CBTY vs. MSOO

Last updated Jun 4, 2026

CBTY (Calamos Bitcoin 80 Series Structured Alt Protection ETF - July) and MSOO (Leverage Shares 2x Capped Accelerated MSTR Monthly ETF) are both Defined Outcome funds. CBTY is passively managed, while MSOO is actively managed. A 0.77 correlation means they provide meaningful diversification when combined. CBTY charges 0.69%/yr vs 0.78%/yr for MSOO.

Performance

CBTY vs. MSOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin 80 Series Structured Alt Protection ETF - July (CBTY) and Leverage Shares 2x Capped Accelerated MSTR Monthly ETF (MSOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBTY achieves a -11.11% return, which is significantly higher than MSOO's -23.81% return.

CBTY

• 1D: -0.03%
• 1M: -2.89%
• YTD: -11.11%
• 6M: -14.47%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSOO

• 1D: -6.75%
• 1M: -28.26%
• YTD: -23.81%
• 6M: -38.09%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBTY vs. MSOO - Yearly Performance Comparison

	2026 (YTD)	2025
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July	-11.11%	-16.17%
MSOO Leverage Shares 2x Capped Accelerated MSTR Monthly ETF	-23.81%	-60.78%

Correlation

The correlation between CBTY and MSOO is 0.77, 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 Aug 14, 2025	0.77

Return for Risk

CBTY vs. MSOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 80 Series Structured Alt Protection ETF - July (CBTY) and Leverage Shares 2x Capped Accelerated MSTR Monthly ETF (MSOO). 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.

Sharpe Ratios by Period

	CBTY	MSOO	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.33	-1.13	-0.21

Drawdowns

CBTY vs. MSOO - Drawdown Comparison

The maximum CBTY drawdown since its inception was -26.68%, smaller than the maximum MSOO drawdown of -72.39%. Use the drawdown chart below to compare losses from any high point for CBTY and MSOO.

Drawdown Indicators

	CBTY	MSOO	Difference
Max Drawdown Largest peak-to-trough decline	-26.68%	-72.39%	+45.71%
Current Drawdown Current decline from peak	-26.68%	-70.12%	+43.44%
Average Drawdown Average peak-to-trough decline	-14.52%	-47.41%	+32.89%

Volatility

Volatility by Period

	CBTY	MSOO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	17.11%	69.25%	-52.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.11%	69.25%	-52.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.11%	69.25%	-52.14%

CBTY vs. MSOO - Expense Ratio Comparison

CBTY has a 0.69% expense ratio, which is lower than MSOO's 0.78% expense ratio.

Dividends

CBTY vs. MSOO - Dividend Comparison

CBTY's dividend yield for the trailing twelve months is around 1.65%, less than MSOO's 2.13% yield.

Position	TTM	2025
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July	1.65%	1.47%
MSOO Leverage Shares 2x Capped Accelerated MSTR Monthly ETF	2.13%	1.63%

Frequently Asked Questions

Can I hold both CBTY and MSOO in my portfolio?

CBTY and MSOO have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBTY or MSOO?

On fees, CBTY is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBTY or MSOO?

CBTY is cheaper with a 0.69% expense ratio, compared with 0.78% for MSOO.

Which ETF pays a higher dividend yield, CBTY or MSOO?

MSOO has the higher dividend yield at 2.13%, compared with 1.65% for CBTY.

What is the main difference between CBTY and MSOO?

They also come from different issuers: Calamos and Leverage Shares. Their fees differ too: 0.69% for CBTY and 0.78% for MSOO.