, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Their 0.46 correlation means their historical movements had little consistent relationship. BCDF charges 0.85%/yr vs 0.69%/yr for CBTO.
Performance
BCDF vs. CBTO - Performance Comparison
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Returns By Period
In the year-to-date period, BCDF achieves a 6.12% return, which is significantly higher than CBTO's -8.21% return.
BCDF
- 1D
- 0.13%
- 1M
- 5.32%
- 6M
- 1.82%
- YTD
- 6.12%
- 1Y
- 5.66%
- 3Y*
- 14.55%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.43%
CBTO
- 1D
- 0.02%
- 1M
- 0.10%
- 6M
- -6.76%
- YTD
- -8.21%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.32K | $19.89K | $48.05K | |
| $159.82K | $137.82K | $229.26K |
BCDF vs. CBTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BCDF Horizon Kinetics Blockchain Development ETF | 6.12% | -3.64% |
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | -8.21% | -13.82% |
Correlation
The correlation between BCDF and CBTO is 0.46, 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 | 0.46 |
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Return for Risk
BCDF vs. CBTO — Risk / Return Rank
BCDF
CBTO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BCDF vs. CBTO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Blockchain Development ETF (BCDF) 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.
| BCDF | CBTO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.07 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.39 | — | — |
| Martin ratioReturn relative to average drawdown | 1.24 | — | — |
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Drawdowns
BCDF vs. CBTO - Drawdown Comparison
The maximum BCDF drawdown since its inception was -27.70%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for BCDF and CBTO.
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Drawdown Indicators
| BCDF | CBTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.70% | -21.27% | -6.43% |
Max Drawdown (1Y)Largest decline over 1 year | -14.02% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -14.02% | — | — |
Current DrawdownCurrent decline from peak | -5.05% | -21.06% | +16.01% |
Average DrawdownAverage peak-to-trough decline | -9.76% | -16.07% | +6.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.45% | — | — |
Volatility
BCDF vs. CBTO - Volatility Comparison
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Volatility by Period
| BCDF | CBTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.51% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 11.24% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 15.08% | 11.56% | +3.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.87% | 11.56% | +5.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.87% | 11.56% | +5.31% |
BCDF vs. CBTO - Expense Ratio Comparison
BCDF has a 0.85% expense ratio, which is higher than CBTO's 0.69% expense ratio.
Dividends
BCDF vs. CBTO - Dividend Comparison
BCDF's dividend yield for the trailing twelve months is around 2.38%, more than CBTO's 0.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BCDF Horizon Kinetics Blockchain Development ETF | 2.38% | 2.53% | 1.63% | 0.69% | 0.38% |
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | 0.24% | 0.22% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BCDF and CBTO have a correlation of 0.46, 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 0.85% for BCDF.
BCDF has the higher dividend yield at 2.38%, compared with 0.24% for CBTO.
BCDF is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: Horizon and Calamos. Their fees differ too: 0.85% for BCDF and 0.69% for CBTO.
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