GBAT vs. CBTO

Last updated Jun 30, 2026

GBAT (Grayscale Basic Attention Token Trust) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - GBAT is a Cryptocurrency fund actively managed by Grayscale, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. At a 0.35 correlation, their price movements are largely independent.

Performance

GBAT vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Basic Attention Token Trust (GBAT) 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, GBAT achieves a -63.16% return, which is significantly lower than CBTO's -8.34% return.

GBAT

• 1D: 2.77%
• 1M: -27.03%
• YTD: -63.16%
• 6M: -63.28%
• 1Y: -49.06%
• 3Y*: -32.44%
• 5Y*: —
• 10Y*: —

CBTO

• 1D: 0.08%
• 1M: -0.90%
• YTD: -8.34%
• 6M: -8.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GBAT vs. CBTO - Yearly Performance Comparison

	2026 (YTD)	2025
GBAT Grayscale Basic Attention Token Trust	-63.16%	13.57%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.34%	-13.82%

Correlation

The correlation between GBAT and CBTO is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025	0.35

Return for Risk

GBAT vs. CBTO — Risk / Return Rank

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

GBAT

GBAT Risk / Return Rank: 7
GBAT Sharpe Ratio Rank: 6
GBAT Sortino Ratio Rank: 9
GBAT Omega Ratio Rank: 9
GBAT Calmar Ratio Rank: 4
GBAT 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.

GBAT vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Basic Attention Token Trust (GBAT) 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.

	GBAT	CBTO	Difference
Sharpe ratio: Return per unit of total volatility	-0.37	—	—
Sortino ratio: Return per unit of downside risk	0.18	—	—
Omega ratio: Gain probability vs. loss probability	1.02	—	—
Calmar ratio: Return relative to maximum drawdown	-0.63	—	—
Martin ratio: Return relative to average drawdown	-1.04	—	—

Drawdowns

GBAT vs. CBTO - Drawdown Comparison

The maximum GBAT drawdown since its inception was -98.13%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for GBAT and CBTO.

Drawdown Indicators

	GBAT	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-98.13%	-21.27%	-76.86%
Max Drawdown (1Y) Largest decline over 1 year	-78.53%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-98.13%	—	—
Current Drawdown Current decline from peak	-97.68%	-21.17%	-76.51%
Average Drawdown Average peak-to-trough decline	-69.04%	-15.43%	-53.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.29%	—	—

Volatility

Volatility by Period

	GBAT	CBTO	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.49%	—	—
Volatility (6M) Calculated over the trailing 6-month period	72.98%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	132.10%	12.25%	+119.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	169.39%	12.25%	+157.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	169.39%	12.25%	+157.14%

Dividends

GBAT vs. CBTO - Dividend Comparison

GBAT 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%
GBAT Grayscale Basic Attention Token Trust	0.00%	0.00%

Frequently Asked Questions

Can I hold both GBAT and CBTO in my portfolio?

GBAT and CBTO have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

What is the main difference between GBAT and CBTO?

GBAT is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: Grayscale and Calamos.