CBTO vs. QB
CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) and QB (ProShares Nasdaq-100 Dynamic Daily Buffer ETF) are both Defined Outcome funds. CBTO is actively managed, while QB is passively managed. At a 0.43 correlation, their price movements are largely independent. CBTO charges 0.69%/yr vs 0.58%/yr for QB.
Performance
CBTO vs. QB - Performance Comparison
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Returns By Period
In the year-to-date period, CBTO achieves a -8.32% return, which is significantly lower than QB's 10.26% return.
CBTO
- 1D
- -0.10%
- 1M
- -3.47%
- YTD
- -8.32%
- 6M
- -10.84%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QB
- 1D
- -0.19%
- 1M
- 2.03%
- YTD
- 10.26%
- 6M
- 9.81%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBTO vs. QB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | -8.32% | -13.81% |
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF | 10.26% | 2.83% |
Correlation
The correlation between CBTO and QB is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 8, 2025 | 0.43 |
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Return for Risk
CBTO vs. QB - 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 ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB). 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| CBTO | QB | Difference | |
|---|---|---|---|
Sharpe Ratio (All Time)Calculated using the full available price history | -2.36 | 3.12 | -5.48 |
Drawdowns
CBTO vs. QB - Drawdown Comparison
The maximum CBTO drawdown since its inception was -21.15%, which is greater than QB's maximum drawdown of -1.83%. Use the drawdown chart below to compare losses from any high point for CBTO and QB.
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Drawdown Indicators
| CBTO | QB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.15% | -1.83% | -19.32% |
Current DrawdownCurrent decline from peak | -21.15% | -0.49% | -20.66% |
Average DrawdownAverage peak-to-trough decline | -14.96% | -0.35% | -14.61% |
Volatility
CBTO vs. QB - Volatility Comparison
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Volatility by Period
| CBTO | QB | Difference | |
|---|---|---|---|
Volatility (1Y)Calculated over the trailing 1-year period | 12.84% | 5.74% | +7.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.84% | 5.74% | +7.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.84% | 5.74% | +7.10% |
CBTO vs. QB - Expense Ratio Comparison
CBTO has a 0.69% expense ratio, which is higher than QB's 0.58% expense ratio.
Dividends
CBTO vs. QB - Dividend Comparison
CBTO's dividend yield for the trailing twelve months is around 0.24%, less than QB's 0.62% yield.
| Position | TTM | 2025 |
|---|---|---|
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | 0.24% | 0.22% |
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF | 0.62% | 0.48% |
Frequently Asked Questions
CBTO and QB have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, QB is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.
QB is cheaper with a 0.58% expense ratio, compared with 0.69% for CBTO.
QB has the higher dividend yield at 0.62%, compared with 0.24% for CBTO.
They also come from different issuers: Calamos and ProShares. Their fees differ too: 0.69% for CBTO and 0.58% for QB.
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