TDOT vs. CBTO

Last updated Jul 12, 2026

TDOT (21Shares Polkadot ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - TDOT is a Cryptocurrency fund tracking the DOT/USD Exchange Rate - Benchmark Price Return, while CBTO is a Defined Outcome fund actively managed by Calamos. TDOT is passively managed, while CBTO is actively managed. At a 0.41 correlation, their price movements are largely independent. TDOT charges 0.30%/yr vs 0.69%/yr for CBTO.

Performance

TDOT vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 21Shares Polkadot ETF (TDOT) 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

TDOT

• 1D: 6.00%
• 1M: -8.94%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBTO

• 1D: -0.10%
• 1M: -0.10%
• 6M: -9.35%
• YTD: -8.41%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TDOT vs. CBTO - Yearly Performance Comparison

	2026 (YTD)
TDOT 21Shares Polkadot ETF	-39.88%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-2.87%

Correlation

The correlation between TDOT and CBTO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 6, 2026	0.41

Return for Risk

TDOT vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares Polkadot ETF (TDOT) 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

TDOT vs. CBTO - Drawdown Comparison

The maximum TDOT drawdown since its inception was -48.70%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for TDOT and CBTO.

Drawdown Indicators

	TDOT	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-48.70%	-21.27%	-27.43%
Current Drawdown Current decline from peak	-45.44%	-21.23%	-24.21%
Average Drawdown Average peak-to-trough decline	-25.14%	-15.67%	-9.47%

Volatility

Volatility by Period

	TDOT	CBTO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	63.36%	11.99%	+51.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.36%	11.99%	+51.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.36%	11.99%	+51.37%

TDOT vs. CBTO - Expense Ratio Comparison

TDOT has a 0.30% expense ratio, which is lower than CBTO's 0.69% expense ratio.

Dividends

TDOT vs. CBTO - Dividend Comparison

TDOT's dividend yield for the trailing twelve months is around 1.40%, more than CBTO's 0.24% yield.

Position	TTM	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%
TDOT 21Shares Polkadot ETF	1.40%	0.00%

Frequently Asked Questions

Can I hold both TDOT and CBTO in my portfolio?

TDOT and CBTO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TDOT or CBTO?

On fees, TDOT is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TDOT or CBTO?

TDOT is cheaper with a 0.30% expense ratio, compared with 0.69% for CBTO.

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

TDOT has the higher dividend yield at 1.40%, compared with 0.24% for CBTO.

What is the main difference between TDOT and CBTO?

TDOT is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: 21Shares and Calamos. Their fees differ too: 0.30% for TDOT and 0.69% for CBTO.