ARKB vs. CBXO
ARKB (ARK 21Shares Bitcoin ETF) and CBXO (Calamos Bitcoin 90 Series Structured Alt Protection ETF - October) are both exchange-traded funds - ARKB is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while CBXO is a Defined Outcome fund actively managed by Calamos. ARKB is passively managed, while CBXO is actively managed. Their correlation of 0.81 means they have usually moved in the same direction. ARKB charges 0.21%/yr vs 0.69%/yr for CBXO.
Performance
ARKB vs. CBXO - Performance Comparison
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Returns By Period
In the year-to-date period, ARKB achieves a -26.69% return, which is significantly lower than CBXO's -3.32% return.
ARKB
- 1D
- 0.57%
- 1M
- 4.52%
- 6M
- -16.05%
- YTD
- -26.69%
- 1Y
- -44.16%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.02%
CBXO
- 1D
- 0.09%
- 1M
- 0.43%
- 6M
- -1.51%
- YTD
- -3.32%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $32.37M | $33.70M | $41.78M | |
| $51.16K | $48.37K | $55.02K |
ARKB vs. CBXO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ARKB ARK 21Shares Bitcoin ETF | -26.69% | -30.36% |
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October | -3.32% | -8.05% |
Correlation
The correlation between ARKB and CBXO is 0.81, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025 | 0.81 |
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Return for Risk
ARKB vs. CBXO — Risk / Return Rank
ARKB
CBXO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ARKB vs. CBXO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ARK 21Shares Bitcoin ETF (ARKB) 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.
| ARKB | CBXO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.84 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | — | — |
| Martin ratioReturn relative to average drawdown | -1.27 | — | — |
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Drawdowns
ARKB vs. CBXO - Drawdown Comparison
The maximum ARKB drawdown since its inception was -53.33%, which is greater than CBXO's maximum drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for ARKB and CBXO.
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Drawdown Indicators
| ARKB | CBXO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.33% | -11.51% | -41.82% |
Max Drawdown (1Y)Largest decline over 1 year | -53.33% | — | — |
Current DrawdownCurrent decline from peak | -48.94% | -11.11% | -37.83% |
Average DrawdownAverage peak-to-trough decline | -18.36% | -9.03% | -9.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.90% | — | — |
Volatility
ARKB vs. CBXO - Volatility Comparison
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Volatility by Period
| ARKB | CBXO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.21% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 32.98% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 44.25% | 6.46% | +37.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.36% | 6.46% | +42.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.36% | 6.46% | +42.90% |
ARKB vs. CBXO - Expense Ratio Comparison
ARKB has a 0.21% expense ratio, which is lower than CBXO's 0.69% expense ratio.
Dividends
ARKB vs. CBXO - Dividend Comparison
ARKB has not paid dividends to shareholders, while CBXO's dividend yield for the trailing twelve months is around 0.52%.
| Position | TTM | 2025 |
|---|---|---|
ARKB ARK 21Shares Bitcoin ETF | 0.00% | 0.00% |
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October | 0.52% | 0.51% |
Frequently Asked Questions
ARKB and CBXO have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ARKB is cheaper at 0.21% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ARKB is cheaper with a 0.21% expense ratio, compared with 0.69% for CBXO.
CBXO has the higher dividend yield at 0.52%, compared with 0.00% for ARKB.
ARKB is categorized as Cryptocurrency, while CBXO is Defined Outcome. They also come from different issuers: ARK and Calamos. Their fees differ too: 0.21% for ARKB and 0.69% for CBXO.
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