CBOO vs. BTCC

Last updated Jun 4, 2026

CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) and BTCC (Grayscale Bitcoin Covered Call ETF) are both exchange-traded funds - CBOO is a Defined Outcome fund actively managed by Calamos, while BTCC is a Cryptocurrency fund actively managed by Grayscale. Both are actively managed. A 0.70 correlation means they provide meaningful diversification when combined. CBOO charges 0.69%/yr vs 0.66%/yr for BTCC.

Performance

CBOO vs. BTCC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin Structured Alt Protection ETF - October (CBOO) and Grayscale Bitcoin Covered Call ETF (BTCC). 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 higher than BTCC's -20.81% return.

CBOO

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

BTCC

• 1D: -2.53%
• 1M: -15.87%
• YTD: -20.81%
• 6M: -22.94%
• 1Y: -33.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOO vs. BTCC - Yearly Performance Comparison

	2026 (YTD)	2025
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	-0.04%	-1.62%
BTCC Grayscale Bitcoin Covered Call ETF	-20.81%	-20.99%

Correlation

The correlation between CBOO and BTCC 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 Oct 8, 2025	0.70

Return for Risk

CBOO vs. BTCC — Risk / Return Rank

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

BTCC

BTCC Risk / Return Rank: 2
BTCC Sharpe Ratio Rank: 1
BTCC Sortino Ratio Rank: 2
BTCC Omega Ratio Rank: 1
BTCC Calmar Ratio Rank: 3
BTCC Martin Ratio Rank: 1

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. BTCC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - October (CBOO) and Grayscale Bitcoin Covered Call ETF (BTCC). 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	BTCC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-1.02	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.19	-0.72	-0.47

Drawdowns

CBOO vs. BTCC - Drawdown Comparison

The maximum CBOO drawdown since its inception was -2.34%, smaller than the maximum BTCC drawdown of -44.40%. Use the drawdown chart below to compare losses from any high point for CBOO and BTCC.

Drawdown Indicators

	CBOO	BTCC	Difference
Max Drawdown Largest peak-to-trough decline	-2.34%	-44.40%	+42.06%
Max Drawdown (1Y) Largest decline over 1 year	—	-44.40%	—
Current Drawdown Current decline from peak	-1.72%	-39.44%	+37.72%
Average Drawdown Average peak-to-trough decline	-1.61%	-15.57%	+13.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	22.87%	—

Volatility

Volatility by Period

	CBOO	BTCC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.70%	—
Volatility (6M) Calculated over the trailing 6-month period	—	27.70%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.14%	32.92%	-30.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.14%	31.68%	-29.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.14%	31.68%	-29.54%

CBOO vs. BTCC - Expense Ratio Comparison

CBOO has a 0.69% expense ratio, which is higher than BTCC's 0.66% expense ratio.

Dividends

CBOO vs. BTCC - Dividend Comparison

CBOO's dividend yield for the trailing twelve months is around 0.57%, less than BTCC's 105.03% yield.

Position	TTM	2025
BTCC Grayscale Bitcoin Covered Call ETF	105.03%	63.86%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%

Frequently Asked Questions

Can I hold both CBOO and BTCC in my portfolio?

CBOO and BTCC 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, CBOO or BTCC?

On fees, BTCC is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBOO or BTCC?

BTCC is cheaper with a 0.66% expense ratio, compared with 0.69% for CBOO.

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

BTCC has the higher dividend yield at 105.03%, compared with 0.57% for CBOO.

What is the main difference between CBOO and BTCC?

CBOO is categorized as Defined Outcome, while BTCC is Cryptocurrency. They also come from different issuers: Calamos and Grayscale. Their fees differ too: 0.69% for CBOO and 0.66% for BTCC.