BWOW vs. CBTO

Last updated Jul 17, 2026

BWOW (Bitwise Dogecoin ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - BWOW is a Cryptocurrency fund tracking the DOGE/USD Exchange Rate - Benchmark Price Return, while CBTO is a Defined Outcome fund actively managed by Calamos. BWOW is passively managed, while CBTO is actively managed. A 0.70 correlation means they provide meaningful diversification when combined. BWOW charges 0.34%/yr vs 0.69%/yr for CBTO.

Performance

BWOW vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Dogecoin ETF (BWOW) and Calamos Bitcoin 80 Series Structured Alt Protection ETF - October (CBTO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BWOW achieves a -37.64% return, which is significantly lower than CBTO's -8.32% return.

BWOW

• 1D: -0.94%
• 1M: -16.13%
• 6M: -47.62%
• YTD: -37.64%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBTO

• 1D: -0.20%
• 1M: 0.05%
• 6M: -11.12%
• YTD: -8.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BWOW vs. CBTO - Yearly Performance Comparison

	2026 (YTD)	2025
BWOW Bitwise Dogecoin ETF	-37.64%	-22.26%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.32%	-1.00%

Correlation

The correlation between BWOW and CBTO is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 26, 2025	0.70

Return for Risk

BWOW vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Dogecoin ETF (BWOW) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

BWOW vs. CBTO - Drawdown Comparison

The maximum BWOW drawdown since its inception was -53.87%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for BWOW and CBTO.

Drawdown Indicators

	BWOW	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-53.87%	-21.27%	-32.60%
Current Drawdown Current decline from peak	-53.00%	-21.15%	-31.85%
Average Drawdown Average peak-to-trough decline	-32.40%	-15.78%	-16.62%

Volatility

Volatility by Period

	BWOW	CBTO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	70.56%	11.88%	+58.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.56%	11.88%	+58.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.56%	11.88%	+58.68%

BWOW vs. CBTO - Expense Ratio Comparison

BWOW has a 0.34% expense ratio, which is lower than CBTO's 0.69% expense ratio.

Dividends

BWOW vs. CBTO - Dividend Comparison

BWOW has not paid dividends to shareholders, while CBTO's dividend yield for the trailing twelve months is around 0.24%.

Position	TTM	2025
BWOW Bitwise Dogecoin ETF	0.00%	0.00%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%

Frequently Asked Questions

Can I hold both BWOW and CBTO in my portfolio?

BWOW and CBTO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BWOW or CBTO?

On fees, BWOW is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BWOW or CBTO?

BWOW is cheaper with a 0.34% expense ratio, compared with 0.69% for CBTO.

Which ETF pays a higher dividend yield, BWOW or CBTO?

CBTO has the higher dividend yield at 0.24%, compared with 0.00% for BWOW.

What is the main difference between BWOW and CBTO?

BWOW is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: Bitwise and Calamos. Their fees differ too: 0.34% for BWOW and 0.69% for CBTO.