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. A 0.68 correlation means they provide meaningful diversification when combined. 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 27.22% return, which is significantly higher than CBTO's -8.41% return.
IBLC
- 1D
- -2.19%
- 1M
- -0.02%
- YTD
- 27.22%
- 6M
- 19.07%
- 1Y
- 63.95%
- 3Y*
- 45.22%
- 5Y*
- —
- 10Y*
- —
CBTO
- 1D
- -0.05%
- 1M
- -1.35%
- YTD
- -8.41%
- 6M
- -9.55%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBLC vs. CBTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IBLC iShares Blockchain and Tech ETF | 27.22% | -30.93% |
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | -8.41% | -13.82% |
Correlation
The correlation between IBLC and CBTO is 0.68, 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 7, 2025 | 0.68 |
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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 | 1.21 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | — | — |
| Martin ratioReturn relative to average drawdown | 2.80 | — | — |
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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 -21.23%. 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% | -21.23% | -41.31% |
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 | -16.36% | -21.23% | +4.87% |
Average DrawdownAverage peak-to-trough decline | -25.76% | -15.30% | -10.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.89% | — | — |
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 | 16.66% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 41.64% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 55.87% | 12.38% | +43.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.51% | 12.38% | +52.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.51% | 12.38% | +52.13% |
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 4.92%, 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 | 4.92% | 6.31% | 1.60% | 1.79% | 0.84% |
Frequently Asked Questions
IBLC and CBTO have a correlation of 0.68, 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 4.92%, 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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