KRYP vs. CBTO

Last updated Jun 30, 2026

KRYP (ProShares CoinDesk 20 Crypto ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - KRYP is a Cryptocurrency fund tracking the CoinDesk 20 Index, while CBTO is a Defined Outcome fund actively managed by Calamos. KRYP is passively managed, while CBTO is actively managed. A 0.78 correlation means they provide meaningful diversification when combined.

Performance

KRYP vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares CoinDesk 20 Crypto ETF (KRYP) 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

KRYP

• 1D: 1.58%
• 1M: -17.92%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBTO

• 1D: 0.08%
• 1M: -0.90%
• YTD: -8.34%
• 6M: -8.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KRYP vs. CBTO - Yearly Performance Comparison

	2026 (YTD)
KRYP ProShares CoinDesk 20 Crypto ETF	-28.15%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-4.53%

Correlation

The correlation between KRYP and CBTO is 0.78, 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 Feb 4, 2026	0.78

Return for Risk

KRYP vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares CoinDesk 20 Crypto ETF (KRYP) 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

KRYP vs. CBTO - Drawdown Comparison

The maximum KRYP drawdown since its inception was -30.90%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for KRYP and CBTO.

Drawdown Indicators

	KRYP	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-30.90%	-21.27%	-9.63%
Current Drawdown Current decline from peak	-28.15%	-21.17%	-6.98%
Average Drawdown Average peak-to-trough decline	-11.52%	-15.43%	+3.91%

Volatility

Volatility by Period

	KRYP	CBTO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	50.05%	12.25%	+37.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.05%	12.25%	+37.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.05%	12.25%	+37.80%

Dividends

KRYP vs. CBTO - Dividend Comparison

KRYP's dividend yield for the trailing twelve months is around 0.08%, less than CBTO's 0.24% yield.

Position	TTM	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%
KRYP ProShares CoinDesk 20 Crypto ETF	0.08%	0.00%

Frequently Asked Questions

Can I hold both KRYP and CBTO in my portfolio?

KRYP and CBTO have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

CBTO has the higher dividend yield at 0.24%, compared with 0.08% for KRYP.

What is the main difference between KRYP and CBTO?

KRYP is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: ProShares and Calamos.