SSS vs. CBTO

Last updated Jul 18, 2026

SSS (CYBER HORNET S&P 500 and Solana 75/25 Strategy ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - SSS is a Cryptocurrency fund tracking the S&P 500 and S&P Solana 75/25 Blend Index, while CBTO is a Defined Outcome fund actively managed by Calamos. SSS is passively managed, while CBTO is actively managed. A 0.71 correlation means they provide meaningful diversification when combined. SSS charges 0.95%/yr vs 0.69%/yr for CBTO.

Performance

SSS vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CYBER HORNET S&P 500 and Solana 75/25 Strategy ETF (SSS) 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

SSS

• 1D: -0.76%
• 1M: 2.20%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBTO

• 1D: 0.03%
• 1M: 0.00%
• 6M: -11.11%
• YTD: -8.30%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SSS vs. CBTO - Yearly Performance Comparison

	2026 (YTD)
SSS CYBER HORNET S&P 500 and Solana 75/25 Strategy ETF	-3.86%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-7.04%

Correlation

The correlation between SSS and CBTO is 0.71, 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 Jan 30, 2026	0.71

Return for Risk

SSS vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CYBER HORNET S&P 500 and Solana 75/25 Strategy ETF (SSS) 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

SSS vs. CBTO - Drawdown Comparison

The maximum SSS drawdown since its inception was -14.64%, smaller than the maximum CBTO drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for SSS and CBTO.

Drawdown Indicators

	SSS	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-14.64%	-21.27%	+6.63%
Current Drawdown Current decline from peak	-4.66%	-21.13%	+16.47%
Average Drawdown Average peak-to-trough decline	-6.55%	-15.81%	+9.26%

Volatility

Volatility by Period

	SSS	CBTO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	23.37%	11.85%	+11.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.37%	11.85%	+11.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.37%	11.85%	+11.52%

SSS vs. CBTO - Expense Ratio Comparison

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

Dividends

SSS vs. CBTO - Dividend Comparison

SSS's dividend yield for the trailing twelve months is around 0.09%, less than CBTO's 0.24% yield.

Position	TTM	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%
SSS CYBER HORNET S&P 500 and Solana 75/25 Strategy ETF	0.09%	0.00%

Frequently Asked Questions

Can I hold both SSS and CBTO in my portfolio?

SSS and CBTO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SSS 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, SSS or CBTO?

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

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

CBTO has the higher dividend yield at 0.24%, compared with 0.09% for SSS.

What is the main difference between SSS and CBTO?

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