CBTY vs. QMAR

Last updated Jun 4, 2026

CBTY (Calamos Bitcoin 80 Series Structured Alt Protection ETF - July) and QMAR (FT Cboe Vest Nasdaq-100 Buffer ETF - March) are both exchange-traded funds - CBTY is a Defined Outcome fund tracking the CBOE Bitcoin US ETF Index, while QMAR is a Nasdaq-100 fund actively managed by First Trust. CBTY is passively managed, while QMAR is actively managed. At a 0.37 correlation, their price movements are largely independent. CBTY charges 0.69%/yr vs 0.90%/yr for QMAR.

Performance

CBTY vs. QMAR - 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 FT Cboe Vest Nasdaq-100 Buffer ETF - March (QMAR). 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 lower than QMAR's 13.06% return.

CBTY

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

QMAR

• 1D: -0.09%
• 1M: 2.81%
• YTD: 13.06%
• 6M: 14.01%
• 1Y: 23.38%
• 3Y*: 16.73%
• 5Y*: 12.13%
• 10Y*: —

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

CBTY vs. QMAR - Yearly Performance Comparison

	2026 (YTD)	2025
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July	-11.11%	-10.93%
QMAR FT Cboe Vest Nasdaq-100 Buffer ETF - March	13.06%	6.49%

Correlation

The correlation between CBTY and QMAR is 0.37, 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 Jul 9, 2025	0.37

Return for Risk

CBTY vs. QMAR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QMAR

QMAR Risk / Return Rank: 96
QMAR Sharpe Ratio Rank: 95
QMAR Sortino Ratio Rank: 97
QMAR Omega Ratio Rank: 97
QMAR Calmar Ratio Rank: 94
QMAR Martin Ratio Rank: 97

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CBTY vs. QMAR - 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 FT Cboe Vest Nasdaq-100 Buffer ETF - March (QMAR). 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	QMAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.86	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.33	0.91	-2.24

Drawdowns

CBTY vs. QMAR - Drawdown Comparison

The maximum CBTY drawdown since its inception was -26.68%, which is greater than QMAR's maximum drawdown of -19.83%. Use the drawdown chart below to compare losses from any high point for CBTY and QMAR.

Drawdown Indicators

	CBTY	QMAR	Difference
Max Drawdown Largest peak-to-trough decline	-26.68%	-19.83%	-6.85%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.21%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-15.91%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.83%	—
Current Drawdown Current decline from peak	-26.68%	-0.19%	-26.49%
Average Drawdown Average peak-to-trough decline	-14.52%	-3.28%	-11.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.45%	—

Volatility

Volatility by Period

	CBTY	QMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.27%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.85%	—
Volatility (1Y) Calculated over the trailing 1-year period	17.11%	6.09%	+11.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.11%	13.97%	+3.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.11%	13.85%	+3.26%

CBTY vs. QMAR - Expense Ratio Comparison

CBTY has a 0.69% expense ratio, which is lower than QMAR's 0.90% expense ratio.

Dividends

CBTY vs. QMAR - Dividend Comparison

CBTY's dividend yield for the trailing twelve months is around 1.65%, while QMAR has not paid dividends to shareholders.

Position	TTM	2025
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July	1.65%	1.47%
QMAR FT Cboe Vest Nasdaq-100 Buffer ETF - March	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBTY and QMAR in my portfolio?

CBTY and QMAR have a correlation of 0.37, 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 QMAR?

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 QMAR?

CBTY is cheaper with a 0.69% expense ratio, compared with 0.90% for QMAR.

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

CBTY has the higher dividend yield at 1.65%, compared with 0.00% for QMAR.

What is the main difference between CBTY and QMAR?

CBTY is categorized as Defined Outcome, while QMAR is Nasdaq-100. They also come from different issuers: Calamos and First Trust. Their fees differ too: 0.69% for CBTY and 0.90% for QMAR.