BTCC vs. CBTO

Last updated Aug 4, 2026

BTCC (Grayscale Bitcoin Covered Call ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - BTCC is a Cryptocurrency fund actively managed by Grayscale, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Their correlation of 0.82 means they have usually moved in the same direction. BTCC charges 0.66%/yr vs 0.69%/yr for CBTO.

Performance

BTCC vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Covered Call ETF (BTCC) and Calamos Bitcoin 80 Series Structured Alt Protection ETF - October (CBTO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTCC achieves a -20.22% return, which is significantly lower than CBTO's -8.21% return.

BTCC

• 1D: -0.34%
• 1M: 5.11%
• 6M: -11.21%
• YTD: -20.22%
• 1Y: -35.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -19.41%

CBTO

• 1D: 0.00%
• 1M: 0.10%
• 6M: -4.87%
• YTD: -8.21%
• 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)
BTCC Grayscale Bitcoin Covered Call ETF	$242.21K	$239.26K	$255.92K
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	$168.87K	$138.73K	$218.79K

BTCC vs. CBTO - Yearly Performance Comparison

	2026 (YTD)	2025
BTCC Grayscale Bitcoin Covered Call ETF	-20.22%	-21.96%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.21%	-13.82%

Correlation

The correlation between BTCC and CBTO is 0.82, 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	0.82

Return for Risk

BTCC vs. CBTO — Risk / Return Rank

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

BTCC

BTCC Risk / Return Rank: 2
BTCC Sharpe Ratio Rank: 1
BTCC Sortino Ratio Rank: 2
BTCC Omega Ratio Rank: 2
BTCC Calmar Ratio Rank: 3
BTCC Martin Ratio Rank: 2

CBTO

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.

BTCC vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Covered Call ETF (BTCC) and Calamos Bitcoin 80 Series Structured Alt Protection ETF - October (CBTO). 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.

	BTCC	CBTO	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	—	—
Sortino ratio: Return per unit of downside risk	-1.40	—	—
Omega ratio: Gain probability vs. loss probability	0.82	—	—
Calmar ratio: Return relative to maximum drawdown	-0.81	—	—
Martin ratio: Return relative to average drawdown	-1.27	—	—

Drawdowns

BTCC vs. CBTO - Drawdown Comparison

The maximum BTCC drawdown since its inception was -44.40%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for BTCC and CBTO.

Drawdown Indicators

	BTCC	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-44.40%	-21.27%	-23.13%
Max Drawdown (1Y) Largest decline over 1 year	-44.40%	—	—
Current Drawdown Current decline from peak	-38.98%	-21.06%	-17.92%
Average Drawdown Average peak-to-trough decline	-18.58%	-16.09%	-2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.12%	—	—

Volatility

Volatility by Period

	BTCC	CBTO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.09%	—	—
Volatility (6M) Calculated over the trailing 6-month period	27.56%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	34.35%	11.54%	+22.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.30%	11.54%	+19.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.30%	11.54%	+19.76%

BTCC vs. CBTO - Expense Ratio Comparison

BTCC has a 0.66% expense ratio, which is lower than CBTO's 0.69% expense ratio.

Dividends

BTCC vs. CBTO - Dividend Comparison

BTCC's dividend yield for the trailing twelve months is around 90.87%, more than CBTO's 0.24% yield.

Position	TTM	2025
BTCC Grayscale Bitcoin Covered Call ETF	90.87%	63.86%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%

Frequently Asked Questions

Can I hold both BTCC and CBTO in my portfolio?

BTCC and CBTO have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BTCC or CBTO?

On fees, BTCC is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BTCC or CBTO?

BTCC is cheaper with a 0.66% expense ratio, compared with 0.69% for CBTO.

Which ETF pays a higher dividend yield, BTCC or CBTO?

BTCC has the higher dividend yield at 90.87%, compared with 0.24% for CBTO.

What is the main difference between BTCC and CBTO?

BTCC is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: Grayscale and Calamos. Their fees differ too: 0.66% for BTCC and 0.69% for CBTO.