CBTO vs. BLOX
CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) and BLOX (Nicholas Crypto Income ETF) are both exchange-traded funds - CBTO is a Defined Outcome fund actively managed by Calamos, while BLOX is a Cryptocurrency fund actively managed by Nicholas. Both are actively managed. Their 0.65 correlation means they have sometimes moved together and sometimes differently. CBTO charges 0.69%/yr vs 1.03%/yr for BLOX.
Performance
CBTO vs. BLOX - Performance Comparison
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Returns By Period
In the year-to-date period, CBTO achieves a -8.07% return, which is significantly lower than BLOX's -5.31% return.
CBTO
- 1D
- 0.18%
- 1M
- 0.18%
- 6M
- -3.68%
- YTD
- -8.07%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
BLOX
- 1D
- -2.41%
- 1M
- -8.15%
- 6M
- 4.21%
- YTD
- -5.31%
- 1Y
- -10.40%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.84M | $4.79M | $6.14M | |
| $173.83K | $130.79K | $209.27K |
CBTO vs. BLOX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | -8.07% | -13.82% |
BLOX Nicholas Crypto Income ETF | -5.31% | -29.59% |
Correlation
The correlation between CBTO and BLOX is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025 | 0.65 |
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Return for Risk
CBTO vs. BLOX — Risk / Return Rank
CBTO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BLOX
CBTO vs. BLOX - 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 Nicholas Crypto Income ETF (BLOX). 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 | BLOX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.01 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.22 | — |
| Martin ratioReturn relative to average drawdown | — | -0.40 | — |
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Drawdowns
CBTO vs. BLOX - Drawdown Comparison
The maximum CBTO drawdown since its inception was -21.27%, smaller than the maximum BLOX drawdown of -47.09%. Use the drawdown chart below to compare losses from any high point for CBTO and BLOX.
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Drawdown Indicators
| CBTO | BLOX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.27% | -47.09% | +25.82% |
Max Drawdown (1Y)Largest decline over 1 year | — | -47.09% | — |
Current DrawdownCurrent decline from peak | -20.94% | -34.54% | +13.60% |
Average DrawdownAverage peak-to-trough decline | -16.14% | -19.97% | +3.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 25.80% | — |
Volatility
CBTO vs. BLOX - Volatility Comparison
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Volatility by Period
| CBTO | BLOX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 19.79% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 42.97% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 11.49% | 56.88% | -45.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.49% | 55.01% | -43.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.49% | 55.01% | -43.52% |
CBTO vs. BLOX - Expense Ratio Comparison
CBTO has a 0.69% expense ratio, which is lower than BLOX's 1.03% expense ratio.
Dividends
CBTO vs. BLOX - Dividend Comparison
CBTO's dividend yield for the trailing twelve months is around 0.24%, less than BLOX's 49.77% yield.
| Position | TTM | 2025 |
|---|---|---|
BLOX Nicholas Crypto Income ETF | 49.77% | 22.69% |
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | 0.24% | 0.22% |
Frequently Asked Questions
CBTO and BLOX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
CBTO is cheaper with a 0.69% expense ratio, compared with 1.03% for BLOX.
BLOX has the higher dividend yield at 49.77%, compared with 0.24% for CBTO.
CBTO is categorized as Defined Outcome, while BLOX is Cryptocurrency. They also come from different issuers: Calamos and Nicholas. Their fees differ too: 0.69% for CBTO and 1.03% for BLOX.
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