CBTA vs SPY
Calamos Bitcoin 80 Series Structured Alt Protection ETF - April vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | CBTA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.69% | 0.09% | |
| AUM | $5M | $821.1B | |
| Dividend Yield | 1.17% | 1.01% | |
| Holdings | 7 | 505 | |
| YTD Return | -26.73% | +14.24% | |
| 1Y Return | -35.23% | +21.71% | |
| 3Y Return (annualized) | - | +22.10% | |
| 5Y Return (annualized) | - | +13.21% | |
| Volatility (annualized) | 24.7% | 15.3% | |
| Max Drawdown | -39.8% | -56.5% | |
| Fund Family | Calamos Investments | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Apr 7, 2025 | Jan 22, 1993 |
CBTA vs SPY Performance
Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) is a ETF from Calamos Investments and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CBTA returned -35.23% while SPY returned +21.71%. Year to date, CBTA is down 26.73% versus a gain of 14.24% for SPY.
Risk: Volatility and Drawdowns
CBTA has been the more volatile fund, with annualized monthly volatility of 24.7% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -39.8% for CBTA and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.56. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CBTA charges 0.69% per year while SPY charges 0.09%. On a $10,000 position that is $69 vs $9 annually, a gap of $60 per year that compounds over a long holding period. On income, CBTA currently yields 1.17% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, CBTA or SPY?
CBTA has an expense ratio of 0.69% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $60 per year of difference.
Which performed better, CBTA or SPY?
Over the past year CBTA returned -35.23% vs +21.71% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), CBTA annualized -12.39% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, CBTA or SPY?
CBTA has been the more volatile fund at 24.7% annualized versus 15.3% for SPY. Worst drawdown: CBTA -39.8% vs SPY -56.5%.
Should I hold both CBTA and SPY?
CBTA and SPY have a monthly-return correlation of 0.56, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, CBTA or SPY?
CBTA yields 1.17% while SPY yields 1.01%, so CBTA currently pays the higher dividend yield.
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