GXRP vs. CBTO

Last updated Jul 11, 2026

GXRP (Grayscale XRP Trust ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - GXRP is a Cryptocurrency fund tracking the CoinDesk XRP Reference Rate Index, while CBTO is a Defined Outcome fund actively managed by Calamos. GXRP is passively managed, while CBTO is actively managed. A 0.77 correlation means they provide meaningful diversification when combined. GXRP charges 0.35%/yr vs 0.69%/yr for CBTO.

Performance

GXRP vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale XRP Trust ETF (GXRP) 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, GXRP achieves a -39.61% return, which is significantly lower than CBTO's -8.41% return.

GXRP

• 1D: 0.81%
• 1M: -2.41%
• 6M: -47.00%
• YTD: -39.61%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBTO

• 1D: -0.10%
• 1M: -0.10%
• 6M: -9.35%
• YTD: -8.41%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GXRP vs. CBTO - Yearly Performance Comparison

	2026 (YTD)	2025
GXRP Grayscale XRP Trust ETF	-39.61%	-11.43%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.41%	-0.52%

Correlation

The correlation between GXRP and CBTO is 0.77, 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 Nov 24, 2025	0.77

Return for Risk

GXRP vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale XRP Trust ETF (GXRP) 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

GXRP vs. CBTO - Drawdown Comparison

The maximum GXRP drawdown since its inception was -55.43%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for GXRP and CBTO.

Drawdown Indicators

	GXRP	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-55.43%	-21.27%	-34.16%
Current Drawdown Current decline from peak	-52.29%	-21.23%	-31.06%
Average Drawdown Average peak-to-trough decline	-33.41%	-15.67%	-17.74%

Volatility

Volatility by Period

	GXRP	CBTO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	71.76%	11.99%	+59.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.76%	11.99%	+59.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.76%	11.99%	+59.77%

GXRP vs. CBTO - Expense Ratio Comparison

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

Dividends

GXRP vs. CBTO - Dividend Comparison

GXRP 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%
GXRP Grayscale XRP Trust ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both GXRP and CBTO in my portfolio?

GXRP and CBTO have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GXRP or CBTO?

On fees, GXRP 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, GXRP or CBTO?

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

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

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

What is the main difference between GXRP and CBTO?

GXRP 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 GXRP and 0.69% for CBTO.