BITC vs. CBOO

Last updated Jun 24, 2026

BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) and CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) are both exchange-traded funds - BITC is a Cryptocurrency fund actively managed by Bitwise, while CBOO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. At a 0.41 correlation, their price movements are largely independent. BITC charges 0.88%/yr vs 0.69%/yr for CBOO.

Performance

BITC vs. CBOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) 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, BITC achieves a 3.58% return, which is significantly higher than CBOO's 0.10% return.

BITC

• 1D: -3.33%
• 1M: -3.10%
• YTD: 3.58%
• 6M: 3.49%
• 1Y: -13.86%
• 3Y*: 28.98%
• 5Y*: —
• 10Y*: —

CBOO

• 1D: 0.04%
• 1M: 0.16%
• YTD: 0.10%
• 6M: 0.02%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITC vs. CBOO - Yearly Performance Comparison

	2026 (YTD)	2025
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.58%	-19.74%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.10%	-1.66%

Correlation

The correlation between BITC and CBOO is 0.41, 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	0.41

Return for Risk

BITC vs. CBOO — Risk / Return Rank

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

BITC

BITC Risk / Return Rank: 5
BITC Sharpe Ratio Rank: 5
BITC Sortino Ratio Rank: 4
BITC Omega Ratio Rank: 4
BITC Calmar Ratio Rank: 4
BITC Martin Ratio Rank: 6

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.

BITC vs. CBOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) 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.

	BITC	CBOO	Difference
Sharpe ratio: Return per unit of total volatility	-0.55	—	—
Sortino ratio: Return per unit of downside risk	-0.65	—	—
Omega ratio: Gain probability vs. loss probability	0.90	—	—
Calmar ratio: Return relative to maximum drawdown	-0.52	—	—
Martin ratio: Return relative to average drawdown	-0.73	—	—

Drawdowns

BITC vs. CBOO - Drawdown Comparison

The maximum BITC drawdown since its inception was -38.51%, which is greater than CBOO's maximum drawdown of -2.34%. Use the drawdown chart below to compare losses from any high point for BITC and CBOO.

Drawdown Indicators

	BITC	CBOO	Difference
Max Drawdown Largest peak-to-trough decline	-38.51%	-2.34%	-36.17%
Max Drawdown (1Y) Largest decline over 1 year	-26.51%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-38.51%	—	—
Current Drawdown Current decline from peak	-28.82%	-1.58%	-27.24%
Average Drawdown Average peak-to-trough decline	-16.51%	-1.60%	-14.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.94%	—	—

Volatility

Volatility by Period

	BITC	CBOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.42%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.00%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	25.12%	2.07%	+23.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.29%	2.07%	+44.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.29%	2.07%	+44.22%

BITC vs. CBOO - Expense Ratio Comparison

BITC has a 0.88% expense ratio, which is higher than CBOO's 0.69% expense ratio.

Dividends

BITC vs. CBOO - Dividend Comparison

BITC's dividend yield for the trailing twelve months is around 3.25%, more than CBOO's 0.57% yield.

Position	TTM	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.25%	3.36%	42.68%	5.82%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITC and CBOO in my portfolio?

BITC and CBOO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BITC or CBOO?

On fees, CBOO 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, BITC or CBOO?

CBOO is cheaper with a 0.69% expense ratio, compared with 0.88% for BITC.

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

BITC has the higher dividend yield at 3.25%, compared with 0.57% for CBOO.

What is the main difference between BITC and CBOO?

BITC is categorized as Cryptocurrency, while CBOO is Defined Outcome. They also come from different issuers: Bitwise and Calamos. Their fees differ too: 0.88% for BITC and 0.69% for CBOO.