IBLC vs. CBTO
IBLC (iShares Blockchain and Tech ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - IBLC is a Cryptocurrency fund tracking the ICE FactSet Global Blockchain Technologies Index, while CBTO is a Defined Outcome fund actively managed by Calamos. IBLC is passively managed, while CBTO is actively managed. Their 0.63 correlation means they have sometimes moved together and sometimes differently. IBLC charges 0.47%/yr vs 0.69%/yr for CBTO.
Performance
IBLC vs. CBTO - Performance Comparison
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Returns By Period
In the year-to-date period, IBLC achieves a 5.99% return, which is significantly higher than CBTO's -8.21% return.
IBLC
- 1D
- -2.87%
- 1M
- -4.33%
- 6M
- 0.61%
- YTD
- 5.99%
- 1Y
- 17.60%
- 3Y*
- 26.70%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 17.35%
CBTO
- 1D
- 0.02%
- 1M
- 0.10%
- 6M
- -6.76%
- YTD
- -8.21%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $159.82K | $137.82K | $229.26K | |
| $395.00K | $481.87K | $794.27K |
IBLC vs. CBTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IBLC iShares Blockchain and Tech ETF | 5.99% | -30.93% |
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | -8.21% | -13.82% |
Correlation
The correlation between IBLC and CBTO is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025 | 0.63 |
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Return for Risk
IBLC vs. CBTO — Risk / Return Rank
IBLC
CBTO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
IBLC vs. CBTO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Blockchain and Tech ETF (IBLC) 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.
| IBLC | CBTO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.07 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.20 | — | — |
| Martin ratioReturn relative to average drawdown | 0.36 | — | — |
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Drawdowns
IBLC vs. CBTO - Drawdown Comparison
The maximum IBLC drawdown since its inception was -62.54%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for IBLC and CBTO.
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Drawdown Indicators
| IBLC | CBTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.54% | -21.27% | -41.27% |
Max Drawdown (1Y)Largest decline over 1 year | -44.94% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -51.68% | — | — |
Current DrawdownCurrent decline from peak | -30.32% | -21.06% | -9.26% |
Average DrawdownAverage peak-to-trough decline | -25.78% | -16.07% | -9.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.44% | — | — |
Volatility
IBLC vs. CBTO - Volatility Comparison
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Volatility by Period
| IBLC | CBTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.77% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 43.51% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 57.85% | 11.56% | +46.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.48% | 11.56% | +52.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.48% | 11.56% | +52.92% |
IBLC vs. CBTO - Expense Ratio Comparison
IBLC has a 0.47% expense ratio, which is lower than CBTO's 0.69% expense ratio.
Dividends
IBLC vs. CBTO - Dividend Comparison
IBLC's dividend yield for the trailing twelve months is around 5.91%, more than CBTO's 0.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | 0.24% | 0.22% | 0.00% | 0.00% | 0.00% |
IBLC iShares Blockchain and Tech ETF | 5.91% | 6.31% | 1.60% | 1.79% | 0.84% |
Frequently Asked Questions
IBLC and CBTO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBLC is cheaper at 0.47% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBLC is cheaper with a 0.47% expense ratio, compared with 0.69% for CBTO.
IBLC has the higher dividend yield at 5.91%, compared with 0.24% for CBTO.
IBLC is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: iShares and Calamos. Their fees differ too: 0.47% for IBLC and 0.69% for CBTO.
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