CBTO vs. DOJE

Last updated Jul 11, 2026

CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) and DOJE (REX-Osprey DOGE ETF) are both exchange-traded funds - CBTO is a Defined Outcome fund actively managed by Calamos, while DOJE is a Cryptocurrency fund tracking the Dogecoin (DOGE) spot price. CBTO is actively managed, while DOJE is passively managed. A 0.74 correlation means they provide meaningful diversification when combined. CBTO charges 0.69%/yr vs 1.50%/yr for DOJE.

Performance

CBTO vs. DOJE - 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 REX-Osprey DOGE ETF (DOJE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBTO achieves a -8.41% return, which is significantly higher than DOJE's -37.03% return.

CBTO

• 1D: -0.10%
• 1M: -0.10%
• 6M: -9.35%
• YTD: -8.41%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DOJE

• 1D: 1.41%
• 1M: -15.39%
• 6M: -47.40%
• YTD: -37.03%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBTO vs. DOJE - Yearly Performance Comparison

	2026 (YTD)	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.41%	-13.82%
DOJE REX-Osprey DOGE ETF	-37.03%	-56.52%

Correlation

The correlation between CBTO and DOJE is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025	0.74

Return for Risk

CBTO vs. DOJE - 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 REX-Osprey DOGE ETF (DOJE). 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. DOJE - Drawdown Comparison

The maximum CBTO drawdown since its inception was -21.27%, smaller than the maximum DOJE drawdown of -74.75%. Use the drawdown chart below to compare losses from any high point for CBTO and DOJE.

Drawdown Indicators

	CBTO	DOJE	Difference
Max Drawdown Largest peak-to-trough decline	-21.27%	-74.75%	+53.48%
Current Drawdown Current decline from peak	-21.23%	-74.09%	+52.86%
Average Drawdown Average peak-to-trough decline	-15.67%	-54.48%	+38.81%

Volatility

Volatility by Period

	CBTO	DOJE	Difference
Volatility (1Y) Calculated over the trailing 1-year period	11.99%	76.21%	-64.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.99%	76.21%	-64.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.99%	76.21%	-64.22%

CBTO vs. DOJE - Expense Ratio Comparison

CBTO has a 0.69% expense ratio, which is lower than DOJE's 1.50% expense ratio.

Dividends

CBTO vs. DOJE - Dividend Comparison

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

Position	TTM	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%
DOJE REX-Osprey DOGE ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBTO and DOJE in my portfolio?

CBTO and DOJE have a correlation of 0.74, 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 DOJE?

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 DOJE?

CBTO is cheaper with a 0.69% expense ratio, compared with 1.50% for DOJE.

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

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

What is the main difference between CBTO and DOJE?

CBTO is categorized as Defined Outcome, while DOJE is Cryptocurrency. They also come from different issuers: Calamos and REX-Osprey. Their fees differ too: 0.69% for CBTO and 1.50% for DOJE.