CEPI vs. CBTO

Last updated Jun 24, 2026

CEPI (REX Crypto Equity Premium Income ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - CEPI is a Cryptocurrency fund actively managed by REX, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. A 0.64 correlation means they provide meaningful diversification when combined. CEPI charges 0.85%/yr vs 0.69%/yr for CBTO.

Performance

CEPI vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in REX Crypto Equity Premium Income ETF (CEPI) and Calamos Bitcoin 80 Series Structured Alt Protection ETF - October (CBTO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEPI achieves a 22.16% return, which is significantly higher than CBTO's -8.41% return.

CEPI

• 1D: -1.96%
• 1M: 3.45%
• YTD: 22.16%
• 6M: 19.60%
• 1Y: 32.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBTO

• 1D: -0.05%
• 1M: -1.35%
• YTD: -8.41%
• 6M: -9.55%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CEPI vs. CBTO - Yearly Performance Comparison

	2026 (YTD)	2025
CEPI REX Crypto Equity Premium Income ETF	22.16%	-11.62%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.41%	-13.82%

Correlation

The correlation between CEPI and CBTO is 0.64, 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 Oct 7, 2025	0.64

Return for Risk

CEPI vs. CBTO — Risk / Return Rank

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

CEPI

CEPI Risk / Return Rank: 32
CEPI Sharpe Ratio Rank: 35
CEPI Sortino Ratio Rank: 33
CEPI Omega Ratio Rank: 35
CEPI Calmar Ratio Rank: 31
CEPI Martin Ratio Rank: 27

CBTO

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

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.

CEPI vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX Crypto Equity Premium Income ETF (CEPI) and Calamos Bitcoin 80 Series Structured Alt Protection ETF - October (CBTO). 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.

	CEPI	CBTO	Difference
Sharpe ratio: Return per unit of total volatility	1.21	—	—
Sortino ratio: Return per unit of downside risk	1.69	—	—
Omega ratio: Gain probability vs. loss probability	1.23	—	—
Calmar ratio: Return relative to maximum drawdown	1.47	—	—
Martin ratio: Return relative to average drawdown	3.49	—	—

Drawdowns

CEPI vs. CBTO - Drawdown Comparison

The maximum CEPI drawdown since its inception was -29.48%, which is greater than CBTO's maximum drawdown of -21.23%. Use the drawdown chart below to compare losses from any high point for CEPI and CBTO.

Drawdown Indicators

	CEPI	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-29.48%	-21.23%	-8.25%
Max Drawdown (1Y) Largest decline over 1 year	-22.47%	—	—
Current Drawdown Current decline from peak	-1.96%	-21.23%	+19.27%
Average Drawdown Average peak-to-trough decline	-8.41%	-15.30%	+6.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.45%	—	—

Volatility

Volatility by Period

	CEPI	CBTO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.13%	—	—
Volatility (6M) Calculated over the trailing 6-month period	21.59%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	27.39%	12.38%	+15.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.62%	12.38%	+19.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.62%	12.38%	+19.24%

CEPI vs. CBTO - Expense Ratio Comparison

CEPI has a 0.85% expense ratio, which is higher than CBTO's 0.69% expense ratio.

Dividends

CEPI vs. CBTO - Dividend Comparison

CEPI's dividend yield for the trailing twelve months is around 44.52%, more than CBTO's 0.24% yield.

Position	TTM	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%
CEPI REX Crypto Equity Premium Income ETF	44.52%	50.78%

Frequently Asked Questions

Can I hold both CEPI and CBTO in my portfolio?

CEPI and CBTO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CEPI or CBTO?

On fees, CBTO 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, CEPI or CBTO?

CBTO is cheaper with a 0.69% expense ratio, compared with 0.85% for CEPI.

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

CEPI has the higher dividend yield at 44.52%, compared with 0.24% for CBTO.

What is the main difference between CEPI and CBTO?

CEPI is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: REX and Calamos. Their fees differ too: 0.85% for CEPI and 0.69% for CBTO.