BITU vs. CBOO

Last updated Jun 4, 2026

BITU (Proshares Ultra Bitcoin ETF) and CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) are both exchange-traded funds - BITU is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross, while CBOO is a Defined Outcome fund actively managed by Calamos. BITU is passively managed, while CBOO is actively managed. A 0.73 correlation means they provide meaningful diversification when combined. BITU charges 0.95%/yr vs 0.69%/yr for CBOO.

Performance

BITU vs. CBOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Ultra Bitcoin ETF (BITU) 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, BITU achieves a -52.92% return, which is significantly lower than CBOO's -0.04% return.

BITU

• 1D: -5.58%
• 1M: -34.84%
• YTD: -52.92%
• 6M: -59.11%
• 1Y: -73.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOO

• 1D: -0.04%
• 1M: -0.00%
• YTD: -0.04%
• 6M: -0.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITU vs. CBOO - Yearly Performance Comparison

	2026 (YTD)	2025
BITU Proshares Ultra Bitcoin ETF	-52.92%	-52.34%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	-0.04%	-1.62%

Correlation

The correlation between BITU and CBOO is 0.73, 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 8, 2025	0.73

Return for Risk

BITU vs. CBOO — Risk / Return Rank

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

BITU

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

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.

BITU vs. CBOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultra Bitcoin ETF (BITU) 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.

	BITU	CBOO	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	—	—
Sortino ratio: Return per unit of downside risk	-1.44	—	—
Omega ratio: Gain probability vs. loss probability	0.84	—	—
Calmar ratio: Return relative to maximum drawdown	-0.93	—	—
Martin ratio: Return relative to average drawdown	-1.47	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BITU	CBOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	-1.19	+0.84

Drawdowns

BITU vs. CBOO - Drawdown Comparison

The maximum BITU drawdown since its inception was -78.94%, which is greater than CBOO's maximum drawdown of -2.34%. Use the drawdown chart below to compare losses from any high point for BITU and CBOO.

Drawdown Indicators

	BITU	CBOO	Difference
Max Drawdown Largest peak-to-trough decline	-78.94%	-2.34%	-76.60%
Max Drawdown (1Y) Largest decline over 1 year	-78.94%	—	—
Current Drawdown Current decline from peak	-78.94%	-1.72%	-77.22%
Average Drawdown Average peak-to-trough decline	-34.49%	-1.61%	-32.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.84%	—	—

Volatility

Volatility by Period

	BITU	CBOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.99%	—	—
Volatility (6M) Calculated over the trailing 6-month period	69.41%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	87.00%	2.14%	+84.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.45%	2.14%	+95.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.45%	2.14%	+95.31%

BITU vs. CBOO - Expense Ratio Comparison

BITU has a 0.95% expense ratio, which is higher than CBOO's 0.69% expense ratio.

Dividends

BITU vs. CBOO - Dividend Comparison

BITU's dividend yield for the trailing twelve months is around 83.36%, more than CBOO's 0.57% yield.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	83.36%	50.23%	0.12%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%	0.00%

Frequently Asked Questions

Can I hold both BITU and CBOO in my portfolio?

BITU and CBOO have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BITU 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, BITU or CBOO?

CBOO is cheaper with a 0.69% expense ratio, compared with 0.95% for BITU.

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

BITU has the higher dividend yield at 83.36%, compared with 0.57% for CBOO.

What is the main difference between BITU and CBOO?

BITU is categorized as Cryptocurrency, while CBOO is Defined Outcome. They also come from different issuers: ProShares and Calamos. Their fees differ too: 0.95% for BITU and 0.69% for CBOO.