NGHT vs. CBTO

Last updated Jul 8, 2026

NGHT (Nicholas Bitcoin and Treasuries AfterDark ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - NGHT is a Cryptocurrency fund actively managed by Nicholas, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. A 0.53 correlation means they provide meaningful diversification when combined. NGHT charges 0.97%/yr vs 0.69%/yr for CBTO.

Performance

NGHT vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT) 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

NGHT

• 1D: -1.38%
• 1M: 1.96%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBTO

• 1D: 0.00%
• 1M: 0.13%
• 6M: -10.23%
• YTD: -8.23%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NGHT vs. CBTO - Yearly Performance Comparison

	2026 (YTD)
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF	-15.90%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-1.20%

Correlation

The correlation between NGHT and CBTO is 0.53, 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	0.53

Return for Risk

NGHT vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT) 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

NGHT vs. CBTO - Drawdown Comparison

The maximum NGHT drawdown since its inception was -21.53%, roughly equal to the maximum CBTO drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for NGHT and CBTO.

Drawdown Indicators

	NGHT	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-21.53%	-21.27%	-0.26%
Current Drawdown Current decline from peak	-19.99%	-21.07%	+1.08%
Average Drawdown Average peak-to-trough decline	-9.22%	-15.58%	+6.36%

Volatility

Volatility by Period

	NGHT	CBTO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	29.93%	12.09%	+17.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.93%	12.09%	+17.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.93%	12.09%	+17.84%

NGHT vs. CBTO - Expense Ratio Comparison

NGHT has a 0.97% expense ratio, which is higher than CBTO's 0.69% expense ratio.

Dividends

NGHT vs. CBTO - Dividend Comparison

NGHT 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%
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both NGHT and CBTO in my portfolio?

NGHT and CBTO have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NGHT or CBTO?

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.

Which ETF is cheaper, NGHT or CBTO?

CBTO is cheaper with a 0.69% expense ratio, compared with 0.97% for NGHT.

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

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

What is the main difference between NGHT and CBTO?

NGHT is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: Nicholas and Calamos. Their fees differ too: 0.97% for NGHT and 0.69% for CBTO.