GBTC vs. CBTO
GBTC (Grayscale Bitcoin Trust ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while CBTO is a Defined Outcome fund actively managed by Calamos. GBTC is passively managed, while CBTO is actively managed. Their correlation of 0.87 suggests significant overlap in exposure. GBTC charges 1.50%/yr vs 0.69%/yr for CBTO.
Performance
GBTC vs. CBTO - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -32.11% return, which is significantly lower than CBTO's -8.46% return.
GBTC
- 1D
- -4.01%
- 1M
- -21.14%
- YTD
- -32.11%
- 6M
- -31.95%
- 1Y
- -44.25%
- 3Y*
- 34.23%
- 5Y*
- 10.89%
- 10Y*
- 44.29%
CBTO
- 1D
- -0.05%
- 1M
- -1.40%
- YTD
- -8.46%
- 6M
- -8.78%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GBTC vs. CBTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -32.11% | -30.55% |
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | -8.46% | -13.82% |
Correlation
The correlation between GBTC and CBTO is 0.87, 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 | 0.87 |
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Return for Risk
GBTC vs. CBTO — Risk / Return Rank
GBTC
CBTO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
GBTC vs. CBTO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) 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.
| GBTC | CBTO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.84 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | — | — |
| Martin ratioReturn relative to average drawdown | -1.43 | — | — |
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Drawdowns
GBTC vs. CBTO - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for GBTC and CBTO.
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Drawdown Indicators
| GBTC | CBTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -21.27% | -68.64% |
Max Drawdown (1Y)Largest decline over 1 year | -52.85% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -52.85% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -52.85% | -21.27% | -31.58% |
Average DrawdownAverage peak-to-trough decline | -43.45% | -15.33% | -28.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.97% | — | — |
Volatility
GBTC vs. CBTO - Volatility Comparison
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Volatility by Period
| GBTC | CBTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.34% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 34.51% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 44.38% | 12.34% | +32.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.09% | 12.34% | +49.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.45% | 12.34% | +69.11% |
GBTC vs. CBTO - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than CBTO's 0.69% expense ratio.
Dividends
GBTC vs. CBTO - Dividend Comparison
GBTC has not paid dividends to shareholders, while CBTO's dividend yield for the trailing twelve months is around 0.24%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | 0.24% | 0.22% | 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
GBTC and CBTO have a correlation of 0.87, 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 1.50% for GBTC.
CBTO has the higher dividend yield at 0.24%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: Grayscale and Calamos. Their fees differ too: 1.50% for GBTC and 0.69% for CBTO.
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