SETH vs. CBTO

Last updated Jun 24, 2026

SETH (ProShares Short Ether Strategy ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - SETH is a Cryptocurrency fund tracking the Bloomberg Galaxy Ethereum (--100%), while CBTO is a Defined Outcome fund actively managed by Calamos. SETH is passively managed, while CBTO is actively managed. At a correlation of -0.84, they often move in opposite directions. SETH charges 0.95%/yr vs 0.69%/yr for CBTO.

Performance

SETH vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Ether Strategy ETF (SETH) 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, SETH achieves a 48.48% return, which is significantly higher than CBTO's -8.41% return.

SETH

• 1D: 4.24%
• 1M: 19.90%
• YTD: 48.48%
• 6M: 48.59%
• 1Y: -6.86%
• 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)

SETH vs. CBTO - Yearly Performance Comparison

	2026 (YTD)	2025
SETH ProShares Short Ether Strategy ETF	48.48%	42.59%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.41%	-13.82%

Correlation

The correlation between SETH and CBTO is -0.84, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025	-0.84

Return for Risk

SETH vs. CBTO — Risk / Return Rank

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

SETH

SETH Risk / Return Rank: 9
SETH Sharpe Ratio Rank: 8
SETH Sortino Ratio Rank: 10
SETH Omega Ratio Rank: 10
SETH Calmar Ratio Rank: 8
SETH Martin Ratio Rank: 8

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.

SETH vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Ether Strategy ETF (SETH) 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.

	SETH	CBTO	Difference
Sharpe ratio: Return per unit of total volatility	-0.10	—	—
Sortino ratio: Return per unit of downside risk	0.34	—	—
Omega ratio: Gain probability vs. loss probability	1.04	—	—
Calmar ratio: Return relative to maximum drawdown	-0.13	—	—
Martin ratio: Return relative to average drawdown	-0.21	—	—

Drawdowns

SETH vs. CBTO - Drawdown Comparison

The maximum SETH drawdown since its inception was -80.74%, which is greater than CBTO's maximum drawdown of -21.23%. Use the drawdown chart below to compare losses from any high point for SETH and CBTO.

Drawdown Indicators

	SETH	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-80.74%	-21.23%	-59.51%
Max Drawdown (1Y) Largest decline over 1 year	-54.14%	—	—
Current Drawdown Current decline from peak	-59.21%	-21.23%	-37.98%
Average Drawdown Average peak-to-trough decline	-54.80%	-15.30%	-39.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.80%	—	—

Volatility

Volatility by Period

	SETH	CBTO	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.43%	—	—
Volatility (6M) Calculated over the trailing 6-month period	46.71%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	69.21%	12.38%	+56.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.66%	12.38%	+57.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.66%	12.38%	+57.28%

SETH vs. CBTO - Expense Ratio Comparison

SETH has a 0.95% expense ratio, which is higher than CBTO's 0.69% expense ratio.

Dividends

SETH vs. CBTO - Dividend Comparison

SETH's dividend yield for the trailing twelve months is around 10.36%, more than CBTO's 0.24% yield.

Position	TTM	2025	2024	2023
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%	0.00%	0.00%
SETH ProShares Short Ether Strategy ETF	10.36%	7.01%	3.44%	0.38%

Frequently Asked Questions

Can I hold both SETH and CBTO in my portfolio?

SETH and CBTO have a correlation of -0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SETH 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, SETH or CBTO?

CBTO is cheaper with a 0.69% expense ratio, compared with 0.95% for SETH.

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

SETH has the higher dividend yield at 10.36%, compared with 0.24% for CBTO.

What is the main difference between SETH and CBTO?

SETH is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: ProShares and Calamos. Their fees differ too: 0.95% for SETH and 0.69% for CBTO.