BTCC vs. CBXO

Last updated Jun 4, 2026

BTCC (Grayscale Bitcoin Covered Call ETF) and CBXO (Calamos Bitcoin 90 Series Structured Alt Protection ETF - October) are both exchange-traded funds - BTCC 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 0.84 suggests significant overlap in exposure. BTCC charges 0.66%/yr vs 0.69%/yr for CBXO.

Performance

BTCC vs. CBXO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Covered Call ETF (BTCC) 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, BTCC achieves a -20.81% return, which is significantly lower than CBXO's -3.67% return.

BTCC

• 1D: -2.53%
• 1M: -15.87%
• YTD: -20.81%
• 6M: -22.94%
• 1Y: -33.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBXO

• 1D: -0.03%
• 1M: -0.92%
• YTD: -3.67%
• 6M: -5.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCC vs. CBXO - Yearly Performance Comparison

	2026 (YTD)	2025
BTCC Grayscale Bitcoin Covered Call ETF	-20.81%	-20.99%
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	-3.67%	-8.02%

Correlation

The correlation between BTCC and CBXO is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 8, 2025	0.84

Return for Risk

BTCC vs. CBXO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 1
BTCC Calmar Ratio Rank: 3
BTCC 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.

BTCC vs. CBXO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Covered Call ETF (BTCC) 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.

	BTCC	CBXO	Difference
Sharpe ratio: Return per unit of total volatility	-1.02	—	—
Sortino ratio: Return per unit of downside risk	-1.34	—	—
Omega ratio: Gain probability vs. loss probability	0.82	—	—
Calmar ratio: Return relative to maximum drawdown	-0.76	—	—
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

	BTCC	CBXO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.72	-2.36	+1.64

Drawdowns

BTCC vs. CBXO - Drawdown Comparison

The maximum BTCC drawdown since its inception was -44.40%, which is greater than CBXO's maximum drawdown of -11.40%. Use the drawdown chart below to compare losses from any high point for BTCC and CBXO.

Drawdown Indicators

	BTCC	CBXO	Difference
Max Drawdown Largest peak-to-trough decline	-44.40%	-11.40%	-33.00%
Max Drawdown (1Y) Largest decline over 1 year	-44.40%	—	—
Current Drawdown Current decline from peak	-39.44%	-11.40%	-28.04%
Average Drawdown Average peak-to-trough decline	-15.57%	-8.46%	-7.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.87%	—	—

Volatility

Volatility by Period

	BTCC	CBXO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.70%	—	—
Volatility (6M) Calculated over the trailing 6-month period	27.70%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	32.92%	7.23%	+25.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.68%	7.23%	+24.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.68%	7.23%	+24.45%

BTCC vs. CBXO - Expense Ratio Comparison

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

Dividends

BTCC vs. CBXO - Dividend Comparison

BTCC's dividend yield for the trailing twelve months is around 105.03%, more than CBXO's 0.53% yield.

Position	TTM	2025
BTCC Grayscale Bitcoin Covered Call ETF	105.03%	63.86%
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	0.53%	0.51%

Frequently Asked Questions

Can I hold both BTCC and CBXO in my portfolio?

BTCC and CBXO have a correlation of 0.84, 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 CBXO?

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 CBXO?

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

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

BTCC has the higher dividend yield at 105.03%, compared with 0.53% for CBXO.

What is the main difference between BTCC and CBXO?

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