CBTY vs SPY
Calamos Bitcoin 80 Series Structured Alt Protection ETF - July 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 503 holdings.
Side-by-Side Comparison
| Metric | CBTY | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.69% | 0.09% | |
| AUM | $5M | $789.1B | |
| Dividend Yield | 1.65% | 1.01% | |
| Holdings | 5 | 505 | |
| YTD Return | -10.37% | +13.79% | |
| 1Y Return | -22.32% | +23.66% | |
| 3Y Return (annualized) | - | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 12.1% | 15.3% | |
| Max Drawdown | -27.8% | -56.5% | |
| Fund Family | Calamos Investments | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jul 8, 2025 | Jan 22, 1993 |
CBTY vs SPY Performance
Calamos Bitcoin 80 Series Structured Alt Protection ETF - July (CBTY) 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 CBTY returned -22.32% while SPY returned +23.66%. Year to date, CBTY is down 10.37% versus a gain of 13.79% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 12.1% for CBTY. 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 -27.8% for CBTY 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 0.29. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CBTY 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, CBTY currently yields 1.65% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, CBTY or SPY?
CBTY 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, CBTY or SPY?
Over the past year CBTY returned -22.32% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), CBTY annualized -17.95% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, CBTY or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 12.1% for CBTY. Worst drawdown: CBTY -27.8% vs SPY -56.5%.
Should I hold both CBTY and SPY?
CBTY and SPY have a monthly-return correlation of 0.29, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, CBTY or SPY?
CBTY yields 1.65% while SPY yields 1.01%, so CBTY currently pays the higher dividend yield.
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