BTCI vs. CBOO

Last updated Jun 23, 2026

BTCI (NEOS Bitcoin High Income ETF) and CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) are both exchange-traded funds - BTCI is a Cryptocurrency fund actively managed by Neos, while CBOO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. A 0.72 correlation means they provide meaningful diversification when combined. BTCI charges 0.99%/yr vs 0.69%/yr for CBOO.

Performance

BTCI vs. CBOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Bitcoin High Income ETF (BTCI) 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, BTCI achieves a -23.73% return, which is significantly lower than CBOO's 0.06% return.

BTCI

• 1D: 2.44%
• 1M: -14.38%
• YTD: -23.73%
• 6M: -24.54%
• 1Y: -33.02%
• 3Y*: —
• 5Y*: —
• 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)

BTCI vs. CBOO - Yearly Performance Comparison

	2026 (YTD)	2025
BTCI NEOS Bitcoin High Income ETF	-23.73%	-26.06%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.06%	-1.66%

Correlation

The correlation between BTCI and CBOO is 0.72, 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	0.72

Return for Risk

BTCI vs. CBOO — Risk / Return Rank

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

BTCI

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

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.

BTCI vs. CBOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Bitcoin High Income ETF (BTCI) 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.

	BTCI	CBOO	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	—	—
Sortino ratio: Return per unit of downside risk	-1.10	—	—
Omega ratio: Gain probability vs. loss probability	0.87	—	—
Calmar ratio: Return relative to maximum drawdown	-0.70	—	—
Martin ratio: Return relative to average drawdown	-1.23	—	—

Drawdowns

BTCI vs. CBOO - Drawdown Comparison

The maximum BTCI drawdown since its inception was -47.16%, which is greater than CBOO's maximum drawdown of -2.34%. Use the drawdown chart below to compare losses from any high point for BTCI and CBOO.

Drawdown Indicators

	BTCI	CBOO	Difference
Max Drawdown Largest peak-to-trough decline	-47.16%	-2.34%	-44.82%
Max Drawdown (1Y) Largest decline over 1 year	-47.16%	—	—
Current Drawdown Current decline from peak	-43.60%	-1.62%	-41.98%
Average Drawdown Average peak-to-trough decline	-15.98%	-1.60%	-14.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.85%	—	—

Volatility

Volatility by Period

	BTCI	CBOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.42%	—	—
Volatility (6M) Calculated over the trailing 6-month period	31.24%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	39.69%	2.07%	+37.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.30%	2.07%	+38.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.30%	2.07%	+38.23%

BTCI vs. CBOO - Expense Ratio Comparison

BTCI has a 0.99% expense ratio, which is higher than CBOO's 0.69% expense ratio.

Dividends

BTCI vs. CBOO - Dividend Comparison

BTCI's dividend yield for the trailing twelve months is around 46.88%, more than CBOO's 0.57% yield.

Position	TTM	2025	2024
BTCI NEOS Bitcoin High Income ETF	46.88%	36.46%	6.76%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%	0.00%

Frequently Asked Questions

Can I hold both BTCI and CBOO in my portfolio?

BTCI and CBOO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BTCI 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, BTCI or CBOO?

CBOO is cheaper with a 0.69% expense ratio, compared with 0.99% for BTCI.

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

BTCI has the higher dividend yield at 46.88%, compared with 0.57% for CBOO.

What is the main difference between BTCI and CBOO?

BTCI is categorized as Cryptocurrency, while CBOO is Defined Outcome. They also come from different issuers: Neos and Calamos. Their fees differ too: 0.99% for BTCI and 0.69% for CBOO.