BITB vs. CBOO

Last updated Jul 14, 2026

BITB (Bitwise Bitcoin ETF) and CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) are both exchange-traded funds - BITB is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while CBOO is a Defined Outcome fund actively managed by Calamos. BITB is passively managed, while CBOO is actively managed. A 0.69 correlation means they provide meaningful diversification when combined. BITB charges 0.20%/yr vs 0.69%/yr for CBOO.

Performance

BITB vs. CBOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin ETF (BITB) and Calamos Bitcoin Structured Alt Protection ETF - October (CBOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITB achieves a -28.97% return, which is significantly lower than CBOO's 0.22% return.

BITB

• 1D: -2.65%
• 1M: -2.14%
• 6M: -32.02%
• YTD: -28.97%
• 1Y: -47.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOO

• 1D: 0.06%
• 1M: 0.20%
• 6M: -0.06%
• YTD: 0.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITB vs. CBOO - Yearly Performance Comparison

	2026 (YTD)	2025
BITB Bitwise Bitcoin ETF	-28.97%	-30.34%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.22%	-1.66%

Correlation

The correlation between BITB and CBOO is 0.69, 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 Oct 7, 2025	0.69

Return for Risk

BITB vs. CBOO — Risk / Return Rank

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

BITB

BITB Risk / Return Rank: 1
BITB Sharpe Ratio Rank: 1
BITB Sortino Ratio Rank: 1
BITB Omega Ratio Rank: 1
BITB Calmar Ratio Rank: 1
BITB Martin Ratio Rank: 1

CBOO

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.

BITB vs. CBOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin ETF (BITB) and Calamos Bitcoin Structured Alt Protection ETF - October (CBOO). 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.

	BITB	CBOO	Difference
Sharpe ratio: Return per unit of total volatility	-1.08	—	—
Sortino ratio: Return per unit of downside risk	-1.65	—	—
Omega ratio: Gain probability vs. loss probability	0.82	—	—
Calmar ratio: Return relative to maximum drawdown	-0.89	—	—
Martin ratio: Return relative to average drawdown	-1.45	—	—

Drawdowns

BITB vs. CBOO - Drawdown Comparison

The maximum BITB drawdown since its inception was -53.33%, which is greater than CBOO's maximum drawdown of -2.34%. Use the drawdown chart below to compare losses from any high point for BITB and CBOO.

Drawdown Indicators

	BITB	CBOO	Difference
Max Drawdown Largest peak-to-trough decline	-53.33%	-2.34%	-50.99%
Max Drawdown (1Y) Largest decline over 1 year	-53.33%	—	—
Current Drawdown Current decline from peak	-50.52%	-1.46%	-49.06%
Average Drawdown Average peak-to-trough decline	-17.57%	-1.60%	-15.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.70%	—	—

Volatility

Volatility by Period

	BITB	CBOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.44%	—	—
Volatility (6M) Calculated over the trailing 6-month period	34.73%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	44.29%	2.01%	+42.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.76%	2.01%	+47.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.76%	2.01%	+47.75%

BITB vs. CBOO - Expense Ratio Comparison

BITB has a 0.20% expense ratio, which is lower than CBOO's 0.69% expense ratio.

Dividends

BITB vs. CBOO - Dividend Comparison

BITB has not paid dividends to shareholders, while CBOO's dividend yield for the trailing twelve months is around 0.57%.

Position	TTM	2025
BITB Bitwise Bitcoin ETF	0.00%	0.00%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%

Frequently Asked Questions

Can I hold both BITB and CBOO in my portfolio?

BITB and CBOO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BITB or CBOO?

On fees, BITB is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BITB or CBOO?

BITB is cheaper with a 0.20% expense ratio, compared with 0.69% for CBOO.

Which ETF pays a higher dividend yield, BITB or CBOO?

CBOO has the higher dividend yield at 0.57%, compared with 0.00% for BITB.

What is the main difference between BITB and CBOO?

BITB is categorized as Cryptocurrency, while CBOO is Defined Outcome. They also come from different issuers: Bitwise Asset Management and Calamos. Their fees differ too: 0.20% for BITB and 0.69% for CBOO.