OBTC vs. CBOO

Last updated Jul 16, 2026

OBTC (Osprey Bitcoin Trust) and CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) are both exchange-traded funds - OBTC is a Cryptocurrency fund tracking the Bitcoin (BTC), while CBOO is a Defined Outcome fund actively managed by Calamos. OBTC is passively managed, while CBOO is actively managed. A 0.70 correlation means they provide meaningful diversification when combined. OBTC charges 0.49%/yr vs 0.69%/yr for CBOO.

Performance

OBTC vs. CBOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Osprey Bitcoin Trust (OBTC) and Calamos Bitcoin Structured Alt Protection ETF - October (CBOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OBTC achieves a -25.85% return, which is significantly lower than CBOO's 0.29% return.

OBTC

• 1D: 0.94%
• 1M: -2.35%
• 6M: -33.28%
• YTD: -25.85%
• 1Y: -38.12%
• 3Y*: 41.06%
• 5Y*: 8.59%
• 10Y*: —

CBOO

• 1D: 0.02%
• 1M: 0.24%
• 6M: -0.43%
• YTD: 0.29%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OBTC vs. CBOO - Yearly Performance Comparison

	2026 (YTD)	2025
OBTC Osprey Bitcoin Trust	-25.85%	-24.66%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.29%	-1.66%

Correlation

The correlation between OBTC and CBOO 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 Oct 7, 2025	0.70

Return for Risk

OBTC vs. CBOO — Risk / Return Rank

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

OBTC

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

CBOO

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.

OBTC vs. CBOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Osprey Bitcoin Trust (OBTC) and Calamos Bitcoin Structured Alt Protection ETF - October (CBOO). 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.

	OBTC	CBOO	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	—	—
Sortino ratio: Return per unit of downside risk	-1.16	—	—
Omega ratio: Gain probability vs. loss probability	0.87	—	—
Calmar ratio: Return relative to maximum drawdown	-0.77	—	—
Martin ratio: Return relative to average drawdown	-1.30	—	—

Drawdowns

OBTC vs. CBOO - Drawdown Comparison

The maximum OBTC drawdown since its inception was -94.50%, which is greater than CBOO's maximum drawdown of -2.34%. Use the drawdown chart below to compare losses from any high point for OBTC and CBOO.

Drawdown Indicators

	OBTC	CBOO	Difference
Max Drawdown Largest peak-to-trough decline	-94.50%	-2.34%	-92.16%
Max Drawdown (1Y) Largest decline over 1 year	-49.62%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-49.62%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-83.76%	—	—
Current Drawdown Current decline from peak	-62.96%	-1.40%	-61.56%
Average Drawdown Average peak-to-trough decline	-69.47%	-1.60%	-67.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.42%	—	—

Volatility

Volatility by Period

	OBTC	CBOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.77%	—	—
Volatility (6M) Calculated over the trailing 6-month period	35.27%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	45.00%	2.00%	+43.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.18%	2.00%	+55.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.54%	2.00%	+74.54%

OBTC vs. CBOO - Expense Ratio Comparison

OBTC has a 0.49% expense ratio, which is lower than CBOO's 0.69% expense ratio.

Dividends

OBTC vs. CBOO - Dividend Comparison

OBTC has not paid dividends to shareholders, while CBOO's dividend yield for the trailing twelve months is around 0.57%.

Position	TTM	2025
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%
OBTC Osprey Bitcoin Trust	0.00%	0.00%

Frequently Asked Questions

Can I hold both OBTC and CBOO in my portfolio?

OBTC and CBOO 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, OBTC or CBOO?

On fees, OBTC is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, OBTC or CBOO?

OBTC is cheaper with a 0.49% expense ratio, compared with 0.69% for CBOO.

Which ETF pays a higher dividend yield, OBTC or CBOO?

CBOO has the higher dividend yield at 0.57%, compared with 0.00% for OBTC.

What is the main difference between OBTC and CBOO?

OBTC is categorized as Cryptocurrency, while CBOO is Defined Outcome. They also come from different issuers: Osprey Funds and Calamos. Their fees differ too: 0.49% for OBTC and 0.69% for CBOO.