BTGD vs. CBTO
BTGD (STKd 100% Bitcoin & 100% Gold ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - BTGD is a Cryptocurrency fund actively managed by Quantify Funds, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Their 0.73 correlation means they have sometimes moved together and sometimes differently. BTGD charges 1.05%/yr vs 0.69%/yr for CBTO.
Performance
BTGD vs. CBTO - Performance Comparison
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Returns By Period
In the year-to-date period, BTGD achieves a -38.50% return, which is significantly lower than CBTO's -8.23% return.
BTGD
- 1D
- 1.37%
- 1M
- 1.91%
- 6M
- -37.24%
- YTD
- -38.50%
- 1Y
- -43.38%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.87%
CBTO
- 1D
- -0.03%
- 1M
- 0.08%
- 6M
- -4.41%
- YTD
- -8.23%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $428.43K | $383.52K | $1.03M | |
| $174.49K | $137.15K | $216.43K |
BTGD vs. CBTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BTGD STKd 100% Bitcoin & 100% Gold ETF | -38.50% | -26.65% |
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | -8.23% | -13.82% |
Correlation
The correlation between BTGD and CBTO is 0.73, 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 | 0.73 |
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Return for Risk
BTGD vs. CBTO — Risk / Return Rank
BTGD
CBTO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BTGD vs. CBTO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for STKd 100% Bitcoin & 100% Gold ETF (BTGD) 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.
| BTGD | CBTO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.89 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | — | — |
| Martin ratioReturn relative to average drawdown | -1.33 | — | — |
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Drawdowns
BTGD vs. CBTO - Drawdown Comparison
The maximum BTGD drawdown since its inception was -58.79%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for BTGD and CBTO.
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Drawdown Indicators
| BTGD | CBTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.79% | -21.27% | -37.52% |
Max Drawdown (1Y)Largest decline over 1 year | -58.79% | — | — |
Current DrawdownCurrent decline from peak | -54.95% | -21.08% | -33.87% |
Average DrawdownAverage peak-to-trough decline | -18.27% | -16.11% | -2.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.74% | — | — |
Volatility
BTGD vs. CBTO - Volatility Comparison
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Volatility by Period
| BTGD | CBTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.81% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 44.87% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 58.20% | 11.51% | +46.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.65% | 11.51% | +44.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.65% | 11.51% | +44.14% |
BTGD vs. CBTO - Expense Ratio Comparison
BTGD has a 1.05% expense ratio, which is higher than CBTO's 0.69% expense ratio.
Dividends
BTGD vs. CBTO - Dividend Comparison
BTGD's dividend yield for the trailing twelve months is around 5.47%, more than CBTO's 0.24% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BTGD STKd 100% Bitcoin & 100% Gold ETF | 5.47% | 3.36% | 0.19% |
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | 0.24% | 0.22% | 0.00% |
Frequently Asked Questions
BTGD and CBTO have a correlation of 0.73, 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 1.05% for BTGD.
BTGD has the higher dividend yield at 5.47%, compared with 0.24% for CBTO.
BTGD is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: Quantify Funds and Calamos. Their fees differ too: 1.05% for BTGD and 0.69% for CBTO.
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