CBOO vs. BITI

Last updated Jun 4, 2026

CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) and BITI (ProShares Shrt Bitcoin ETF) are both exchange-traded funds - CBOO is a Defined Outcome fund actively managed by Calamos, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-100%). CBOO is actively managed, while BITI is passively managed. At a correlation of -0.73, they often move in opposite directions. CBOO charges 0.69%/yr vs 1.03%/yr for BITI.

Performance

CBOO vs. BITI - Performance Comparison

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

Returns By Period

In the year-to-date period, CBOO achieves a -0.04% return, which is significantly lower than BITI's 24.06% return.

CBOO

• 1D: -0.04%
• 1M: -0.00%
• YTD: -0.04%
• 6M: -0.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: 2.69%
• 1M: 22.00%
• YTD: 24.06%
• 6M: 31.50%
• 1Y: 45.79%
• 3Y*: -34.09%
• 5Y*: —
• 10Y*: —

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

CBOO vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	-0.04%	-1.62%
BITI ProShares Shrt Bitcoin ETF	24.06%	35.08%

Correlation

The correlation between CBOO and BITI is -0.73, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 8, 2025	-0.73

Return for Risk

CBOO vs. BITI — Risk / Return Rank

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

BITI

BITI Risk / Return Rank: 30
BITI Sharpe Ratio Rank: 29
BITI Sortino Ratio Rank: 30
BITI Omega Ratio Rank: 28
BITI Calmar Ratio Rank: 36
BITI Martin Ratio Rank: 27

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.

CBOO vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - October (CBOO) and ProShares Shrt Bitcoin ETF (BITI). 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.

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

Sharpe Ratios by Period

	CBOO	BITI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.06	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.19	-0.72	-0.47

Drawdowns

CBOO vs. BITI - Drawdown Comparison

The maximum CBOO drawdown since its inception was -2.34%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for CBOO and BITI.

Drawdown Indicators

	CBOO	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-2.34%	-92.16%	+89.82%
Max Drawdown (1Y) Largest decline over 1 year	—	-25.28%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-1.72%	-86.46%	+84.74%
Average Drawdown Average peak-to-trough decline	-1.61%	-67.95%	+66.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	11.80%	—

Volatility

Volatility by Period

	CBOO	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.29%	—
Volatility (6M) Calculated over the trailing 6-month period	—	34.02%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.14%	43.52%	-41.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.14%	52.50%	-50.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.14%	52.50%	-50.36%

CBOO vs. BITI - Expense Ratio Comparison

CBOO has a 0.69% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

CBOO vs. BITI - Dividend Comparison

CBOO's dividend yield for the trailing twelve months is around 0.57%, less than BITI's 9.52% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Shrt Bitcoin ETF	9.52%	1.60%	3.91%	3.33%	0.06%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBOO and BITI in my portfolio?

CBOO and BITI 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.

Which ETF is better, CBOO or BITI?

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, CBOO or BITI?

CBOO is cheaper with a 0.69% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 9.52%, compared with 0.57% for CBOO.

What is the main difference between CBOO and BITI?

CBOO is categorized as Defined Outcome, while BITI is Cryptocurrency. They also come from different issuers: Calamos and ProShares. Their fees differ too: 0.69% for CBOO and 1.03% for BITI.