CBOO vs. BITI
CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) and BITI (ProShares Short 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. CBOO is actively managed, while BITI is passively managed. Their -0.69 correlation means they have often moved in opposite directions in the past. CBOO charges 0.69%/yr vs 1.03%/yr for BITI.
Performance
CBOO vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, CBOO achieves a 0.43% return, which is significantly lower than BITI's 24.60% return.
CBOO
- 1D
- 0.00%
- 1M
- 0.27%
- 6M
- 0.71%
- YTD
- 0.43%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
BITI
- 1D
- -0.50%
- 1M
- -4.51%
- 6M
- 10.22%
- YTD
- 24.60%
- 1Y
- 57.95%
- 3Y*
- -32.46%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -35.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $22.17M | $25.84M | $38.74M | |
| $37.37K | $26.33K | $18.92K |
CBOO vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBOO Calamos Bitcoin Structured Alt Protection ETF - October | 0.43% | -1.66% |
BITI ProShares Short Bitcoin ETF | 24.60% | 39.29% |
Correlation
The correlation between CBOO and BITI is -0.69, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025 | -0.69 |
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Return for Risk
CBOO vs. BITI — Risk / Return Rank
CBOO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BITI
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 Short 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.
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.
| CBOO | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.23 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.30 | — |
| Martin ratioReturn relative to average drawdown | — | 5.60 | — |
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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.
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Drawdown Indicators
| CBOO | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -1.26% | -86.40% | +85.14% |
Average DrawdownAverage peak-to-trough decline | -1.58% | -68.62% | +67.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 10.37% | — |
Volatility
CBOO vs. BITI - Volatility Comparison
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Volatility by Period
| CBOO | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 8.18% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 32.69% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.95% | 44.17% | -42.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.95% | 51.98% | -50.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.95% | 51.98% | -50.03% |
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 21.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 21.91% | 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
CBOO and BITI have a correlation of -0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
CBOO is cheaper with a 0.69% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 21.91%, compared with 0.57% for CBOO.
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.
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