ETHE vs. CBTO

Last updated Jun 26, 2026

ETHE (Grayscale Ethereum Trust ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - ETHE is a Cryptocurrency fund tracking the CoinDesk Ether Price Index, while CBTO is a Defined Outcome fund actively managed by Calamos. ETHE is passively managed, while CBTO is actively managed. Their correlation of 0.83 suggests significant overlap in exposure. ETHE charges 2.50%/yr vs 0.69%/yr for CBTO.

Performance

ETHE vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Trust ETF (ETHE) 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, ETHE achieves a -47.83% return, which is significantly lower than CBTO's -8.46% return.

ETHE

• 1D: -1.56%
• 1M: -24.88%
• YTD: -47.83%
• 6M: -47.20%
• 1Y: -36.88%
• 3Y*: 11.14%
• 5Y*: -6.89%
• 10Y*: —

CBTO

• 1D: 0.00%
• 1M: -1.40%
• YTD: -8.46%
• 6M: -8.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHE vs. CBTO - Yearly Performance Comparison

	2026 (YTD)	2025
ETHE Grayscale Ethereum Trust ETF	-47.83%	-37.35%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.46%	-13.82%

Correlation

The correlation between ETHE and CBTO 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

ETHE vs. CBTO — Risk / Return Rank

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

ETHE

ETHE Risk / Return Rank: 5
ETHE Sharpe Ratio Rank: 5
ETHE Sortino Ratio Rank: 6
ETHE Omega Ratio Rank: 6
ETHE Calmar Ratio Rank: 5
ETHE Martin Ratio Rank: 5

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.

ETHE vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) 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.

	ETHE	CBTO	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	—	—
Sortino ratio: Return per unit of downside risk	-0.47	—	—
Omega ratio: Gain probability vs. loss probability	0.95	—	—
Calmar ratio: Return relative to maximum drawdown	-0.54	—	—
Martin ratio: Return relative to average drawdown	-0.90	—	—

Drawdowns

ETHE vs. CBTO - Drawdown Comparison

The maximum ETHE drawdown since its inception was -96.26%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for ETHE and CBTO.

Drawdown Indicators

	ETHE	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-96.26%	-21.27%	-74.99%
Max Drawdown (1Y) Largest decline over 1 year	-68.17%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-68.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-89.85%	—	—
Current Drawdown Current decline from peak	-80.27%	-21.27%	-59.00%
Average Drawdown Average peak-to-trough decline	-72.24%	-15.36%	-56.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.10%	—	—

Volatility

Volatility by Period

	ETHE	CBTO	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.69%	—	—
Volatility (6M) Calculated over the trailing 6-month period	46.40%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	68.82%	12.31%	+56.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.22%	12.31%	+69.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	191.10%	12.31%	+178.79%

ETHE vs. CBTO - Expense Ratio Comparison

ETHE has a 2.50% expense ratio, which is higher than CBTO's 0.69% expense ratio.

Dividends

ETHE vs. CBTO - Dividend Comparison

ETHE's dividend yield for the trailing twelve months is around 1.56%, more than CBTO's 0.24% yield.

Position	TTM	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%
ETHE Grayscale Ethereum Trust ETF	1.56%	0.00%

Frequently Asked Questions

Can I hold both ETHE and CBTO in my portfolio?

ETHE and CBTO 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, ETHE 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, ETHE or CBTO?

CBTO is cheaper with a 0.69% expense ratio, compared with 2.50% for ETHE.

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

ETHE has the higher dividend yield at 1.56%, compared with 0.24% for CBTO.

What is the main difference between ETHE and CBTO?

ETHE is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: Grayscale and Calamos. Their fees differ too: 2.50% for ETHE and 0.69% for CBTO.