BTRN vs. CBOO

Last updated Jun 5, 2026

BTRN (Global X Bitcoin Trend Strategy ETF) and CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) are both exchange-traded funds - BTRN is a Cryptocurrency fund tracking the CoinDesk Bitcoin Trend Indicator Futures Index, while CBOO is a Defined Outcome fund actively managed by Calamos. BTRN is passively managed, while CBOO is actively managed. At a 0.48 correlation, their price movements are largely independent. BTRN charges 0.95%/yr vs 0.69%/yr for CBOO.

Performance

BTRN vs. CBOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Bitcoin Trend Strategy ETF (BTRN) and Calamos Bitcoin Structured Alt Protection ETF - October (CBOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTRN achieves a -9.20% return, which is significantly lower than CBOO's -0.02% return.

BTRN

• 1D: 0.10%
• 1M: -13.54%
• YTD: -9.20%
• 6M: -9.80%
• 1Y: -17.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOO

• 1D: 0.02%
• 1M: -0.06%
• YTD: -0.02%
• 6M: -0.16%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BTRN vs. CBOO - Yearly Performance Comparison

	2026 (YTD)	2025
BTRN Global X Bitcoin Trend Strategy ETF	-9.20%	-12.10%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	-0.02%	-1.62%

Correlation

The correlation between BTRN and CBOO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 8, 2025	0.48

Return for Risk

BTRN vs. CBOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BTRN

BTRN Risk / Return Rank: 3
BTRN Sharpe Ratio Rank: 2
BTRN Sortino Ratio Rank: 3
BTRN Omega Ratio Rank: 2
BTRN Calmar Ratio Rank: 3
BTRN Martin Ratio Rank: 3

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BTRN vs. CBOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Bitcoin Trend Strategy ETF (BTRN) 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.

	BTRN	CBOO	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	—	—
Sortino ratio: Return per unit of downside risk	-1.15	—	—
Omega ratio: Gain probability vs. loss probability	0.85	—	—
Calmar ratio: Return relative to maximum drawdown	-0.69	—	—
Martin ratio: Return relative to average drawdown	-1.17	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BTRN	CBOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.88	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	-1.17	+1.17

Drawdowns

BTRN vs. CBOO - Drawdown Comparison

The maximum BTRN drawdown since its inception was -36.97%, which is greater than CBOO's maximum drawdown of -2.34%. Use the drawdown chart below to compare losses from any high point for BTRN and CBOO.

Drawdown Indicators

	BTRN	CBOO	Difference
Max Drawdown Largest peak-to-trough decline	-36.97%	-2.34%	-34.63%
Max Drawdown (1Y) Largest decline over 1 year	-25.29%	—	—
Current Drawdown Current decline from peak	-25.22%	-1.70%	-23.52%
Average Drawdown Average peak-to-trough decline	-14.43%	-1.61%	-12.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.76%	—	—

Volatility

Volatility by Period

	BTRN	CBOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.93%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.35%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.84%	2.14%	+17.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.94%	2.14%	+28.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.94%	2.14%	+28.80%

BTRN vs. CBOO - Expense Ratio Comparison

BTRN has a 0.95% expense ratio, which is higher than CBOO's 0.69% expense ratio.

Dividends

BTRN vs. CBOO - Dividend Comparison

BTRN's dividend yield for the trailing twelve months is around 30.57%, more than CBOO's 0.57% yield.

Position	TTM	2025	2024
BTRN Global X Bitcoin Trend Strategy ETF	30.57%	27.76%	2.56%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%	0.00%

Frequently Asked Questions

Can I hold both BTRN and CBOO in my portfolio?

BTRN and CBOO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BTRN or CBOO?

On fees, CBOO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BTRN or CBOO?

CBOO is cheaper with a 0.69% expense ratio, compared with 0.95% for BTRN.

Which ETF pays a higher dividend yield, BTRN or CBOO?

BTRN has the higher dividend yield at 30.57%, compared with 0.57% for CBOO.

What is the main difference between BTRN and CBOO?

BTRN is categorized as Cryptocurrency, while CBOO is Defined Outcome. They also come from different issuers: Global X and Calamos. Their fees differ too: 0.95% for BTRN and 0.69% for CBOO.