CBTO vs. CCEF
CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) and CCEF (Calamos CEF Income & Arbitrage ETF) are both exchange-traded funds - CBTO is a Defined Outcome fund actively managed by Calamos, while CCEF is a Dividend fund actively managed by Calamos. Both are actively managed. Their 0.37 correlation means their historical movements had little consistent relationship. CBTO charges 0.69%/yr vs 2.74%/yr for CCEF.
Performance
CBTO vs. CCEF - Performance Comparison
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Returns By Period
In the year-to-date period, CBTO achieves a -8.21% return, which is significantly lower than CCEF's 6.53% return.
CBTO
- 1D
- 0.02%
- 1M
- 0.10%
- 6M
- -6.76%
- YTD
- -8.21%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
CCEF
- 1D
- 0.34%
- 1M
- -0.32%
- 6M
- 3.30%
- YTD
- 6.53%
- 1Y
- 12.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 14.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $159.82K | $137.82K | $229.26K | |
| $74.18K | $103.33K | $101.25K |
CBTO vs. CCEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | -8.21% | -13.82% |
CCEF Calamos CEF Income & Arbitrage ETF | 6.53% | 1.84% |
Correlation
The correlation between CBTO and CCEF is 0.37, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025 | 0.37 |
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Return for Risk
CBTO vs. CCEF — Risk / Return Rank
CBTO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CCEF
CBTO vs. CCEF - 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 CEF Income & Arbitrage ETF (CCEF). 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 | CCEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.27 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.58 | — |
| Martin ratioReturn relative to average drawdown | — | 6.74 | — |
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Drawdowns
CBTO vs. CCEF - Drawdown Comparison
The maximum CBTO drawdown since its inception was -21.27%, which is greater than CCEF's maximum drawdown of -13.25%. Use the drawdown chart below to compare losses from any high point for CBTO and CCEF.
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Drawdown Indicators
| CBTO | CCEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.27% | -13.25% | -8.02% |
Max Drawdown (1Y)Largest decline over 1 year | — | -7.75% | — |
Current DrawdownCurrent decline from peak | -21.06% | -0.86% | -20.20% |
Average DrawdownAverage peak-to-trough decline | -16.07% | -1.32% | -14.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.81% | — |
Volatility
CBTO vs. CCEF - Volatility Comparison
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Volatility by Period
| CBTO | CCEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 2.06% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 7.14% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 11.56% | 8.41% | +3.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.56% | 10.66% | +0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.56% | 10.66% | +0.90% |
CBTO vs. CCEF - Expense Ratio Comparison
CBTO has a 0.69% expense ratio, which is lower than CCEF's 2.74% expense ratio.
Dividends
CBTO vs. CCEF - Dividend Comparison
CBTO's dividend yield for the trailing twelve months is around 0.24%, less than CCEF's 8.01% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | 0.24% | 0.22% | 0.00% |
CCEF Calamos CEF Income & Arbitrage ETF | 7.36% | 8.08% | 6.55% |
Frequently Asked Questions
CBTO and CCEF have a correlation of 0.37, 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 2.74% for CCEF.
CCEF has the higher dividend yield at 7.36%, compared with 0.24% for CBTO.
CBTO is categorized as Defined Outcome, while CCEF is Dividend. Their fees differ too: 0.69% for CBTO and 2.74% for CCEF.
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