BTCO vs. CBTO
BTCO (Invesco Galaxy Bitcoin ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - BTCO is a Cryptocurrency fund tracking the Lukka Prime Reference Bitcoin Rate, while CBTO is a Defined Outcome fund actively managed by Calamos. BTCO is passively managed, while CBTO is actively managed. Their correlation of 0.85 means they have usually moved in the same direction. BTCO charges 0.25%/yr vs 0.69%/yr for CBTO.
Performance
BTCO vs. CBTO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BTCO achieves a -28.24% return, which is significantly lower than CBTO's -8.21% return.
BTCO
- 1D
- -2.89%
- 1M
- 2.27%
- 6M
- -25.04%
- YTD
- -28.24%
- 1Y
- -44.55%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.82%
CBTO
- 1D
- 0.02%
- 1M
- 0.10%
- 6M
- -6.76%
- YTD
- -8.21%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.75M | $2.91M | $6.66M | |
| $159.82K | $137.82K | $229.26K |
BTCO vs. CBTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BTCO Invesco Galaxy Bitcoin ETF | -28.24% | -30.34% |
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | -8.21% | -13.82% |
Correlation
The correlation between BTCO and CBTO is 0.85, 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 | 0.85 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BTCO vs. CBTO — Risk / Return Rank
BTCO
CBTO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BTCO vs. CBTO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Galaxy Bitcoin ETF (BTCO) 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.
| BTCO | CBTO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.83 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | — | — |
| Martin ratioReturn relative to average drawdown | -1.34 | — | — |
Loading charts...
Drawdowns
BTCO vs. CBTO - Drawdown Comparison
The maximum BTCO drawdown since its inception was -53.33%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for BTCO and CBTO.
Loading charts...
Drawdown Indicators
| BTCO | CBTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.33% | -21.27% | -32.06% |
Max Drawdown (1Y)Largest decline over 1 year | -53.33% | — | — |
Current DrawdownCurrent decline from peak | -50.02% | -21.06% | -28.96% |
Average DrawdownAverage peak-to-trough decline | -18.14% | -16.07% | -2.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.63% | — | — |
Volatility
BTCO vs. CBTO - Volatility Comparison
Loading charts...
Volatility by Period
| BTCO | CBTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.08% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 33.70% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 44.31% | 11.56% | +32.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.14% | 11.56% | +37.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.14% | 11.56% | +37.58% |
BTCO vs. CBTO - Expense Ratio Comparison
BTCO has a 0.25% expense ratio, which is lower than CBTO's 0.69% expense ratio.
Dividends
BTCO vs. CBTO - Dividend Comparison
BTCO has not paid dividends to shareholders, while CBTO's dividend yield for the trailing twelve months is around 0.24%.
| Position | TTM | 2025 |
|---|---|---|
BTCO Invesco Galaxy Bitcoin ETF | 0.00% | 0.00% |
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | 0.24% | 0.22% |
Frequently Asked Questions
BTCO and CBTO have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BTCO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BTCO is cheaper with a 0.25% expense ratio, compared with 0.69% for CBTO.
CBTO has the higher dividend yield at 0.24%, compared with 0.00% for BTCO.
BTCO is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: Invesco and Calamos. Their fees differ too: 0.25% for BTCO and 0.69% for CBTO.
Find the right allocation for BTCO and CBTO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer