GAVA vs. CBTO

Last updated Jun 24, 2026

GAVA (Grayscale Avalanche Staking ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - GAVA is a Cryptocurrency fund actively managed by Grayscale, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. A 0.66 correlation means they provide meaningful diversification when combined. GAVA charges 0.35%/yr vs 0.69%/yr for CBTO.

Performance

GAVA vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Avalanche Staking ETF (GAVA) 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

GAVA

• 1D: 1.42%
• 1M: -31.17%
• YTD: —
• 6M: —
• 1Y: —
• 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)

GAVA vs. CBTO - Yearly Performance Comparison

	2026 (YTD)
GAVA Grayscale Avalanche Staking ETF	-33.56%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-2.79%

Correlation

The correlation between GAVA and CBTO is 0.66, 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 Mar 12, 2026	0.66

Return for Risk

GAVA vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Avalanche Staking ETF (GAVA) 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

GAVA vs. CBTO - Drawdown Comparison

The maximum GAVA drawdown since its inception was -38.90%, which is greater than CBTO's maximum drawdown of -21.23%. Use the drawdown chart below to compare losses from any high point for GAVA and CBTO.

Drawdown Indicators

	GAVA	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-38.90%	-21.23%	-17.67%
Current Drawdown Current decline from peak	-38.03%	-21.23%	-16.80%
Average Drawdown Average peak-to-trough decline	-13.59%	-15.30%	+1.71%

Volatility

Volatility by Period

	GAVA	CBTO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	54.19%	12.38%	+41.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.19%	12.38%	+41.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.19%	12.38%	+41.81%

GAVA vs. CBTO - Expense Ratio Comparison

GAVA has a 0.35% expense ratio, which is lower than CBTO's 0.69% expense ratio.

Dividends

GAVA vs. CBTO - Dividend Comparison

GAVA has not paid dividends to shareholders, while CBTO's dividend yield for the trailing twelve months is around 0.24%.

Position	TTM	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%
GAVA Grayscale Avalanche Staking ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both GAVA and CBTO in my portfolio?

GAVA and CBTO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GAVA or CBTO?

On fees, GAVA is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GAVA or CBTO?

GAVA is cheaper with a 0.35% expense ratio, compared with 0.69% for CBTO.

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

CBTO has the higher dividend yield at 0.24%, compared with 0.00% for GAVA.

What is the main difference between GAVA and CBTO?

GAVA is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: Grayscale and Calamos. Their fees differ too: 0.35% for GAVA and 0.69% for CBTO.