TTOP vs. CBTO

Last updated Aug 1, 2026

TTOP (21Shares FTSE Crypto 10 Index ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - TTOP is a Cryptocurrency fund tracking the FTSE Crypto 10 Select Index, while CBTO is a Defined Outcome fund actively managed by Calamos. TTOP is passively managed, while CBTO is actively managed. Their correlation of 0.83 means they have usually moved in the same direction. TTOP charges 0.50%/yr vs 0.69%/yr for CBTO.

Performance

TTOP vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 21Shares FTSE Crypto 10 Index ETF (TTOP) 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, TTOP achieves a -30.39% return, which is significantly lower than CBTO's -8.21% return.

TTOP

• 1D: -2.70%
• 1M: 2.44%
• 6M: -26.85%
• YTD: -30.39%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

CBTO

• 1D: 0.02%
• 1M: 0.10%
• 6M: -6.76%
• YTD: -8.21%
• 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	$159.82K	$137.82K	$229.26K
TTOP 21Shares FTSE Crypto 10 Index ETF	$2.56K	$2.91K	$3.28K

TTOP vs. CBTO - Yearly Performance Comparison

	2026 (YTD)	2025
TTOP 21Shares FTSE Crypto 10 Index ETF	-30.39%	-14.90%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.21%	-6.34%

Correlation

The correlation between TTOP and CBTO is 0.83, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 13, 2025	0.83

Return for Risk

TTOP vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares FTSE Crypto 10 Index ETF (TTOP) 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

TTOP vs. CBTO - Drawdown Comparison

The maximum TTOP drawdown since its inception was -44.86%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for TTOP and CBTO.

Drawdown Indicators

	TTOP	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-44.86%	-21.27%	-23.59%
Current Drawdown Current decline from peak	-40.76%	-21.06%	-19.70%
Average Drawdown Average peak-to-trough decline	-27.63%	-16.07%	-11.56%

Volatility

Volatility by Period

	TTOP	CBTO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	50.04%	11.56%	+38.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.04%	11.56%	+38.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.04%	11.56%	+38.48%

TTOP vs. CBTO - Expense Ratio Comparison

TTOP has a 0.50% expense ratio, which is lower than CBTO's 0.69% expense ratio.

Dividends

TTOP vs. CBTO - Dividend Comparison

TTOP has not paid dividends to shareholders, while CBTO's dividend yield for the trailing twelve months is around 0.24%.

Position	TTM	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%
TTOP 21Shares FTSE Crypto 10 Index ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both TTOP and CBTO in my portfolio?

TTOP and CBTO have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TTOP or CBTO?

On fees, TTOP is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TTOP or CBTO?

TTOP is cheaper with a 0.50% expense ratio, compared with 0.69% for CBTO.

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

CBTO has the higher dividend yield at 0.24%, compared with 0.00% for TTOP.

What is the main difference between TTOP and CBTO?

TTOP is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: 21Shares and Calamos. Their fees differ too: 0.50% for TTOP and 0.69% for CBTO.