EHY vs. CBTO

Last updated Jun 25, 2026

EHY (Amplify Ethereum Max Income Covered Call ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - EHY is a Cryptocurrency fund actively managed by Amplify, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. A 0.78 correlation means they provide meaningful diversification when combined. EHY charges 0.75%/yr vs 0.69%/yr for CBTO.

Performance

EHY vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Ethereum Max Income Covered Call ETF (EHY) 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, EHY achieves a -47.40% return, which is significantly lower than CBTO's -8.46% return.

EHY

• 1D: -5.18%
• 1M: -27.85%
• YTD: -47.40%
• 6M: -46.05%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBTO

• 1D: -0.05%
• 1M: -1.40%
• YTD: -8.46%
• 6M: -8.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EHY vs. CBTO - Yearly Performance Comparison

	2026 (YTD)	2025
EHY Amplify Ethereum Max Income Covered Call ETF	-47.40%	-25.56%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.46%	-14.00%

Correlation

The correlation between EHY and CBTO is 0.78, 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 9, 2025	0.78

Return for Risk

EHY vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Ethereum Max Income Covered Call ETF (EHY) 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.

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

Drawdowns

EHY vs. CBTO - Drawdown Comparison

The maximum EHY drawdown since its inception was -60.92%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for EHY and CBTO.

Drawdown Indicators

	EHY	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-60.92%	-21.27%	-39.65%
Current Drawdown Current decline from peak	-60.92%	-21.27%	-39.65%
Average Drawdown Average peak-to-trough decline	-34.87%	-15.33%	-19.54%

Volatility

Volatility by Period

	EHY	CBTO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	60.88%	12.34%	+48.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.88%	12.34%	+48.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.88%	12.34%	+48.54%

EHY vs. CBTO - Expense Ratio Comparison

EHY has a 0.75% expense ratio, which is higher than CBTO's 0.69% expense ratio.

Dividends

EHY vs. CBTO - Dividend Comparison

EHY's dividend yield for the trailing twelve months is around 56.77%, more than CBTO's 0.24% yield.

Position	TTM	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%
EHY Amplify Ethereum Max Income Covered Call ETF	56.77%	8.87%

Frequently Asked Questions

Can I hold both EHY and CBTO in my portfolio?

EHY and CBTO have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EHY 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, EHY or CBTO?

CBTO is cheaper with a 0.69% expense ratio, compared with 0.75% for EHY.

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

EHY has the higher dividend yield at 56.77%, compared with 0.24% for CBTO.

What is the main difference between EHY and CBTO?

EHY is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: Amplify and Calamos. Their fees differ too: 0.75% for EHY and 0.69% for CBTO.