BTC vs. CBXO

Last updated Aug 4, 2026

BTC (Grayscale Bitcoin Mini Trust ETF) and CBXO (Calamos Bitcoin 90 Series Structured Alt Protection ETF - October) are both exchange-traded funds - BTC is a Cryptocurrency fund actively managed by Grayscale, while CBXO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Their correlation of 0.81 means they have usually moved in the same direction. BTC charges 0.15%/yr vs 0.69%/yr for CBXO.

Performance

BTC vs. CBXO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Mini Trust ETF (BTC) and Calamos Bitcoin 90 Series Structured Alt Protection ETF - October (CBXO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTC achieves a -27.11% return, which is significantly lower than CBXO's -3.41% return.

BTC

• 1D: 1.51%
• 1M: 3.86%
• 6M: -18.15%
• YTD: -27.11%
• 1Y: -43.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -2.17%

CBXO

• 1D: -0.07%
• 1M: 0.34%
• 6M: -1.56%
• YTD: -3.41%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BTC Grayscale Bitcoin Mini Trust ETF	$40.45M	$40.65M	$54.59M
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	$51.12K	$50.64K	$55.08K

BTC vs. CBXO - Yearly Performance Comparison

	2026 (YTD)	2025
BTC Grayscale Bitcoin Mini Trust ETF	-27.11%	-30.30%
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	-3.41%	-8.05%

Correlation

The correlation between BTC and CBXO is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025	0.81

Return for Risk

BTC vs. CBXO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BTC

BTC Risk / Return Rank: 2
BTC Sharpe Ratio Rank: 2
BTC Sortino Ratio Rank: 2
BTC Omega Ratio Rank: 2
BTC Calmar Ratio Rank: 2
BTC Martin Ratio Rank: 3

CBXO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BTC vs. CBXO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Mini Trust ETF (BTC) and Calamos Bitcoin 90 Series Structured Alt Protection ETF - October (CBXO). 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.

	BTC	CBXO	Difference
Sharpe ratio: Return per unit of total volatility	-0.99	—	—
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	-0.82	—	—
Martin ratio: Return relative to average drawdown	-1.26	—	—

Drawdowns

BTC vs. CBXO - Drawdown Comparison

The maximum BTC drawdown since its inception was -53.30%, which is greater than CBXO's maximum drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for BTC and CBXO.

Drawdown Indicators

	BTC	CBXO	Difference
Max Drawdown Largest peak-to-trough decline	-53.30%	-11.51%	-41.79%
Max Drawdown (1Y) Largest decline over 1 year	-53.30%	—	—
Current Drawdown Current decline from peak	-49.20%	-11.19%	-38.01%
Average Drawdown Average peak-to-trough decline	-19.45%	-9.02%	-10.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.74%	—	—

Volatility

Volatility by Period

	BTC	CBXO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.87%	—	—
Volatility (6M) Calculated over the trailing 6-month period	33.76%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	44.40%	6.48%	+37.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.49%	6.48%	+41.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.49%	6.48%	+41.01%

BTC vs. CBXO - Expense Ratio Comparison

BTC has a 0.15% expense ratio, which is lower than CBXO's 0.69% expense ratio.

Dividends

BTC vs. CBXO - Dividend Comparison

BTC has not paid dividends to shareholders, while CBXO's dividend yield for the trailing twelve months is around 0.53%.

Position	TTM	2025
BTC Grayscale Bitcoin Mini Trust ETF	0.00%	0.00%
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	0.53%	0.51%

Frequently Asked Questions

Can I hold both BTC and CBXO in my portfolio?

BTC and CBXO have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BTC or CBXO?

On fees, BTC is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BTC or CBXO?

BTC is cheaper with a 0.15% expense ratio, compared with 0.69% for CBXO.

Which ETF pays a higher dividend yield, BTC or CBXO?

CBXO has the higher dividend yield at 0.53%, compared with 0.00% for BTC.

What is the main difference between BTC and CBXO?

BTC is categorized as Cryptocurrency, while CBXO is Defined Outcome. They also come from different issuers: Grayscale and Calamos. Their fees differ too: 0.15% for BTC and 0.69% for CBXO.