CBTO vs. GBTC
CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - CBTO is a Defined Outcome fund actively managed by Calamos, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. CBTO is actively managed, while GBTC is passively managed. Their correlation of 0.85 means they have usually moved in the same direction. CBTO charges 0.69%/yr vs 1.50%/yr for GBTC.
Performance
CBTO vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, CBTO achieves a -8.07% return, which is significantly higher than GBTC's -26.58% return.
CBTO
- 1D
- 0.18%
- 1M
- 0.18%
- 6M
- -3.68%
- YTD
- -8.07%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
GBTC
- 1D
- 0.92%
- 1M
- 1.60%
- 6M
- -12.29%
- YTD
- -26.58%
- 1Y
- -43.85%
- 3Y*
- 37.71%
- 5Y*
- 6.87%
- 10Y*
- 50.04%
- ALL TIME*
- 54.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $173.83K | $130.79K | $209.27K | |
| $79.03M | $74.72M | $99.77M |
CBTO vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | -8.07% | -13.82% |
GBTC Grayscale Bitcoin Trust ETF | -26.58% | -30.55% |
Correlation
The correlation between CBTO and GBTC is 0.85, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025 | 0.85 |
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Return for Risk
CBTO vs. GBTC — Risk / Return Rank
CBTO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
GBTC
CBTO vs. GBTC - 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 Bitcoin Trust ETF (GBTC). 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 | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.84 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.82 | — |
| Martin ratioReturn relative to average drawdown | — | -1.24 | — |
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Drawdowns
CBTO vs. GBTC - Drawdown Comparison
The maximum CBTO drawdown since its inception was -21.27%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for CBTO and GBTC.
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Drawdown Indicators
| CBTO | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.27% | -89.91% | +68.64% |
Max Drawdown (1Y)Largest decline over 1 year | — | -53.75% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -53.75% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -85.42% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | -20.94% | -49.01% | +28.07% |
Average DrawdownAverage peak-to-trough decline | -16.14% | -43.52% | +27.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 35.33% | — |
Volatility
CBTO vs. GBTC - Volatility Comparison
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Volatility by Period
| CBTO | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 8.15% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 32.95% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 11.49% | 44.28% | -32.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.49% | 60.53% | -49.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.49% | 81.13% | -69.64% |
CBTO vs. GBTC - Expense Ratio Comparison
CBTO has a 0.69% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
CBTO vs. GBTC - Dividend Comparison
CBTO's dividend yield for the trailing twelve months is around 0.24%, while GBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | 0.24% | 0.22% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
Frequently Asked Questions
CBTO and GBTC have a correlation of 0.85, 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 1.50% for GBTC.
CBTO has the higher dividend yield at 0.24%, compared with 0.00% for GBTC.
CBTO is categorized as Defined Outcome, while GBTC is Cryptocurrency. They also come from different issuers: Calamos and Grayscale. Their fees differ too: 0.69% for CBTO and 1.50% for GBTC.
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