CBXO vs. DFII

Last updated Jul 16, 2026

CBXO (Calamos Bitcoin 90 Series Structured Alt Protection ETF - October) and DFII (FT Vest Bitcoin Strategy & Target Income ETF) are both exchange-traded funds - CBXO is a Defined Outcome fund actively managed by Calamos, while DFII is a Cryptocurrency fund actively managed by First Trust. Both are actively managed. Their correlation of 0.83 suggests significant overlap in exposure. CBXO charges 0.69%/yr vs 0.85%/yr for DFII.

Performance

CBXO vs. DFII - 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 FT Vest Bitcoin Strategy & Target Income ETF (DFII). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBXO achieves a -3.49% return, which is significantly higher than DFII's -25.52% return.

CBXO

• 1D: 0.02%
• 1M: 0.14%
• 6M: -5.84%
• YTD: -3.49%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFII

• 1D: 0.65%
• 1M: -1.94%
• 6M: -32.38%
• YTD: -25.52%
• 1Y: -42.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBXO vs. DFII - Yearly Performance Comparison

	2026 (YTD)	2025
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	-3.49%	-8.05%
DFII FT Vest Bitcoin Strategy & Target Income ETF	-25.52%	-28.14%

Correlation

The correlation between CBXO and DFII is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025	0.83

Return for Risk

CBXO vs. DFII — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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.

DFII

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

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.

CBXO vs. DFII - 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 FT Vest Bitcoin Strategy & Target Income ETF (DFII). 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	DFII	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.02	—
Sortino ratio: Return per unit of downside risk	—	-1.49	—
Omega ratio: Gain probability vs. loss probability	—	0.83	—
Calmar ratio: Return relative to maximum drawdown	—	-0.84	—
Martin ratio: Return relative to average drawdown	—	-1.37	—

Drawdowns

CBXO vs. DFII - Drawdown Comparison

The maximum CBXO drawdown since its inception was -11.51%, smaller than the maximum DFII drawdown of -51.04%. Use the drawdown chart below to compare losses from any high point for CBXO and DFII.

Drawdown Indicators

	CBXO	DFII	Difference
Max Drawdown Largest peak-to-trough decline	-11.51%	-51.04%	+39.53%
Max Drawdown (1Y) Largest decline over 1 year	—	-51.04%	—
Current Drawdown Current decline from peak	-11.27%	-46.48%	+35.21%
Average Drawdown Average peak-to-trough decline	-8.87%	-21.50%	+12.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	31.47%	—

Volatility

Volatility by Period

	CBXO	DFII	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.56%	—
Volatility (6M) Calculated over the trailing 6-month period	—	33.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.68%	42.17%	-35.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.68%	40.88%	-34.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.68%	40.88%	-34.20%

CBXO vs. DFII - Expense Ratio Comparison

CBXO has a 0.69% expense ratio, which is lower than DFII's 0.85% expense ratio.

Dividends

CBXO vs. DFII - Dividend Comparison

CBXO's dividend yield for the trailing twelve months is around 0.53%, less than DFII's 26.98% yield.

Position	TTM	2025
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	0.53%	0.51%
DFII FT Vest Bitcoin Strategy & Target Income ETF	26.98%	15.51%

Frequently Asked Questions

Can I hold both CBXO and DFII in my portfolio?

CBXO and DFII have a correlation of 0.83, 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 DFII?

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 DFII?

CBXO is cheaper with a 0.69% expense ratio, compared with 0.85% for DFII.

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

DFII has the higher dividend yield at 26.98%, compared with 0.53% for CBXO.

What is the main difference between CBXO and DFII?

CBXO is categorized as Defined Outcome, while DFII is Cryptocurrency. They also come from different issuers: Calamos and First Trust. Their fees differ too: 0.69% for CBXO and 0.85% for DFII.