THYP vs. CBTO

Last updated Jun 30, 2026

THYP (21Shares Hyperliquid ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - THYP is a Cryptocurrency fund actively managed by 21Shares, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. At a 0.41 correlation, their price movements are largely independent.

Performance

THYP vs. CBTO - Performance Comparison

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

THYP

• 1D: 3.06%
• 1M: 0.93%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBTO

• 1D: 0.08%
• 1M: -0.90%
• YTD: -8.34%
• 6M: -8.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

THYP vs. CBTO - Yearly Performance Comparison

	2026 (YTD)
THYP 21Shares Hyperliquid ETF	54.95%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-3.22%

Correlation

The correlation between THYP 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 May 12, 2026	0.41

Return for Risk

THYP vs. CBTO - Risk-Adjusted Trends Comparison

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

THYP vs. CBTO - Drawdown Comparison

The maximum THYP drawdown since its inception was -27.01%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for THYP and CBTO.

Drawdown Indicators

	THYP	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-27.01%	-21.27%	-5.74%
Current Drawdown Current decline from peak	-9.34%	-21.17%	+11.83%
Average Drawdown Average peak-to-trough decline	-7.69%	-15.43%	+7.74%

Volatility

Volatility by Period

	THYP	CBTO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	110.48%	12.25%	+98.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	110.48%	12.25%	+98.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.48%	12.25%	+98.23%

Dividends

THYP vs. CBTO - Dividend Comparison

THYP's dividend yield for the trailing twelve months is around 0.10%, less than CBTO's 0.24% yield.

Position	TTM	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%
THYP 21Shares Hyperliquid ETF	0.10%	0.00%

Frequently Asked Questions

Can I hold both THYP and CBTO in my portfolio?

THYP 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 pays a higher dividend yield, THYP or CBTO?

CBTO has the higher dividend yield at 0.24%, compared with 0.10% for THYP.

What is the main difference between THYP and CBTO?

THYP is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: 21Shares and Calamos.