QSOL vs. CBTO

Last updated Aug 6, 2026

QSOL (Invesco Galaxy Solana ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - QSOL is a Cryptocurrency fund tracking the Lukka Prime Solana Reference Rate - Benchmark Price Return, while CBTO is a Defined Outcome fund actively managed by Calamos. QSOL is passively managed, while CBTO is actively managed. Their 0.73 correlation means they have sometimes moved together and sometimes differently. QSOL charges 0.25%/yr vs 0.69%/yr for CBTO.

Performance

QSOL vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Galaxy Solana ETF (QSOL) 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, QSOL achieves a -39.18% return, which is significantly lower than CBTO's -8.07% return.

QSOL

• 1D: 0.13%
• 1M: -9.14%
• 6M: -19.06%
• YTD: -39.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

CBTO

• 1D: 0.18%
• 1M: 0.18%
• 6M: -3.68%
• YTD: -8.07%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	$173.83K	$130.79K	$209.27K
QSOL Invesco Galaxy Solana ETF	$133.31K	$75.15K	$97.62K

QSOL vs. CBTO - Yearly Performance Comparison

	2026 (YTD)	2025
QSOL Invesco Galaxy Solana ETF	-39.18%	-4.28%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.07%	-1.80%

Correlation

The correlation between QSOL and CBTO is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 15, 2025	0.73

Return for Risk

QSOL vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Galaxy Solana ETF (QSOL) 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

QSOL vs. CBTO - Drawdown Comparison

The maximum QSOL drawdown since its inception was -56.55%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for QSOL and CBTO.

Drawdown Indicators

	QSOL	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-56.55%	-21.27%	-35.28%
Current Drawdown Current decline from peak	-48.87%	-20.94%	-27.93%
Average Drawdown Average peak-to-trough decline	-36.59%	-16.14%	-20.45%

Volatility

Volatility by Period

	QSOL	CBTO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	68.97%	11.49%	+57.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.97%	11.49%	+57.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.97%	11.49%	+57.48%

QSOL vs. CBTO - Expense Ratio Comparison

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

Dividends

QSOL vs. CBTO - Dividend Comparison

QSOL's dividend yield for the trailing twelve months is around 0.91%, more than CBTO's 0.24% yield.

Position	TTM	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%
QSOL Invesco Galaxy Solana ETF	0.91%	0.00%

Frequently Asked Questions

Can I hold both QSOL and CBTO in my portfolio?

QSOL and CBTO have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QSOL or CBTO?

On fees, QSOL 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, QSOL or CBTO?

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

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

QSOL has the higher dividend yield at 0.91%, compared with 0.24% for CBTO.

What is the main difference between QSOL and CBTO?

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