CBTA vs. RBIL
CBTA (Calamos Bitcoin 80 Series Structured Alt Protection ETF - April) and RBIL (F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF) are both exchange-traded funds - CBTA is a Defined Outcome fund tracking the CBOE Bitcoin US ETF Index, while RBIL is a Inflation-Protected Bonds fund tracking the Bloomberg US Ultrashort TIPS 1-13 Months Index. Both are passively managed. Over the past year, CBTA returned -28.38% vs 4.57% for RBIL. At a correlation of -0.08, they often move in opposite directions. CBTA charges 0.69%/yr vs 0.17%/yr for RBIL.
Performance
CBTA vs. RBIL - Performance Comparison
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Returns By Period
In the year-to-date period, CBTA achieves a -23.76% return, which is significantly lower than RBIL's 2.70% return.
CBTA
- 1D
- -1.31%
- 1M
- -9.26%
- YTD
- -23.76%
- 6M
- -26.89%
- 1Y
- -28.38%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
RBIL
- 1D
- 0.06%
- 1M
- 0.38%
- YTD
- 2.70%
- 6M
- 2.79%
- 1Y
- 4.57%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBTA vs. RBIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April | -23.76% | 11.79% |
RBIL F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF | 2.70% | 1.98% |
Correlation
The correlation between CBTA and RBIL is -0.13, 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 (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2025 | -0.08 |
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Return for Risk
CBTA vs. RBIL — Risk / Return Rank
CBTA
RBIL
CBTA vs. RBIL - 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 F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL). 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.
| CBTA | RBIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.99 | ||
| Sortino ratioReturn per unit of downside risk | -9.25 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 2.39 | -1.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 17.00 | -17.77 |
| Martin ratioReturn relative to average drawdown | -1.42 | 70.66 | -72.08 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CBTA | RBIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.98 | 5.01 | -5.99 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.47 | 4.28 | -4.75 |
Drawdowns
CBTA vs. RBIL - Drawdown Comparison
The maximum CBTA drawdown since its inception was -36.74%, which is greater than RBIL's maximum drawdown of -0.50%. Use the drawdown chart below to compare losses from any high point for CBTA and RBIL.
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Drawdown Indicators
| CBTA | RBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.74% | -0.50% | -36.24% |
Max Drawdown (1Y)Largest decline over 1 year | -36.74% | -0.27% | -36.47% |
Current DrawdownCurrent decline from peak | -36.33% | 0.00% | -36.33% |
Average DrawdownAverage peak-to-trough decline | -12.99% | -0.06% | -12.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.01% | 0.07% | +19.94% |
Volatility
CBTA vs. RBIL - Volatility Comparison
Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) has a higher volatility of 4.51% compared to F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL) at 0.30%. This indicates that CBTA's price experiences larger fluctuations and is considered to be riskier than RBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBTA | RBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.51% | 0.30% | +4.21% |
Volatility (6M)Calculated over the trailing 6-month period | 24.83% | 0.79% | +24.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.99% | 0.92% | +28.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.68% | 1.05% | +26.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.68% | 1.05% | +26.63% |
CBTA vs. RBIL - Expense Ratio Comparison
CBTA has a 0.69% expense ratio, which is higher than RBIL's 0.17% expense ratio.
Dividends
CBTA vs. RBIL - Dividend Comparison
CBTA's dividend yield for the trailing twelve months is around 1.17%, less than RBIL's 4.60% yield.
| Position | TTM | 2025 |
|---|---|---|
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April | 1.17% | 0.89% |
RBIL F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF | 4.60% | 3.65% |
Frequently Asked Questions
CBTA and RBIL have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CBTA has higher volatility (4.51%) compared to RBIL (0.30%). In terms of maximum drawdown, CBTA dropped -36.74% vs RBIL's -0.50%.
On 1-year performance, RBIL leads with 4.57% vs -28.38% for CBTA. On fees, RBIL is cheaper at 0.17% per year. On volatility, RBIL has been the lower-risk option at 0.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, RBIL has performed better with a 4.57% return vs -28.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RBIL is cheaper with a 0.17% expense ratio, compared with 0.69% for CBTA.
RBIL has the higher dividend yield at 4.60%, compared with 1.17% for CBTA.
CBTA is categorized as Defined Outcome, while RBIL is Inflation-Protected Bonds. CBTA tracks CBOE Bitcoin US ETF Index, while RBIL tracks Bloomberg US Ultrashort TIPS 1-13 Months Index. They also come from different issuers: Calamos and F/m. Their fees differ too: 0.69% for CBTA and 0.17% for RBIL.
RBIL currently has the higher Sharpe Ratio (5.01 vs -0.98), 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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