MSOO vs. CBTY

Last updated Jun 4, 2026

MSOO (Leverage Shares 2x Capped Accelerated MSTR Monthly ETF) and CBTY (Calamos Bitcoin 80 Series Structured Alt Protection ETF - July) are both Defined Outcome funds. MSOO is actively managed, while CBTY is passively managed. A 0.77 correlation means they provide meaningful diversification when combined. MSOO charges 0.78%/yr vs 0.69%/yr for CBTY.

Performance

MSOO vs. CBTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2x Capped Accelerated MSTR Monthly ETF (MSOO) and Calamos Bitcoin 80 Series Structured Alt Protection ETF - July (CBTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSOO achieves a -23.81% return, which is significantly lower than CBTY's -11.11% return.

MSOO

• 1D: -6.75%
• 1M: -28.26%
• YTD: -23.81%
• 6M: -38.09%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBTY

• 1D: -0.03%
• 1M: -2.89%
• YTD: -11.11%
• 6M: -14.47%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSOO vs. CBTY - Yearly Performance Comparison

	2026 (YTD)	2025
MSOO Leverage Shares 2x Capped Accelerated MSTR Monthly ETF	-23.81%	-60.78%
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July	-11.11%	-16.17%

Correlation

The correlation between MSOO and CBTY is 0.77, 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 Aug 14, 2025	0.77

Return for Risk

MSOO vs. CBTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2x Capped Accelerated MSTR Monthly ETF (MSOO) and Calamos Bitcoin 80 Series Structured Alt Protection ETF - July (CBTY). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	MSOO	CBTY	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.13	-1.33	+0.21

Drawdowns

MSOO vs. CBTY - Drawdown Comparison

The maximum MSOO drawdown since its inception was -72.39%, which is greater than CBTY's maximum drawdown of -26.68%. Use the drawdown chart below to compare losses from any high point for MSOO and CBTY.

Drawdown Indicators

	MSOO	CBTY	Difference
Max Drawdown Largest peak-to-trough decline	-72.39%	-26.68%	-45.71%
Current Drawdown Current decline from peak	-70.12%	-26.68%	-43.44%
Average Drawdown Average peak-to-trough decline	-47.41%	-14.52%	-32.89%

Volatility

Volatility by Period

	MSOO	CBTY	Difference
Volatility (1Y) Calculated over the trailing 1-year period	69.25%	17.11%	+52.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.25%	17.11%	+52.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.25%	17.11%	+52.14%

MSOO vs. CBTY - Expense Ratio Comparison

MSOO has a 0.78% expense ratio, which is higher than CBTY's 0.69% expense ratio.

Dividends

MSOO vs. CBTY - Dividend Comparison

MSOO's dividend yield for the trailing twelve months is around 2.13%, more than CBTY's 1.65% yield.

Position	TTM	2025
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July	1.65%	1.47%
MSOO Leverage Shares 2x Capped Accelerated MSTR Monthly ETF	2.13%	1.63%

Frequently Asked Questions

Can I hold both MSOO and CBTY in my portfolio?

MSOO and CBTY have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSOO or CBTY?

On fees, CBTY is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSOO or CBTY?

CBTY is cheaper with a 0.69% expense ratio, compared with 0.78% for MSOO.

Which ETF pays a higher dividend yield, MSOO or CBTY?

MSOO has the higher dividend yield at 2.13%, compared with 1.65% for CBTY.

What is the main difference between MSOO and CBTY?

They also come from different issuers: Leverage Shares and Calamos. Their fees differ too: 0.78% for MSOO and 0.69% for CBTY.