CBTO vs. BITO

Last updated Jun 20, 2026

CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - CBTO is a Defined Outcome fund actively managed by Calamos, while BITO is a Cryptocurrency fund actively managed by ProShares. Both are actively managed. Their correlation of 0.88 suggests significant overlap in exposure. CBTO charges 0.69%/yr vs 0.95%/yr for BITO.

Performance

CBTO vs. BITO - 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 ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBTO achieves a -8.37% return, which is significantly higher than BITO's -27.53% return.

CBTO

• 1D: -0.08%
• 1M: -1.30%
• YTD: -8.37%
• 6M: -9.05%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: 2.34%
• 1M: -15.24%
• YTD: -27.53%
• 6M: -28.30%
• 1Y: -40.14%
• 3Y*: 19.33%
• 5Y*: —
• 10Y*: —

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

CBTO vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.37%	-13.82%
BITO ProShares Bitcoin Strategy ETF	-27.53%	-31.03%

Correlation

The correlation between CBTO and BITO is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025	0.88

Return for Risk

CBTO vs. BITO — Risk / Return Rank

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

CBTO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BITO

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

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.

CBTO vs. BITO - 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 ProShares Bitcoin Strategy ETF (BITO). 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.

	CBTO	BITO	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.92	—
Sortino ratio: Return per unit of downside risk	—	-1.29	—
Omega ratio: Gain probability vs. loss probability	—	0.86	—
Calmar ratio: Return relative to maximum drawdown	—	-0.76	—
Martin ratio: Return relative to average drawdown	—	-1.29	—

Drawdowns

CBTO vs. BITO - Drawdown Comparison

The maximum CBTO drawdown since its inception was -21.19%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for CBTO and BITO.

Drawdown Indicators

	CBTO	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-21.19%	-77.86%	+56.67%
Max Drawdown (1Y) Largest decline over 1 year	—	-53.10%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-53.10%	—
Current Drawdown Current decline from peak	-21.19%	-50.02%	+28.83%
Average Drawdown Average peak-to-trough decline	-15.23%	-36.85%	+21.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	31.11%	—

Volatility

Volatility by Period

	CBTO	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.60%	—
Volatility (6M) Calculated over the trailing 6-month period	—	34.26%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.45%	44.05%	-31.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.45%	55.02%	-42.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.45%	55.02%	-42.57%

CBTO vs. BITO - Expense Ratio Comparison

CBTO has a 0.69% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

CBTO vs. BITO - Dividend Comparison

CBTO's dividend yield for the trailing twelve months is around 0.24%, less than BITO's 68.72% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	68.72%	78.29%	61.59%	15.14%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBTO and BITO in my portfolio?

CBTO and BITO have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBTO or BITO?

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 BITO?

CBTO is cheaper with a 0.69% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 68.72%, compared with 0.24% for CBTO.

What is the main difference between CBTO and BITO?

CBTO is categorized as Defined Outcome, while BITO is Cryptocurrency. They also come from different issuers: Calamos and ProShares. Their fees differ too: 0.69% for CBTO and 0.95% for BITO.