BTCW vs. CBTO
BTCW (Wisdom Tree Bitcoin Fund) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - BTCW is a Cryptocurrency fund tracking the No Index (Physical Bitcoin), while CBTO is a Defined Outcome fund actively managed by Calamos. BTCW is passively managed, while CBTO is actively managed. Their correlation of 0.85 means they have usually moved in the same direction. BTCW charges 0.25%/yr vs 0.69%/yr for CBTO.
Performance
BTCW vs. CBTO - 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 CBTO's -8.21% return.
BTCW
- 1D
- -2.95%
- 1M
- 2.34%
- 6M
- -25.06%
- YTD
- -28.33%
- 1Y
- -44.53%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.76%
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) |
|---|---|---|---|
| $1.20M | $1.71M | $1.37M | |
| $159.82K | $137.82K | $229.26K |
BTCW vs. CBTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BTCW Wisdom Tree Bitcoin Fund | -28.33% | -30.29% |
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | -8.21% | -13.82% |
Correlation
The correlation between BTCW 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 |
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Return for Risk
BTCW vs. CBTO — Risk / Return Rank
BTCW
CBTO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BTCW vs. CBTO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Wisdom Tree Bitcoin Fund (BTCW) 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.
| BTCW | 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 | — | — |
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Drawdowns
BTCW vs. CBTO - Drawdown Comparison
The maximum BTCW drawdown since its inception was -53.37%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for BTCW and CBTO.
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Drawdown Indicators
| BTCW | CBTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.37% | -21.27% | -32.10% |
Max Drawdown (1Y)Largest decline over 1 year | -53.37% | — | — |
Current DrawdownCurrent decline from peak | -50.05% | -21.06% | -28.99% |
Average DrawdownAverage peak-to-trough decline | -18.19% | -16.07% | -2.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.63% | — | — |
Volatility
BTCW vs. CBTO - Volatility Comparison
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Volatility by Period
| BTCW | CBTO | 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% | 11.56% | +32.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.47% | 11.56% | +37.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.47% | 11.56% | +37.91% |
BTCW vs. CBTO - Expense Ratio Comparison
BTCW has a 0.25% expense ratio, which is lower than CBTO's 0.69% expense ratio.
Dividends
BTCW vs. CBTO - Dividend Comparison
BTCW has not paid dividends to shareholders, while CBTO's dividend yield for the trailing twelve months is around 0.24%.
| Position | TTM | 2025 |
|---|---|---|
BTCW Wisdom Tree Bitcoin Fund | 0.00% | 0.00% |
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | 0.24% | 0.22% |
Frequently Asked Questions
BTCW 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, 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 CBTO.
CBTO has the higher dividend yield at 0.24%, compared with 0.00% for BTCW.
BTCW is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: WisdomTree and Calamos. Their fees differ too: 0.25% for BTCW and 0.69% for CBTO.
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