ESK vs. CBTO

Last updated Aug 1, 2026

ESK (REX-Osprey ETH + Staking ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - ESK is a Cryptocurrency fund actively managed by REX Shares, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Their correlation of 0.85 means they have usually moved in the same direction. ESK charges 0.75%/yr vs 0.69%/yr for CBTO.

Performance

ESK vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in REX-Osprey ETH + Staking ETF (ESK) 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

ESK

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

CBTO

• 1D: 0.02%
• 1M: 0.10%
• 6M: -6.76%
• YTD: -8.21%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	$159.82K	$137.82K	$229.26K

ESK vs. CBTO - Yearly Performance Comparison

	2026 (YTD)	2025
ESK REX-Osprey ETH + Staking ETF	-44.38%	-36.05%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.21%	-13.82%

Correlation

The correlation between ESK and CBTO is 0.85, 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	0.85

Return for Risk

ESK vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX-Osprey ETH + Staking ETF (ESK) 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

Drawdown Indicators

	ESK	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	—	-21.27%	—
Current Drawdown Current decline from peak	—	-21.06%	—
Average Drawdown Average peak-to-trough decline	—	-16.07%	—

Volatility

Volatility by Period

	ESK	CBTO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	—	11.56%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	11.56%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	11.56%	—

ESK vs. CBTO - Expense Ratio Comparison

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

Dividends

ESK vs. CBTO - Dividend Comparison

ESK's dividend yield for the trailing twelve months is around 1.06%, more than CBTO's 0.24% yield.

Position	TTM	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%
ESK REX-Osprey ETH + Staking ETF	1.06%	0.30%

Frequently Asked Questions

Can I hold both ESK and CBTO in my portfolio?

ESK and CBTO have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ESK 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, ESK or CBTO?

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

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

ESK has the higher dividend yield at 1.06%, compared with 0.24% for CBTO.

What is the main difference between ESK and CBTO?

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