XRPC vs. CBTO

Last updated Jul 12, 2026

XRPC (Canary XRP ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - XRPC is a Cryptocurrency fund actively managed by Canary Capital, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. A 0.78 correlation means they provide meaningful diversification when combined. XRPC charges 0.50%/yr vs 0.69%/yr for CBTO.

Performance

XRPC vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Canary XRP ETF (XRPC) 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, XRPC achieves a -39.69% return, which is significantly lower than CBTO's -8.41% return.

XRPC

• 1D: 0.60%
• 1M: -3.46%
• 6M: -47.09%
• YTD: -39.69%
• 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)

XRPC vs. CBTO - Yearly Performance Comparison

	2026 (YTD)	2025
XRPC Canary XRP ETF	-39.69%	-26.96%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.41%	-6.34%

Correlation

The correlation between XRPC and CBTO is 0.78, 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 Nov 13, 2025	0.78

Return for Risk

XRPC vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canary XRP ETF (XRPC) 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

XRPC vs. CBTO - Drawdown Comparison

The maximum XRPC drawdown since its inception was -58.81%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for XRPC and CBTO.

Drawdown Indicators

	XRPC	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-58.81%	-21.27%	-37.54%
Current Drawdown Current decline from peak	-55.95%	-21.23%	-34.72%
Average Drawdown Average peak-to-trough decline	-37.74%	-15.67%	-22.07%

Volatility

Volatility by Period

	XRPC	CBTO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	75.02%	11.99%	+63.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.02%	11.99%	+63.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	75.02%	11.99%	+63.03%

XRPC vs. CBTO - Expense Ratio Comparison

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

Dividends

XRPC vs. CBTO - Dividend Comparison

XRPC 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%
XRPC Canary XRP ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both XRPC and CBTO in my portfolio?

XRPC and CBTO have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XRPC or CBTO?

On fees, XRPC 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, XRPC or CBTO?

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

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

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

What is the main difference between XRPC and CBTO?

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