YBTC vs. CBXO
YBTC (Roundhill Bitcoin Covered Call Strategy ETF) and CBXO (Calamos Bitcoin 90 Series Structured Alt Protection ETF - October) are both exchange-traded funds - YBTC is a Cryptocurrency fund actively managed by Roundhill, while CBXO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Their 0.77 correlation means they have sometimes moved together and sometimes differently. YBTC charges 0.95%/yr vs 0.69%/yr for CBXO.
Performance
YBTC vs. CBXO - Performance Comparison
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Returns By Period
In the year-to-date period, YBTC achieves a -23.08% return, which is significantly lower than CBXO's -3.41% return.
YBTC
- 1D
- 1.15%
- 1M
- 4.67%
- 6M
- -14.64%
- YTD
- -23.08%
- 1Y
- -39.52%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.44%
CBXO
- 1D
- -0.07%
- 1M
- 0.34%
- 6M
- -1.56%
- YTD
- -3.41%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $51.12K | $50.64K | $55.08K | |
| $1.48M | $1.24M | $1.57M |
YBTC vs. CBXO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
YBTC Roundhill Bitcoin Covered Call Strategy ETF | -23.08% | -25.36% |
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October | -3.41% | -8.05% |
Correlation
The correlation between YBTC and CBXO is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025 | 0.77 |
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Return for Risk
YBTC vs. CBXO — Risk / Return Rank
YBTC
CBXO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
YBTC vs. CBXO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Roundhill Bitcoin Covered Call Strategy ETF (YBTC) and Calamos Bitcoin 90 Series Structured Alt Protection ETF - October (CBXO). 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.
| YBTC | CBXO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.83 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | — | — |
| Martin ratioReturn relative to average drawdown | -1.26 | — | — |
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Drawdowns
YBTC vs. CBXO - Drawdown Comparison
The maximum YBTC drawdown since its inception was -48.84%, which is greater than CBXO's maximum drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for YBTC and CBXO.
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Drawdown Indicators
| YBTC | CBXO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.84% | -11.51% | -37.33% |
Max Drawdown (1Y)Largest decline over 1 year | -48.84% | — | — |
Current DrawdownCurrent decline from peak | -43.83% | -11.19% | -32.64% |
Average DrawdownAverage peak-to-trough decline | -14.95% | -9.02% | -5.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.47% | — | — |
Volatility
YBTC vs. CBXO - Volatility Comparison
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Volatility by Period
| YBTC | CBXO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.36% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 31.73% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 40.20% | 6.48% | +33.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.43% | 6.48% | +33.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.43% | 6.48% | +33.95% |
YBTC vs. CBXO - Expense Ratio Comparison
YBTC has a 0.95% expense ratio, which is higher than CBXO's 0.69% expense ratio.
Dividends
YBTC vs. CBXO - Dividend Comparison
YBTC's dividend yield for the trailing twelve months is around 80.06%, more than CBXO's 0.53% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October | 0.53% | 0.51% | 0.00% |
YBTC Roundhill Bitcoin Covered Call Strategy ETF | 80.06% | 76.04% | 44.53% |
Frequently Asked Questions
YBTC and CBXO have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CBXO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CBXO is cheaper with a 0.69% expense ratio, compared with 0.95% for YBTC.
YBTC has the higher dividend yield at 80.06%, compared with 0.53% for CBXO.
YBTC is categorized as Cryptocurrency, while CBXO is Defined Outcome. They also come from different issuers: Roundhill and Calamos. Their fees differ too: 0.95% for YBTC and 0.69% for CBXO.
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