CBTO vs. TDOT

Last updated Jun 24, 2026

CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) and TDOT (21Shares Polkadot ETF) are both exchange-traded funds - CBTO is a Defined Outcome fund actively managed by Calamos, while TDOT is a Cryptocurrency fund tracking the DOT/USD Exchange Rate - Benchmark Price Return. CBTO is actively managed, while TDOT is passively managed. At a 0.44 correlation, their price movements are largely independent. CBTO charges 0.69%/yr vs 0.30%/yr for TDOT.

Performance

CBTO vs. TDOT - 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 21Shares Polkadot ETF (TDOT). 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*: —

TDOT

• 1D: -4.25%
• 1M: -29.29%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBTO vs. TDOT - Yearly Performance Comparison

	2026 (YTD)
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-2.87%
TDOT 21Shares Polkadot ETF	-37.69%

Correlation

The correlation between CBTO and TDOT is 0.44, 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 Mar 6, 2026	0.44

Return for Risk

CBTO vs. TDOT - 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 21Shares Polkadot ETF (TDOT). 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. TDOT - Drawdown Comparison

The maximum CBTO drawdown since its inception was -21.23%, smaller than the maximum TDOT drawdown of -43.45%. Use the drawdown chart below to compare losses from any high point for CBTO and TDOT.

Drawdown Indicators

	CBTO	TDOT	Difference
Max Drawdown Largest peak-to-trough decline	-21.23%	-43.45%	+22.22%
Current Drawdown Current decline from peak	-21.23%	-43.45%	+22.22%
Average Drawdown Average peak-to-trough decline	-15.30%	-21.48%	+6.18%

Volatility

Volatility by Period

	CBTO	TDOT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	12.38%	64.86%	-52.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.38%	64.86%	-52.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.38%	64.86%	-52.48%

CBTO vs. TDOT - Expense Ratio Comparison

CBTO has a 0.69% expense ratio, which is higher than TDOT's 0.30% expense ratio.

Dividends

CBTO vs. TDOT - Dividend Comparison

CBTO's dividend yield for the trailing twelve months is around 0.24%, less than TDOT's 0.83% yield.

Position	TTM	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%
TDOT 21Shares Polkadot ETF	0.83%	0.00%

Frequently Asked Questions

Can I hold both CBTO and TDOT in my portfolio?

CBTO and TDOT have a correlation of 0.44, 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 TDOT?

On fees, TDOT is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBTO or TDOT?

TDOT is cheaper with a 0.30% expense ratio, compared with 0.69% for CBTO.

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

TDOT has the higher dividend yield at 0.83%, compared with 0.24% for CBTO.

What is the main difference between CBTO and TDOT?

CBTO is categorized as Defined Outcome, while TDOT is Cryptocurrency. They also come from different issuers: Calamos and 21Shares. Their fees differ too: 0.69% for CBTO and 0.30% for TDOT.