LTCN vs. CBTO
LTCN (Grayscale Litecoin Trust) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - LTCN is a Cryptocurrency fund tracking the CoinDesk Litecoin Price Index, while CBTO is a Defined Outcome fund actively managed by Calamos. LTCN is passively managed, while CBTO is actively managed. Their 0.68 correlation means they have sometimes moved together and sometimes differently. LTCN charges 2.50%/yr vs 0.69%/yr for CBTO.
Performance
LTCN vs. CBTO - Performance Comparison
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Returns By Period
In the year-to-date period, LTCN achieves a -45.85% return, which is significantly lower than CBTO's -8.21% return.
LTCN
- 1D
- -1.86%
- 1M
- -0.94%
- 6M
- -34.71%
- YTD
- -45.85%
- 1Y
- -62.06%
- 3Y*
- -12.64%
- 5Y*
- -29.58%
- 10Y*
- —
- ALL TIME*
- -33.21%
CBTO
- 1D
- 0.00%
- 1M
- 0.10%
- 6M
- -4.87%
- YTD
- -8.21%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $168.87K | $138.73K | $218.79K | |
| $209.06K | $258.75K | $357.89K |
LTCN vs. CBTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
LTCN Grayscale Litecoin Trust | -45.85% | -41.17% |
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | -8.21% | -13.82% |
Correlation
The correlation between LTCN and CBTO is 0.68, 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 | 0.68 |
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Return for Risk
LTCN vs. CBTO — Risk / Return Rank
LTCN
CBTO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
LTCN vs. CBTO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Litecoin Trust (LTCN) 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.
| LTCN | CBTO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.82 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | — | — |
| Martin ratioReturn relative to average drawdown | -1.22 | — | — |
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Drawdowns
LTCN vs. CBTO - Drawdown Comparison
The maximum LTCN drawdown since its inception was -99.58%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for LTCN and CBTO.
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Drawdown Indicators
| LTCN | CBTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.58% | -21.27% | -78.31% |
Max Drawdown (1Y)Largest decline over 1 year | -72.73% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -93.68% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -93.68% | — | — |
Current DrawdownCurrent decline from peak | -99.37% | -21.06% | -78.31% |
Average DrawdownAverage peak-to-trough decline | -89.84% | -16.09% | -73.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.94% | — | — |
Volatility
LTCN vs. CBTO - Volatility Comparison
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Volatility by Period
| LTCN | CBTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.41% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 39.88% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 64.82% | 11.54% | +53.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 99.11% | 11.54% | +87.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 140.36% | 11.54% | +128.82% |
LTCN vs. CBTO - Expense Ratio Comparison
LTCN has a 2.50% expense ratio, which is higher than CBTO's 0.69% expense ratio.
Dividends
LTCN vs. CBTO - Dividend Comparison
LTCN 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% |
LTCN Grayscale Litecoin Trust | 0.00% | 0.00% |
Frequently Asked Questions
LTCN 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, CBTO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CBTO is cheaper with a 0.69% expense ratio, compared with 2.50% for LTCN.
CBTO has the higher dividend yield at 0.24%, compared with 0.00% for LTCN.
LTCN is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: Grayscale and Calamos. Their fees differ too: 2.50% for LTCN and 0.69% for CBTO.
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