BCDF vs. CBTO

Last updated Jun 21, 2026

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. At a 0.49 correlation, their price movements are largely independent. BCDF charges 0.85%/yr vs 0.69%/yr for CBTO.

Performance

BCDF vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Blockchain Development ETF (BCDF) 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

In the year-to-date period, BCDF achieves a 0.97% return, which is significantly higher than CBTO's -8.37% return.

BCDF

• 1D: -1.34%
• 1M: -7.52%
• YTD: 0.97%
• 6M: 1.60%
• 1Y: 3.72%
• 3Y*: 14.06%
• 5Y*: —
• 10Y*: —

CBTO

• 1D: -0.08%
• 1M: -1.75%
• YTD: -8.37%
• 6M: -9.05%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BCDF vs. CBTO - Yearly Performance Comparison

	2026 (YTD)	2025
BCDF Horizon Kinetics Blockchain Development ETF	0.97%	-3.64%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.37%	-13.82%

Correlation

The correlation between BCDF and CBTO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025	0.49

Return for Risk

BCDF vs. CBTO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BCDF

BCDF Risk / Return Rank: 12
BCDF Sharpe Ratio Rank: 12
BCDF Sortino Ratio Rank: 11
BCDF Omega Ratio Rank: 11
BCDF Calmar Ratio Rank: 13
BCDF Martin Ratio Rank: 13

CBTO

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

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 ratio: Return per unit of total volatility	0.24	—	—
Sortino ratio: Return per unit of downside risk	0.44	—	—
Omega ratio: Gain probability vs. loss probability	1.05	—	—
Calmar ratio: Return relative to maximum drawdown	0.38	—	—
Martin ratio: Return relative to average drawdown	0.98	—	—

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 -21.19%. Use the drawdown chart below to compare losses from any high point for BCDF and CBTO.

Drawdown Indicators

	BCDF	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-27.70%	-21.19%	-6.51%
Max Drawdown (1Y) Largest decline over 1 year	-9.65%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.46%	—	—
Current Drawdown Current decline from peak	-9.65%	-21.19%	+11.54%
Average Drawdown Average peak-to-trough decline	-9.80%	-15.23%	+5.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.75%	—	—

Volatility

Volatility by Period

	BCDF	CBTO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.92%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.36%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.08%	12.45%	+2.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.95%	12.45%	+4.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.95%	12.45%	+4.50%

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 2.50%, more than CBTO's 0.24% yield.

Position	TTM	2025	2024	2023	2022
BCDF Horizon Kinetics Blockchain Development ETF	2.50%	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

Can I hold both BCDF and CBTO in my portfolio?

BCDF and CBTO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BCDF 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, BCDF or CBTO?

CBTO is cheaper with a 0.69% expense ratio, compared with 0.85% for BCDF.

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

BCDF has the higher dividend yield at 2.50%, compared with 0.24% for CBTO.

What is the main difference between BCDF and 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.