BHDG vs. CBTO

Last updated Jun 25, 2026

BHDG (Nicholas Bitcoin Tail ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - BHDG is a Cryptocurrency fund actively managed by Nicholas, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. At a correlation of -0.67, they often move in opposite directions. BHDG charges 0.97%/yr vs 0.69%/yr for CBTO.

Performance

BHDG vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Bitcoin Tail ETF (BHDG) 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

BHDG

• 1D: 2.19%
• 1M: 9.98%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBTO

• 1D: -0.05%
• 1M: -1.40%
• YTD: -8.46%
• 6M: -8.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BHDG vs. CBTO - Yearly Performance Comparison

	2026 (YTD)
BHDG Nicholas Bitcoin Tail ETF	0.95%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-3.69%

Correlation

The correlation between BHDG and CBTO is -0.67, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 18, 2026	-0.67

Return for Risk

BHDG vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin Tail ETF (BHDG) 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

BHDG vs. CBTO - Drawdown Comparison

The maximum BHDG drawdown since its inception was -15.06%, smaller than the maximum CBTO drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for BHDG and CBTO.

Drawdown Indicators

	BHDG	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-15.06%	-21.27%	+6.21%
Current Drawdown Current decline from peak	-3.89%	-21.27%	+17.38%
Average Drawdown Average peak-to-trough decline	-8.62%	-15.33%	+6.71%

Volatility

Volatility by Period

	BHDG	CBTO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	27.77%	12.34%	+15.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.77%	12.34%	+15.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.77%	12.34%	+15.43%

BHDG vs. CBTO - Expense Ratio Comparison

BHDG has a 0.97% expense ratio, which is higher than CBTO's 0.69% expense ratio.

Dividends

BHDG vs. CBTO - Dividend Comparison

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

Position	TTM	2025
BHDG Nicholas Bitcoin Tail 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 BHDG and CBTO in my portfolio?

BHDG and CBTO have a correlation of -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BHDG 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, BHDG or CBTO?

CBTO is cheaper with a 0.69% expense ratio, compared with 0.97% for BHDG.

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

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

What is the main difference between BHDG and CBTO?

BHDG is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: Nicholas and Calamos. Their fees differ too: 0.97% for BHDG and 0.69% for CBTO.