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 0.88 suggests significant overlap in exposure. 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 -8.41% return, which is significantly higher than GBTC's -29.27% return.
CBTO
- 1D
- -0.05%
- 1M
- -1.35%
- YTD
- -8.41%
- 6M
- -9.55%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GBTC
- 1D
- -3.22%
- 1M
- -17.84%
- YTD
- -29.27%
- 6M
- -29.42%
- 1Y
- -40.53%
- 3Y*
- 36.07%
- 5Y*
- 10.30%
- 10Y*
- 44.88%
CBTO vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | -8.41% | -13.82% |
GBTC Grayscale Bitcoin Trust ETF | -29.27% | -30.55% |
Correlation
The correlation between CBTO and GBTC is 0.88, 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 | 0.88 |
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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 | — | 0.86 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.78 | — |
| Martin ratioReturn relative to average drawdown | — | -1.32 | — |
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Drawdowns
CBTO vs. GBTC - Drawdown Comparison
The maximum CBTO drawdown since its inception was -21.23%, 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 | -21.23% | -89.91% | +68.68% |
Max Drawdown (1Y)Largest decline over 1 year | — | -52.45% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -52.45% | — |
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 | -21.23% | -50.88% | +29.65% |
Average DrawdownAverage peak-to-trough decline | -15.30% | -43.44% | +28.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 30.79% | — |
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 | — | 13.05% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 34.57% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 12.38% | 44.21% | -31.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.38% | 62.13% | -49.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.38% | 81.46% | -69.08% |
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 0.88, 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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