GSOL vs. CBTO

Last updated Jun 24, 2026

GSOL (Grayscale Solana Staking ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - GSOL 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. GSOL charges 0.35%/yr vs 0.69%/yr for CBTO.

Performance

GSOL vs. CBTO - Performance Comparison

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

GSOL

• 1D: -5.31%
• 1M: —
• 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)

GSOL vs. CBTO - Yearly Performance Comparison

	2026 (YTD)
GSOL Grayscale Solana Staking ETF	-14.40%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-1.15%

Correlation

The correlation between GSOL 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 May 28, 2026	0.35

Return for Risk

GSOL vs. CBTO - Risk-Adjusted Trends Comparison

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

GSOL vs. CBTO - Drawdown Comparison

The maximum GSOL drawdown since its inception was -22.60%, which is greater than CBTO's maximum drawdown of -21.23%. Use the drawdown chart below to compare losses from any high point for GSOL and CBTO.

Drawdown Indicators

	GSOL	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-22.60%	-21.23%	-1.37%
Current Drawdown Current decline from peak	-15.93%	-21.23%	+5.30%
Average Drawdown Average peak-to-trough decline	-12.89%	-15.30%	+2.41%

Volatility

Volatility by Period

	GSOL	CBTO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	83.47%	12.38%	+71.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.47%	12.38%	+71.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.47%	12.38%	+71.09%

GSOL vs. CBTO - Expense Ratio Comparison

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

Dividends

GSOL vs. CBTO - Dividend Comparison

GSOL 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%
GSOL Grayscale Solana Staking ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both GSOL and CBTO in my portfolio?

GSOL 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 is better, GSOL or CBTO?

On fees, GSOL 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, GSOL or CBTO?

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

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

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

What is the main difference between GSOL and CBTO?

GSOL 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 GSOL and 0.69% for CBTO.