CBTO vs. CAGE

Last updated Aug 1, 2026

CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) and CAGE (Calamos Autocallable Growth ETF) are both Defined Outcome funds from Calamos. Both are actively managed. Their 0.24 correlation means their historical movements had little consistent relationship. CBTO charges 0.69%/yr vs 0.74%/yr for CAGE.

Performance

CBTO vs. CAGE - 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 Calamos Autocallable Growth ETF (CAGE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CBTO

• 1D: 0.02%
• 1M: 0.10%
• 6M: -6.76%
• YTD: -8.21%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

CAGE

• 1D: 1.21%
• 1M: -0.07%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAGE Calamos Autocallable Growth ETF	$2.32M	$3.14M	$2.71M
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	$159.82K	$137.82K	$229.26K

CBTO vs. CAGE - Yearly Performance Comparison

	2026 (YTD)
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-2.17%
CAGE Calamos Autocallable Growth ETF	10.43%

Correlation

The correlation between CBTO and CAGE is 0.24, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 16, 2026	0.24

Return for Risk

CBTO vs. CAGE - 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 Calamos Autocallable Growth ETF (CAGE). 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.

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

Drawdowns

CBTO vs. CAGE - Drawdown Comparison

The maximum CBTO drawdown since its inception was -21.27%, which is greater than CAGE's maximum drawdown of -6.67%. Use the drawdown chart below to compare losses from any high point for CBTO and CAGE.

Drawdown Indicators

	CBTO	CAGE	Difference
Max Drawdown Largest peak-to-trough decline	-21.27%	-6.67%	-14.60%
Current Drawdown Current decline from peak	-21.06%	-2.98%	-18.08%
Average Drawdown Average peak-to-trough decline	-16.07%	-2.05%	-14.02%

Volatility

Volatility by Period

	CBTO	CAGE	Difference
Volatility (1Y) Calculated over the trailing 1-year period	11.56%	21.63%	-10.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.56%	21.63%	-10.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.56%	21.63%	-10.07%

CBTO vs. CAGE - Expense Ratio Comparison

CBTO has a 0.69% expense ratio, which is lower than CAGE's 0.74% expense ratio.

Dividends

CBTO vs. CAGE - Dividend Comparison

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

Position	TTM	2025
CAGE Calamos Autocallable Growth ETF	0.00%	0.00%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%

Frequently Asked Questions

Can I hold both CBTO and CAGE in my portfolio?

CBTO and CAGE have a correlation of 0.24, 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 CAGE?

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 CAGE?

CBTO is cheaper with a 0.69% expense ratio, compared with 0.74% for CAGE.

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

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

What is the main difference between CBTO and CAGE?

Their fees differ too: 0.69% for CBTO and 0.74% for CAGE.