GBTC vs. CBOO

Last updated Jul 16, 2026

GBTC (Grayscale Bitcoin Trust ETF) and CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while CBOO is a Defined Outcome fund actively managed by Calamos. GBTC is passively managed, while CBOO is actively managed. A 0.70 correlation means they provide meaningful diversification when combined. GBTC charges 1.50%/yr vs 0.69%/yr for CBOO.

Performance

GBTC vs. CBOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Trust ETF (GBTC) and Calamos Bitcoin Structured Alt Protection ETF - October (CBOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GBTC achieves a -26.36% return, which is significantly lower than CBOO's 0.29% return.

GBTC

• 1D: 0.62%
• 1M: -2.54%
• 6M: -34.03%
• YTD: -26.36%
• 1Y: -45.06%
• 3Y*: 36.60%
• 5Y*: 13.95%
• 10Y*: 45.83%

CBOO

• 1D: 0.02%
• 1M: 0.24%
• 6M: -0.43%
• YTD: 0.29%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GBTC vs. CBOO - Yearly Performance Comparison

	2026 (YTD)	2025
GBTC Grayscale Bitcoin Trust ETF	-26.36%	-30.55%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.29%	-1.66%

Correlation

The correlation between GBTC and CBOO is 0.70, 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 Oct 7, 2025	0.70

Return for Risk

GBTC vs. CBOO — Risk / Return Rank

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

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 1
GBTC Sortino Ratio Rank: 2
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 2
GBTC Martin Ratio Rank: 2

CBOO

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.

GBTC vs. CBOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and Calamos Bitcoin Structured Alt Protection ETF - October (CBOO). 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.

	GBTC	CBOO	Difference
Sharpe ratio: Return per unit of total volatility	-1.02	—	—
Sortino ratio: Return per unit of downside risk	-1.52	—	—
Omega ratio: Gain probability vs. loss probability	0.83	—	—
Calmar ratio: Return relative to maximum drawdown	-0.84	—	—
Martin ratio: Return relative to average drawdown	-1.36	—	—

Drawdowns

GBTC vs. CBOO - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, which is greater than CBOO's maximum drawdown of -2.34%. Use the drawdown chart below to compare losses from any high point for GBTC and CBOO.

Drawdown Indicators

	GBTC	CBOO	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-2.34%	-87.57%
Max Drawdown (1Y) Largest decline over 1 year	-53.75%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-53.75%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-85.42%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-89.91%	—	—
Current Drawdown Current decline from peak	-48.86%	-1.40%	-47.46%
Average Drawdown Average peak-to-trough decline	-43.49%	-1.60%	-41.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.24%	—	—

Volatility

Volatility by Period

	GBTC	CBOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.69%	—	—
Volatility (6M) Calculated over the trailing 6-month period	34.91%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	44.36%	2.00%	+42.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.84%	2.00%	+59.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.44%	2.00%	+79.44%

GBTC vs. CBOO - Expense Ratio Comparison

GBTC has a 1.50% expense ratio, which is higher than CBOO's 0.69% expense ratio.

Dividends

GBTC vs. CBOO - Dividend Comparison

GBTC has not paid dividends to shareholders, while CBOO's dividend yield for the trailing twelve months is around 0.57%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GBTC Grayscale Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%

Frequently Asked Questions

Can I hold both GBTC and CBOO in my portfolio?

GBTC and CBOO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GBTC or CBOO?

On fees, CBOO 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, GBTC or CBOO?

CBOO is cheaper with a 0.69% expense ratio, compared with 1.50% for GBTC.

Which ETF pays a higher dividend yield, GBTC or CBOO?

CBOO has the higher dividend yield at 0.57%, compared with 0.00% for GBTC.

What is the main difference between GBTC and CBOO?

GBTC is categorized as Cryptocurrency, while CBOO is Defined Outcome. They also come from different issuers: Grayscale and Calamos. Their fees differ too: 1.50% for GBTC and 0.69% for CBOO.