CBTO vs. GAVA

Last updated Jun 24, 2026

CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) and GAVA (Grayscale Avalanche Staking ETF) are both exchange-traded funds - CBTO is a Defined Outcome fund actively managed by Calamos, while GAVA is a Cryptocurrency fund actively managed by Grayscale. Both are actively managed. A 0.66 correlation means they provide meaningful diversification when combined. CBTO charges 0.69%/yr vs 0.35%/yr for GAVA.

Performance

CBTO vs. GAVA - 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 Grayscale Avalanche Staking ETF (GAVA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CBTO

• 1D: -0.05%
• 1M: -1.35%
• YTD: -8.41%
• 6M: -9.55%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GAVA

• 1D: 1.42%
• 1M: -31.17%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBTO vs. GAVA - Yearly Performance Comparison

	2026 (YTD)
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-2.79%
GAVA Grayscale Avalanche Staking ETF	-33.56%

Correlation

The correlation between CBTO and GAVA is 0.66, 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 Mar 12, 2026	0.66

Return for Risk

CBTO vs. GAVA - 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 Grayscale Avalanche Staking ETF (GAVA). 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. GAVA - Drawdown Comparison

The maximum CBTO drawdown since its inception was -21.23%, smaller than the maximum GAVA drawdown of -38.90%. Use the drawdown chart below to compare losses from any high point for CBTO and GAVA.

Drawdown Indicators

	CBTO	GAVA	Difference
Max Drawdown Largest peak-to-trough decline	-21.23%	-38.90%	+17.67%
Current Drawdown Current decline from peak	-21.23%	-38.03%	+16.80%
Average Drawdown Average peak-to-trough decline	-15.30%	-13.59%	-1.71%

Volatility

Volatility by Period

	CBTO	GAVA	Difference
Volatility (1Y) Calculated over the trailing 1-year period	12.38%	54.19%	-41.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.38%	54.19%	-41.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.38%	54.19%	-41.81%

CBTO vs. GAVA - Expense Ratio Comparison

CBTO has a 0.69% expense ratio, which is higher than GAVA's 0.35% expense ratio.

Dividends

CBTO vs. GAVA - Dividend Comparison

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

Position	TTM	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%
GAVA Grayscale Avalanche Staking ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBTO and GAVA in my portfolio?

CBTO and GAVA have a correlation of 0.66, 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 GAVA?

On fees, GAVA is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBTO or GAVA?

GAVA is cheaper with a 0.35% expense ratio, compared with 0.69% for CBTO.

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

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

What is the main difference between CBTO and GAVA?

CBTO is categorized as Defined Outcome, while GAVA is Cryptocurrency. They also come from different issuers: Calamos and Grayscale. Their fees differ too: 0.69% for CBTO and 0.35% for GAVA.