CBTO vs. ARKY

Last updated Jun 4, 2026

CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) and ARKY (ARK 21Shares Active Bitcoin Ethereum Strategy ETF) are both exchange-traded funds - CBTO is a Defined Outcome fund actively managed by Calamos, while ARKY is a Cryptocurrency fund actively managed by ARK. Both are actively managed. CBTO charges 0.69%/yr vs 1.00%/yr for ARKY.

Performance

CBTO vs. ARKY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin 80 Series Structured Alt Protection ETF - October (CBTO) and ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CBTO

• 1D: -0.16%
• 1M: -2.76%
• YTD: -8.23%
• 6M: -11.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ARKY

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

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

CBTO vs. ARKY - Yearly Performance Comparison

	2026 (YTD)
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-2.77%
ARKY ARK 21Shares Active Bitcoin Ethereum Strategy ETF	0.00%

Return for Risk

CBTO vs. ARKY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 80 Series Structured Alt Protection ETF - October (CBTO) and ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY). 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

	CBTO	ARKY	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-2.36	—	—

Drawdowns

CBTO vs. ARKY - Drawdown Comparison

The maximum CBTO drawdown since its inception was -21.08%, which is greater than ARKY's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for CBTO and ARKY.

Drawdown Indicators

	CBTO	ARKY	Difference
Max Drawdown Largest peak-to-trough decline	-21.08%	0.00%	-21.08%
Current Drawdown Current decline from peak	-21.08%	0.00%	-21.08%
Average Drawdown Average peak-to-trough decline	-14.93%	0.00%	-14.93%

Volatility

Volatility by Period

	CBTO	ARKY	Difference
Volatility (1Y) Calculated over the trailing 1-year period	12.88%	0.00%	+12.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.88%	0.00%	+12.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.88%	0.00%	+12.88%

CBTO vs. ARKY - Expense Ratio Comparison

CBTO has a 0.69% expense ratio, which is lower than ARKY's 1.00% expense ratio.

Dividends

CBTO vs. ARKY - Dividend Comparison

CBTO's dividend yield for the trailing twelve months is around 0.24%, while ARKY has not paid dividends to shareholders.

Position	TTM	2025
ARKY ARK 21Shares Active Bitcoin Ethereum Strategy ETF	0.00%	0.00%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%

Frequently Asked Questions

Which ETF is better, CBTO or ARKY?

On fees, CBTO 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, CBTO or ARKY?

CBTO is cheaper with a 0.69% expense ratio, compared with 1.00% for ARKY.

Which ETF pays a higher dividend yield, CBTO or ARKY?

CBTO has the higher dividend yield at 0.24%, compared with 0.00% for ARKY.

What is the main difference between CBTO and ARKY?

CBTO is categorized as Defined Outcome, while ARKY is Cryptocurrency. They also come from different issuers: Calamos and ARK. Their fees differ too: 0.69% for CBTO and 1.00% for ARKY.