BTCW vs. CBOO
BTCW (Wisdom Tree Bitcoin Fund) and CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) are both exchange-traded funds - BTCW is a Cryptocurrency fund tracking the No Index (Physical Bitcoin), while CBOO is a Defined Outcome fund actively managed by Calamos. BTCW is passively managed, while CBOO is actively managed. Their 0.69 correlation means they have sometimes moved together and sometimes differently. BTCW charges 0.25%/yr vs 0.69%/yr for CBOO.
Performance
BTCW vs. CBOO - Performance Comparison
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Returns By Period
In the year-to-date period, BTCW achieves a -28.33% return, which is significantly lower than CBOO's 0.35% return.
BTCW
- 1D
- -2.95%
- 1M
- 2.34%
- 6M
- -25.06%
- YTD
- -28.33%
- 1Y
- -44.53%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.76%
CBOO
- 1D
- 0.00%
- 1M
- 0.18%
- 6M
- 0.35%
- YTD
- 0.35%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.20M | $1.71M | $1.37M | |
| $51.16K | $27.46K | $21.93K |
BTCW vs. CBOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BTCW Wisdom Tree Bitcoin Fund | -28.33% | -30.29% |
CBOO Calamos Bitcoin Structured Alt Protection ETF - October | 0.35% | -1.66% |
Correlation
The correlation between BTCW and CBOO is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025 | 0.69 |
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Return for Risk
BTCW vs. CBOO — Risk / Return Rank
BTCW
CBOO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BTCW vs. CBOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Wisdom Tree Bitcoin Fund (BTCW) 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.
| BTCW | CBOO | 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 | — | — |
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Drawdowns
BTCW vs. CBOO - Drawdown Comparison
The maximum BTCW drawdown since its inception was -53.37%, which is greater than CBOO's maximum drawdown of -2.34%. Use the drawdown chart below to compare losses from any high point for BTCW and CBOO.
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Drawdown Indicators
| BTCW | CBOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.37% | -2.34% | -51.03% |
Max Drawdown (1Y)Largest decline over 1 year | -53.37% | — | — |
Current DrawdownCurrent decline from peak | -50.05% | -1.34% | -48.71% |
Average DrawdownAverage peak-to-trough decline | -18.19% | -1.58% | -16.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.63% | — | — |
Volatility
BTCW vs. CBOO - Volatility Comparison
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Volatility by Period
| BTCW | CBOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.16% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 33.66% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 44.25% | 1.95% | +42.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.47% | 1.95% | +47.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.47% | 1.95% | +47.52% |
BTCW vs. CBOO - Expense Ratio Comparison
BTCW has a 0.25% expense ratio, which is lower than CBOO's 0.69% expense ratio.
Dividends
BTCW vs. CBOO - Dividend Comparison
BTCW has not paid dividends to shareholders, while CBOO's dividend yield for the trailing twelve months is around 0.57%.
| Position | TTM | 2025 |
|---|---|---|
BTCW Wisdom Tree Bitcoin Fund | 0.00% | 0.00% |
CBOO Calamos Bitcoin Structured Alt Protection ETF - October | 0.57% | 0.57% |
Frequently Asked Questions
BTCW and CBOO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BTCW is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BTCW is cheaper with a 0.25% expense ratio, compared with 0.69% for CBOO.
CBOO has the higher dividend yield at 0.57%, compared with 0.00% for BTCW.
BTCW is categorized as Cryptocurrency, while CBOO is Defined Outcome. They also come from different issuers: WisdomTree and Calamos. Their fees differ too: 0.25% for BTCW and 0.69% for CBOO.
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