CBTA vs. DBE
CBTA (Calamos Bitcoin 80 Series Structured Alt Protection ETF - April) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - CBTA is a Defined Outcome fund tracking the CBOE Bitcoin US ETF Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past year, CBTA returned -33.22% vs 57.60% for DBE. Their -0.06 correlation means they have often moved in opposite directions in the past. CBTA charges 0.69%/yr vs 0.78%/yr for DBE.
Performance
CBTA vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, CBTA achieves a -23.99% return, which is significantly lower than DBE's 63.53% return.
CBTA
- 1D
- 0.43%
- 1M
- 1.07%
- 6M
- -11.46%
- YTD
- -23.99%
- 1Y
- -33.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -11.52%
DBE
- 1D
- -0.24%
- 1M
- 9.43%
- 6M
- 46.31%
- YTD
- 63.53%
- 1Y
- 57.60%
- 3Y*
- 13.46%
- 5Y*
- 16.54%
- 10Y*
- 11.73%
- ALL TIME*
- 2.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $19.36K | $35.38K | $32.18K | |
| $1.42M | $1.12M | $1.57M |
CBTA vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April | -23.99% | 11.82% |
DBE Invesco DB Energy Fund | 63.53% | 2.29% |
Correlation
The correlation between CBTA and DBE is -0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.09 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025 | -0.06 |
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Return for Risk
CBTA vs. DBE — Risk / Return Rank
CBTA
DBE
CBTA vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) and Invesco DB Energy Fund (DBE). 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.
| CBTA | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.67 | ||
| Sortino ratioReturn per unit of downside risk | -3.73 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.26 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 2.34 | -3.18 |
| Martin ratioReturn relative to average drawdown | -1.32 | 7.22 | -8.54 |
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Drawdowns
CBTA vs. DBE - Drawdown Comparison
The maximum CBTA drawdown since its inception was -39.83%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for CBTA and DBE.
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Drawdown Indicators
| CBTA | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.83% | -86.69% | +46.86% |
Max Drawdown (1Y)Largest decline over 1 year | -39.83% | -24.72% | -15.11% |
Max Drawdown (3Y)Largest decline over 3 years | — | -24.72% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -36.52% | -37.92% | +1.40% |
Average DrawdownAverage peak-to-trough decline | -16.09% | -57.12% | +41.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.26% | 8.00% | +17.26% |
Volatility
CBTA vs. DBE - Volatility Comparison
The current volatility for Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) is 4.56%, while Invesco DB Energy Fund (DBE) has a volatility of 15.65%. This indicates that CBTA experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBTA | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.56% | 15.65% | -11.09% |
Volatility (6M)Calculated over the trailing 6-month period | 20.43% | 33.76% | -13.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.37% | 37.85% | -8.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.71% | 30.19% | -3.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.71% | 28.63% | -1.92% |
CBTA vs. DBE - Expense Ratio Comparison
CBTA has a 0.69% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
CBTA vs. DBE - Dividend Comparison
CBTA's dividend yield for the trailing twelve months is around 1.18%, less than DBE's 2.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April | 1.18% | 0.89% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DBE Invesco DB Energy Fund | 2.36% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
Frequently Asked Questions
CBTA and DBE have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (15.65%) compared to CBTA (4.56%). In terms of maximum drawdown, CBTA dropped -39.83% vs DBE's -86.69%.
On 1-year performance, DBE leads with 57.60% vs -33.22% for CBTA. On fees, CBTA is cheaper at 0.69% per year. On volatility, CBTA has been the lower-risk option at 4.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DBE has performed better with a 57.60% return vs -33.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CBTA is cheaper with a 0.69% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.36%, compared with 1.18% for CBTA.
CBTA is categorized as Defined Outcome, while DBE is Oil & Gas. CBTA tracks CBOE Bitcoin US ETF Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Calamos and Invesco. Their fees differ too: 0.69% for CBTA and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.53 vs -1.13), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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