CBXO vs. BITU

Last updated Aug 5, 2026

CBXO (Calamos Bitcoin 90 Series Structured Alt Protection ETF - October) and BITU (Proshares Ultra Bitcoin ETF) are both exchange-traded funds - CBXO is a Defined Outcome fund actively managed by Calamos, while BITU is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross. CBXO is actively managed, while BITU is passively managed. Their correlation of 0.81 means they have usually moved in the same direction. CBXO charges 0.69%/yr vs 0.95%/yr for BITU.

Performance

CBXO vs. BITU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin 90 Series Structured Alt Protection ETF - October (CBXO) and Proshares Ultra Bitcoin ETF (BITU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBXO achieves a -3.32% return, which is significantly higher than BITU's -56.85% return.

CBXO

• 1D: 0.09%
• 1M: 0.43%
• 6M: -1.51%
• YTD: -3.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

BITU

• 1D: 1.18%
• 1M: 7.02%
• 6M: -41.26%
• YTD: -56.85%
• 1Y: -77.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -33.51%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITU Proshares Ultra Bitcoin ETF	$36.32M	$38.70M	$45.83M
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	$51.16K	$48.37K	$55.02K

CBXO vs. BITU - Yearly Performance Comparison

	2026 (YTD)	2025
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	-3.32%	-8.05%
BITU Proshares Ultra Bitcoin ETF	-56.85%	-55.28%

Correlation

The correlation between CBXO and BITU is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025	0.81

Return for Risk

CBXO vs. BITU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CBXO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BITU

BITU Risk / Return Rank: 2
BITU Sharpe Ratio Rank: 2
BITU Sortino Ratio Rank: 1
BITU Omega Ratio Rank: 1
BITU Calmar Ratio Rank: 1
BITU Martin Ratio Rank: 2

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CBXO vs. BITU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 90 Series Structured Alt Protection ETF - October (CBXO) and Proshares Ultra Bitcoin ETF (BITU). 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.

	CBXO	BITU	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.89	—
Sortino ratio: Return per unit of downside risk	—	-1.68	—
Omega ratio: Gain probability vs. loss probability	—	0.82	—
Calmar ratio: Return relative to maximum drawdown	—	-0.94	—
Martin ratio: Return relative to average drawdown	—	-1.30	—

Drawdowns

CBXO vs. BITU - Drawdown Comparison

The maximum CBXO drawdown since its inception was -11.51%, smaller than the maximum BITU drawdown of -83.45%. Use the drawdown chart below to compare losses from any high point for CBXO and BITU.

Drawdown Indicators

	CBXO	BITU	Difference
Max Drawdown Largest peak-to-trough decline	-11.51%	-83.45%	+71.94%
Max Drawdown (1Y) Largest decline over 1 year	—	-83.45%	—
Current Drawdown Current decline from peak	-11.11%	-80.70%	+69.59%
Average Drawdown Average peak-to-trough decline	-9.03%	-37.76%	+28.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	59.73%	—

Volatility

Volatility by Period

	CBXO	BITU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	16.04%	—
Volatility (6M) Calculated over the trailing 6-month period	—	66.33%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.46%	88.24%	-81.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.46%	95.93%	-89.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.46%	95.93%	-89.47%

CBXO vs. BITU - Expense Ratio Comparison

CBXO has a 0.69% expense ratio, which is lower than BITU's 0.95% expense ratio.

Dividends

CBXO vs. BITU - Dividend Comparison

CBXO's dividend yield for the trailing twelve months is around 0.52%, less than BITU's 79.54% yield.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	79.54%	50.23%	0.12%
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	0.52%	0.51%	0.00%

Frequently Asked Questions

Can I hold both CBXO and BITU in my portfolio?

CBXO and BITU have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBXO or BITU?

On fees, CBXO 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, CBXO or BITU?

CBXO is cheaper with a 0.69% expense ratio, compared with 0.95% for BITU.

Which ETF pays a higher dividend yield, CBXO or BITU?

BITU has the higher dividend yield at 79.54%, compared with 0.52% for CBXO.

What is the main difference between CBXO and BITU?

CBXO is categorized as Defined Outcome, while BITU is Cryptocurrency. They also come from different issuers: Calamos and ProShares. Their fees differ too: 0.69% for CBXO and 0.95% for BITU.