NCIQ vs. CBTO

Last updated Jun 24, 2026

NCIQ (Hashdex Nasdaq Crypto Index US ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - NCIQ is a Cryptocurrency fund tracking the Nasdaq Crypto US Settlement Price™ Index, while CBTO is a Defined Outcome fund actively managed by Calamos. NCIQ is passively managed, while CBTO is actively managed. Their correlation of 0.88 suggests significant overlap in exposure. NCIQ charges 0.25%/yr vs 0.69%/yr for CBTO.

Performance

NCIQ vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Nasdaq Crypto Index US ETF (NCIQ) 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

In the year-to-date period, NCIQ achieves a -32.34% return, which is significantly lower than CBTO's -8.41% return.

NCIQ

• 1D: -3.39%
• 1M: -18.06%
• YTD: -32.34%
• 6M: -32.72%
• 1Y: -41.13%
• 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)

NCIQ vs. CBTO - Yearly Performance Comparison

	2026 (YTD)	2025
NCIQ Hashdex Nasdaq Crypto Index US ETF	-32.34%	-33.12%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.41%	-13.82%

Correlation

The correlation between NCIQ and CBTO is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025	0.88

Return for Risk

NCIQ vs. CBTO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NCIQ

NCIQ Risk / Return Rank: 3
NCIQ Sharpe Ratio Rank: 2
NCIQ Sortino Ratio Rank: 3
NCIQ Omega Ratio Rank: 3
NCIQ Calmar Ratio Rank: 3
NCIQ Martin Ratio Rank: 3

CBTO

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

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NCIQ vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Nasdaq Crypto Index US ETF (NCIQ) 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.

	NCIQ	CBTO	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	—	—
Sortino ratio: Return per unit of downside risk	-1.18	—	—
Omega ratio: Gain probability vs. loss probability	0.87	—	—
Calmar ratio: Return relative to maximum drawdown	-0.73	—	—
Martin ratio: Return relative to average drawdown	-1.24	—	—

Drawdowns

NCIQ vs. CBTO - Drawdown Comparison

The maximum NCIQ drawdown since its inception was -56.19%, which is greater than CBTO's maximum drawdown of -21.23%. Use the drawdown chart below to compare losses from any high point for NCIQ and CBTO.

Drawdown Indicators

	NCIQ	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-56.19%	-21.23%	-34.96%
Max Drawdown (1Y) Largest decline over 1 year	-56.19%	—	—
Current Drawdown Current decline from peak	-54.75%	-21.23%	-33.52%
Average Drawdown Average peak-to-trough decline	-23.41%	-15.30%	-8.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.25%	—	—

Volatility

Volatility by Period

	NCIQ	CBTO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.16%	—	—
Volatility (6M) Calculated over the trailing 6-month period	36.86%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	48.02%	12.38%	+35.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.11%	12.38%	+35.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.11%	12.38%	+35.73%

NCIQ vs. CBTO - Expense Ratio Comparison

NCIQ has a 0.25% expense ratio, which is lower than CBTO's 0.69% expense ratio.

Dividends

NCIQ vs. CBTO - Dividend Comparison

NCIQ 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%
NCIQ Hashdex Nasdaq Crypto Index US ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both NCIQ and CBTO in my portfolio?

NCIQ and CBTO have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NCIQ or CBTO?

On fees, NCIQ is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NCIQ or CBTO?

NCIQ is cheaper with a 0.25% expense ratio, compared with 0.69% for CBTO.

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

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

What is the main difference between NCIQ and CBTO?

NCIQ is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: Hashdex and Calamos. Their fees differ too: 0.25% for NCIQ and 0.69% for CBTO.