XBCI vs. CBTO

Last updated Jun 24, 2026

XBCI (NEOS Boosted Bitcoin High Income ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - XBCI is a Cryptocurrency fund actively managed by Neos, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Their correlation of 0.82 suggests significant overlap in exposure. XBCI charges 0.98%/yr vs 0.69%/yr for CBTO.

Performance

XBCI vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Boosted Bitcoin High Income ETF (XBCI) 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

XBCI

• 1D: -4.70%
• 1M: -25.10%
• YTD: —
• 6M: —
• 1Y: —
• 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)

XBCI vs. CBTO - Yearly Performance Comparison

	2026 (YTD)
XBCI NEOS Boosted Bitcoin High Income ETF	-23.52%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-5.08%

Correlation

The correlation between XBCI and CBTO is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 3, 2026	0.82

Return for Risk

XBCI vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Boosted Bitcoin High Income ETF (XBCI) 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

XBCI vs. CBTO - Drawdown Comparison

The maximum XBCI drawdown since its inception was -34.73%, which is greater than CBTO's maximum drawdown of -21.23%. Use the drawdown chart below to compare losses from any high point for XBCI and CBTO.

Drawdown Indicators

	XBCI	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-34.73%	-21.23%	-13.50%
Current Drawdown Current decline from peak	-31.48%	-21.23%	-10.25%
Average Drawdown Average peak-to-trough decline	-11.48%	-15.30%	+3.82%

Volatility

Volatility by Period

	XBCI	CBTO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	67.34%	12.38%	+54.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.34%	12.38%	+54.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.34%	12.38%	+54.96%

XBCI vs. CBTO - Expense Ratio Comparison

XBCI has a 0.98% expense ratio, which is higher than CBTO's 0.69% expense ratio.

Dividends

XBCI vs. CBTO - Dividend Comparison

XBCI's dividend yield for the trailing twelve months is around 22.16%, more than CBTO's 0.24% yield.

Position	TTM	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%
XBCI NEOS Boosted Bitcoin High Income ETF	22.16%	0.00%

Frequently Asked Questions

Can I hold both XBCI and CBTO in my portfolio?

XBCI and CBTO have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XBCI 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, XBCI or CBTO?

CBTO is cheaper with a 0.69% expense ratio, compared with 0.98% for XBCI.

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

XBCI has the higher dividend yield at 22.16%, compared with 0.24% for CBTO.

What is the main difference between XBCI and CBTO?

XBCI is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: Neos and Calamos. Their fees differ too: 0.98% for XBCI and 0.69% for CBTO.