HBR vs. CBTO

Last updated Jun 27, 2026

HBR (Canary HBAR ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - HBR is a Cryptocurrency fund actively managed by Canary Capital, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. A 0.75 correlation means they provide meaningful diversification when combined. HBR charges 0.50%/yr vs 0.69%/yr for CBTO.

Performance

HBR vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Canary HBAR ETF (HBR) 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, HBR achieves a -32.96% return, which is significantly lower than CBTO's -8.41% return.

HBR

• 1D: -1.11%
• 1M: -16.21%
• YTD: -32.96%
• 6M: -36.03%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBTO

• 1D: 0.05%
• 1M: -1.15%
• YTD: -8.41%
• 6M: -8.75%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HBR vs. CBTO - Yearly Performance Comparison

	2026 (YTD)	2025
HBR Canary HBAR ETF	-32.96%	-49.43%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.41%	-11.47%

Correlation

The correlation between HBR and CBTO is 0.75, 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 28, 2025	0.75

Return for Risk

HBR vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canary HBAR ETF (HBR) 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

HBR vs. CBTO - Drawdown Comparison

The maximum HBR drawdown since its inception was -66.10%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for HBR and CBTO.

Drawdown Indicators

	HBR	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-66.10%	-21.27%	-44.83%
Current Drawdown Current decline from peak	-66.10%	-21.23%	-44.87%
Average Drawdown Average peak-to-trough decline	-49.10%	-15.40%	-33.70%

Volatility

Volatility by Period

	HBR	CBTO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	71.94%	12.28%	+59.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.94%	12.28%	+59.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.94%	12.28%	+59.66%

HBR vs. CBTO - Expense Ratio Comparison

HBR has a 0.50% expense ratio, which is lower than CBTO's 0.69% expense ratio.

Dividends

HBR vs. CBTO - Dividend Comparison

HBR 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%
HBR Canary HBAR ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both HBR and CBTO in my portfolio?

HBR and CBTO have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HBR or CBTO?

On fees, HBR is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HBR or CBTO?

HBR is cheaper with a 0.50% expense ratio, compared with 0.69% for CBTO.

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

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

What is the main difference between HBR and CBTO?

HBR is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: Canary Capital and Calamos. Their fees differ too: 0.50% for HBR and 0.69% for CBTO.