ETHD vs. CBTO
ETHD (ProShares UltraShort Ether ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - ETHD is a Cryptocurrency fund actively managed by ProShares, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Their -0.82 correlation means they have often moved in opposite directions in the past. ETHD charges 1.01%/yr vs 0.69%/yr for CBTO.
Performance
ETHD vs. CBTO - Performance Comparison
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Returns By Period
In the year-to-date period, ETHD achieves a 28.16% return, which is significantly higher than CBTO's -8.23% return.
ETHD
- 1D
- -0.69%
- 1M
- -21.42%
- 6M
- -13.33%
- YTD
- 28.16%
- 1Y
- 6.93%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -50.80%
CBTO
- 1D
- -0.03%
- 1M
- 0.08%
- 6M
- -4.41%
- YTD
- -8.23%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $174.49K | $137.15K | $216.43K | |
| $15.91M | $15.40M | $23.23M |
ETHD vs. CBTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ETHD ProShares UltraShort Ether ETF | 28.16% | 77.06% |
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | -8.23% | -13.82% |
Correlation
The correlation between ETHD and CBTO is -0.82, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025 | -0.82 |
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Return for Risk
ETHD vs. CBTO — Risk / Return Rank
ETHD
CBTO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ETHD vs. CBTO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Ether ETF (ETHD) 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.
| ETHD | CBTO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.13 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.13 | — | — |
| Martin ratioReturn relative to average drawdown | 0.19 | — | — |
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Drawdowns
ETHD vs. CBTO - Drawdown Comparison
The maximum ETHD drawdown since its inception was -95.59%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for ETHD and CBTO.
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Drawdown Indicators
| ETHD | CBTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.59% | -21.27% | -74.32% |
Max Drawdown (1Y)Largest decline over 1 year | -55.14% | — | — |
Current DrawdownCurrent decline from peak | -89.99% | -21.08% | -68.91% |
Average DrawdownAverage peak-to-trough decline | -67.60% | -16.11% | -51.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.65% | — | — |
Volatility
ETHD vs. CBTO - Volatility Comparison
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Volatility by Period
| ETHD | CBTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.21% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 88.19% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 133.41% | 11.51% | +121.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 140.15% | 11.51% | +128.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 140.15% | 11.51% | +128.64% |
ETHD vs. CBTO - Expense Ratio Comparison
ETHD has a 1.01% expense ratio, which is higher than CBTO's 0.69% expense ratio.
Dividends
ETHD vs. CBTO - Dividend Comparison
ETHD's dividend yield for the trailing twelve months is around 8.92%, more than CBTO's 0.24% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | 0.24% | 0.22% | 0.00% |
ETHD ProShares UltraShort Ether ETF | 8.92% | 156.62% | 19.15% |
Frequently Asked Questions
ETHD and CBTO have a correlation of -0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
CBTO is cheaper with a 0.69% expense ratio, compared with 1.01% for ETHD.
ETHD has the higher dividend yield at 8.92%, compared with 0.24% for CBTO.
ETHD is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: ProShares and Calamos. Their fees differ too: 1.01% for ETHD and 0.69% for CBTO.
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