CBTO vs. FETH

Last updated Jul 11, 2026

CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) and FETH (Fidelity Ethereum Fund) are both exchange-traded funds - CBTO is a Defined Outcome fund actively managed by Calamos, while FETH is a Cryptocurrency fund tracking the Fidelity Ethereum Reference Rate Index. CBTO is actively managed, while FETH is passively managed. Their correlation of 0.83 suggests significant overlap in exposure. CBTO charges 0.69%/yr vs 0.25%/yr for FETH.

Performance

CBTO vs. FETH - 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 Fidelity Ethereum Fund (FETH). 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 FETH's -39.68% return.

CBTO

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

FETH

• 1D: 2.64%
• 1M: 7.72%
• 6M: -41.69%
• YTD: -39.68%
• 1Y: -40.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBTO vs. FETH - Yearly Performance Comparison

	2026 (YTD)	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.41%	-13.82%
FETH Fidelity Ethereum Fund	-39.68%	-37.27%

Correlation

The correlation between CBTO and FETH is 0.83, 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	0.83

Return for Risk

CBTO vs. FETH — 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.

FETH

FETH Risk / Return Rank: 5
FETH Sharpe Ratio Rank: 5
FETH Sortino Ratio Rank: 6
FETH Omega Ratio Rank: 6
FETH Calmar Ratio Rank: 5
FETH Martin Ratio Rank: 5

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. FETH - 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 Fidelity Ethereum Fund (FETH). 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	FETH	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.54	—
Sortino ratio: Return per unit of downside risk	—	-0.46	—
Omega ratio: Gain probability vs. loss probability	—	0.95	—
Calmar ratio: Return relative to maximum drawdown	—	-0.54	—
Martin ratio: Return relative to average drawdown	—	-0.85	—

Drawdowns

CBTO vs. FETH - Drawdown Comparison

The maximum CBTO drawdown since its inception was -21.27%, smaller than the maximum FETH drawdown of -67.94%. Use the drawdown chart below to compare losses from any high point for CBTO and FETH.

Drawdown Indicators

	CBTO	FETH	Difference
Max Drawdown Largest peak-to-trough decline	-21.27%	-67.94%	+46.67%
Max Drawdown (1Y) Largest decline over 1 year	—	-67.94%	—
Current Drawdown Current decline from peak	-21.23%	-63.10%	+41.87%
Average Drawdown Average peak-to-trough decline	-15.67%	-34.46%	+18.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	42.94%	—

Volatility

Volatility by Period

	CBTO	FETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	16.18%	—
Volatility (6M) Calculated over the trailing 6-month period	—	46.94%	—
Volatility (1Y) Calculated over the trailing 1-year period	11.99%	68.54%	-56.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.99%	71.93%	-59.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.99%	71.93%	-59.94%

CBTO vs. FETH - Expense Ratio Comparison

CBTO has a 0.69% expense ratio, which is higher than FETH's 0.25% expense ratio.

Dividends

CBTO vs. FETH - Dividend Comparison

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

Position	TTM	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%
FETH Fidelity Ethereum Fund	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBTO and FETH in my portfolio?

CBTO and FETH have a correlation of 0.83, 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 FETH?

On fees, FETH is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBTO or FETH?

FETH is cheaper with a 0.25% expense ratio, compared with 0.69% for CBTO.

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

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

What is the main difference between CBTO and FETH?

CBTO is categorized as Defined Outcome, while FETH is Cryptocurrency. They also come from different issuers: Calamos and Fidelity. Their fees differ too: 0.69% for CBTO and 0.25% for FETH.