BFAP vs. CBTO

Last updated Aug 5, 2026

BFAP (FT Vest Bitcoin Strategy Floor15 ETF - April) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - BFAP is a Cryptocurrency fund actively managed by First Trust, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Their correlation of 0.85 means they have usually moved in the same direction. BFAP charges 0.90%/yr vs 0.69%/yr for CBTO.

Performance

BFAP vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP) 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, BFAP achieves a -21.35% return, which is significantly lower than CBTO's -8.23% return.

BFAP

• 1D: 0.25%
• 1M: 1.78%
• 6M: -13.09%
• YTD: -21.35%
• 1Y: -29.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -10.97%

CBTO

• 1D: -0.03%
• 1M: 0.08%
• 6M: -4.41%
• YTD: -8.23%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	$15.29K	$11.99K	$25.71K
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	$174.49K	$137.15K	$216.43K

BFAP vs. CBTO - Yearly Performance Comparison

	2026 (YTD)	2025
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	-21.35%	-13.09%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.23%	-13.82%

Correlation

The correlation between BFAP and CBTO is 0.85, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025	0.85

Return for Risk

BFAP vs. CBTO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BFAP

BFAP Risk / Return Rank: 1
BFAP Sharpe Ratio Rank: 0
BFAP Sortino Ratio Rank: 1
BFAP Omega Ratio Rank: 1
BFAP Calmar Ratio Rank: 2
BFAP Martin Ratio Rank: 2

CBTO

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BFAP vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP) 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.

	BFAP	CBTO	Difference
Sharpe ratio: Return per unit of total volatility	-1.36	—	—
Sortino ratio: Return per unit of downside risk	-1.92	—	—
Omega ratio: Gain probability vs. loss probability	0.77	—	—
Calmar ratio: Return relative to maximum drawdown	-0.86	—	—
Martin ratio: Return relative to average drawdown	-1.37	—	—

Drawdowns

BFAP vs. CBTO - Drawdown Comparison

The maximum BFAP drawdown since its inception was -34.15%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for BFAP and CBTO.

Drawdown Indicators

	BFAP	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-34.15%	-21.27%	-12.88%
Max Drawdown (1Y) Largest decline over 1 year	-34.15%	—	—
Current Drawdown Current decline from peak	-31.65%	-21.08%	-10.57%
Average Drawdown Average peak-to-trough decline	-13.41%	-16.11%	+2.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.36%	—	—

Volatility

Volatility by Period

	BFAP	CBTO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.78%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	21.57%	11.51%	+10.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.98%	11.51%	+8.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.98%	11.51%	+8.47%

BFAP vs. CBTO - Expense Ratio Comparison

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

Dividends

BFAP vs. CBTO - Dividend Comparison

BFAP's dividend yield for the trailing twelve months is around 24.12%, more than CBTO's 0.24% yield.

Position	TTM	2025
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	24.12%	18.97%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%

Frequently Asked Questions

Can I hold both BFAP and CBTO in my portfolio?

BFAP and CBTO have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BFAP 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, BFAP or CBTO?

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

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

BFAP has the higher dividend yield at 24.12%, compared with 0.24% for CBTO.

What is the main difference between BFAP and CBTO?

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