MSBT vs. CBTO

Last updated Jun 24, 2026

MSBT (Morgan Stanley Bitcoin Trust) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - MSBT is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate, while CBTO is a Defined Outcome fund actively managed by Calamos. MSBT is passively managed, while CBTO is actively managed. A 0.70 correlation means they provide meaningful diversification when combined. MSBT charges 0.14%/yr vs 0.69%/yr for CBTO.

Performance

MSBT vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Bitcoin Trust (MSBT) 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

MSBT

• 1D: -3.30%
• 1M: -17.76%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBTO

• 1D: -0.05%
• 1M: -1.35%
• YTD: -8.41%
• 6M: -9.55%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSBT vs. CBTO - Yearly Performance Comparison

	2026 (YTD)
MSBT Morgan Stanley Bitcoin Trust	-14.09%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-1.40%

Correlation

The correlation between MSBT and CBTO is 0.70, 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 Apr 8, 2026	0.70

Return for Risk

MSBT vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Bitcoin Trust (MSBT) 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

MSBT vs. CBTO - Drawdown Comparison

The maximum MSBT drawdown since its inception was -26.46%, which is greater than CBTO's maximum drawdown of -21.23%. Use the drawdown chart below to compare losses from any high point for MSBT and CBTO.

Drawdown Indicators

	MSBT	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-26.46%	-21.23%	-5.23%
Current Drawdown Current decline from peak	-23.99%	-21.23%	-2.76%
Average Drawdown Average peak-to-trough decline	-8.48%	-15.30%	+6.82%

Volatility

Volatility by Period

	MSBT	CBTO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	37.06%	12.38%	+24.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.06%	12.38%	+24.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.06%	12.38%	+24.68%

MSBT vs. CBTO - Expense Ratio Comparison

MSBT has a 0.14% expense ratio, which is lower than CBTO's 0.69% expense ratio.

Dividends

MSBT vs. CBTO - Dividend Comparison

MSBT 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%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSBT and CBTO in my portfolio?

MSBT and CBTO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSBT or CBTO?

On fees, MSBT is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSBT or CBTO?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.69% for CBTO.

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

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

What is the main difference between MSBT and CBTO?

MSBT is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: Morgan Stanley and Calamos. Their fees differ too: 0.14% for MSBT and 0.69% for CBTO.