BTF vs. CBTO
BTF (CoinShares Bitcoin and Ether ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - BTF is a Cryptocurrency fund actively managed by CoinShares, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Their correlation of 0.84 means they have usually moved in the same direction. BTF charges 1.24%/yr vs 0.69%/yr for CBTO.
Performance
BTF vs. CBTO - Performance Comparison
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Returns By Period
In the year-to-date period, BTF achieves a -33.79% return, which is significantly lower than CBTO's -8.21% return.
BTF
- 1D
- -2.94%
- 1M
- 5.69%
- 6M
- -28.47%
- YTD
- -33.79%
- 1Y
- -46.94%
- 3Y*
- 10.88%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -10.26%
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) |
|---|---|---|---|
| $75.53K | $69.69K | $94.86K | |
| $159.82K | $137.82K | $229.26K |
BTF vs. CBTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BTF CoinShares Bitcoin and Ether ETF | -33.79% | -34.60% |
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | -8.21% | -13.82% |
Correlation
The correlation between BTF and CBTO is 0.84, 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 | 0.84 |
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Return for Risk
BTF vs. CBTO — Risk / Return Rank
BTF
CBTO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BTF vs. CBTO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CoinShares Bitcoin and Ether ETF (BTF) 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.
| BTF | CBTO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.85 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | — | — |
| Martin ratioReturn relative to average drawdown | -1.22 | — | — |
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Drawdowns
BTF vs. CBTO - Drawdown Comparison
The maximum BTF drawdown since its inception was -77.50%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for BTF and CBTO.
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Drawdown Indicators
| BTF | CBTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.50% | -21.27% | -56.23% |
Max Drawdown (1Y)Largest decline over 1 year | -61.55% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -61.55% | — | — |
Current DrawdownCurrent decline from peak | -56.69% | -21.06% | -35.63% |
Average DrawdownAverage peak-to-trough decline | -40.24% | -16.07% | -24.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.45% | — | — |
Volatility
BTF vs. CBTO - Volatility Comparison
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Volatility by Period
| BTF | CBTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.92% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 38.90% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 54.47% | 11.56% | +42.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.11% | 11.56% | +46.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.11% | 11.56% | +46.55% |
BTF vs. CBTO - Expense Ratio Comparison
BTF has a 1.24% expense ratio, which is higher than CBTO's 0.69% expense ratio.
Dividends
BTF vs. CBTO - Dividend Comparison
BTF's dividend yield for the trailing twelve months is around 219.80%, more than CBTO's 0.24% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BTF CoinShares Bitcoin and Ether ETF | 219.80% | 146.05% | 52.96% | 15.98% |
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | 0.24% | 0.22% | 0.00% | 0.00% |
Frequently Asked Questions
BTF and CBTO 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.
On fees, CBTO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CBTO is cheaper with a 0.69% expense ratio, compared with 1.24% for BTF.
BTF has the higher dividend yield at 219.80%, compared with 0.24% for CBTO.
BTF is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: CoinShares and Calamos. Their fees differ too: 1.24% for BTF and 0.69% for CBTO.
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