BITW vs. CBOO

Last updated Jun 23, 2026

BITW (Bitwise 10 Crypto Index ETF) and CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) are both exchange-traded funds - BITW is a Cryptocurrency fund tracking the Bitwise 10 Large Cap Crypto Index, while CBOO is a Defined Outcome fund actively managed by Calamos. BITW is passively managed, while CBOO is actively managed. A 0.71 correlation means they provide meaningful diversification when combined. BITW charges 0.75%/yr vs 0.69%/yr for CBOO.

Performance

BITW vs. CBOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise 10 Crypto Index ETF (BITW) 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, BITW achieves a -30.09% return, which is significantly lower than CBOO's 0.06% return.

BITW

• 1D: 1.83%
• 1M: -15.18%
• YTD: -30.09%
• 6M: -31.04%
• 1Y: -33.61%
• 3Y*: 53.76%
• 5Y*: 3.43%
• 10Y*: —

CBOO

• 1D: 0.08%
• 1M: 0.12%
• YTD: 0.06%
• 6M: -0.04%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITW vs. CBOO - Yearly Performance Comparison

	2026 (YTD)	2025
BITW Bitwise 10 Crypto Index ETF	-30.09%	-31.90%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.06%	-1.66%

Correlation

The correlation between BITW and CBOO is 0.71, 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	0.71

Return for Risk

BITW vs. CBOO — Risk / Return Rank

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

BITW

BITW Risk / Return Rank: 4
BITW Sharpe Ratio Rank: 4
BITW Sortino Ratio Rank: 4
BITW Omega Ratio Rank: 4
BITW Calmar Ratio Rank: 4
BITW Martin Ratio Rank: 4

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.

BITW vs. CBOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index ETF (BITW) 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.

	BITW	CBOO	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	—	—
Sortino ratio: Return per unit of downside risk	-0.80	—	—
Omega ratio: Gain probability vs. loss probability	0.91	—	—
Calmar ratio: Return relative to maximum drawdown	-0.61	—	—
Martin ratio: Return relative to average drawdown	-1.04	—	—

Drawdowns

BITW vs. CBOO - Drawdown Comparison

The maximum BITW drawdown since its inception was -96.46%, which is greater than CBOO's maximum drawdown of -2.34%. Use the drawdown chart below to compare losses from any high point for BITW and CBOO.

Drawdown Indicators

	BITW	CBOO	Difference
Max Drawdown Largest peak-to-trough decline	-96.46%	-2.34%	-94.12%
Max Drawdown (1Y) Largest decline over 1 year	-55.51%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-55.51%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-91.93%	—	—
Current Drawdown Current decline from peak	-70.45%	-1.62%	-68.83%
Average Drawdown Average peak-to-trough decline	-69.56%	-1.60%	-67.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.38%	—	—

Volatility

Volatility by Period

	BITW	CBOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.95%	—	—
Volatility (6M) Calculated over the trailing 6-month period	37.24%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	49.88%	2.07%	+47.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	65.58%	2.07%	+63.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	108.37%	2.07%	+106.30%

BITW vs. CBOO - Expense Ratio Comparison

BITW has a 0.75% expense ratio, which is higher than CBOO's 0.69% expense ratio.

Dividends

BITW vs. CBOO - Dividend Comparison

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

Position	TTM	2025
BITW Bitwise 10 Crypto Index ETF	0.00%	0.00%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%

Frequently Asked Questions

Can I hold both BITW and CBOO in my portfolio?

BITW and CBOO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BITW 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, BITW or CBOO?

CBOO is cheaper with a 0.69% expense ratio, compared with 0.75% for BITW.

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

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

What is the main difference between BITW and CBOO?

BITW is categorized as Cryptocurrency, while CBOO is Defined Outcome. They also come from different issuers: Bitwise and Calamos. Their fees differ too: 0.75% for BITW and 0.69% for CBOO.