BESO vs. CBOL

Last updated Jul 8, 2026

BESO (GSR Crypto Core3 ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - BESO is a Cryptocurrency fund actively managed by GSR, while CBOL is a Defined Outcome fund actively managed by Calamos. Both are actively managed. A 0.78 correlation means they provide meaningful diversification when combined. BESO charges 1.00%/yr vs 0.79%/yr for CBOL.

Performance

BESO vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GSR Crypto Core3 ETF (BESO) and Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BESO

• 1D: -0.37%
• 1M: 14.17%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOL

• 1D: 0.00%
• 1M: 0.45%
• 6M: -2.54%
• YTD: -2.01%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BESO vs. CBOL - Yearly Performance Comparison

	2026 (YTD)
BESO GSR Crypto Core3 ETF	-2.19%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-0.40%

Correlation

The correlation between BESO and CBOL 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 Apr 22, 2026	0.78

Return for Risk

BESO vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GSR Crypto Core3 ETF (BESO) and Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL). 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

BESO vs. CBOL - Drawdown Comparison

The maximum BESO drawdown since its inception was -18.08%, which is greater than CBOL's maximum drawdown of -5.05%. Use the drawdown chart below to compare losses from any high point for BESO and CBOL.

Drawdown Indicators

	BESO	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-18.08%	-5.05%	-13.03%
Current Drawdown Current decline from peak	-5.68%	-4.62%	-1.06%
Average Drawdown Average peak-to-trough decline	-9.34%	-3.38%	-5.96%

Volatility

Volatility by Period

	BESO	CBOL	Difference
Volatility (1Y) Calculated over the trailing 1-year period	42.31%	3.75%	+38.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.31%	3.75%	+38.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.31%	3.75%	+38.56%

BESO vs. CBOL - Expense Ratio Comparison

BESO has a 1.00% expense ratio, which is higher than CBOL's 0.79% expense ratio.

Dividends

BESO vs. CBOL - Dividend Comparison

BESO has not paid dividends to shareholders, while CBOL's dividend yield for the trailing twelve months is around 1.83%.

Position	TTM	2025
BESO GSR Crypto Core3 ETF	0.00%	0.00%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%

Frequently Asked Questions

Can I hold both BESO and CBOL in my portfolio?

BESO and CBOL 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, BESO or CBOL?

On fees, CBOL is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BESO or CBOL?

CBOL is cheaper with a 0.79% expense ratio, compared with 1.00% for BESO.

Which ETF pays a higher dividend yield, BESO or CBOL?

CBOL has the higher dividend yield at 1.83%, compared with 0.00% for BESO.

What is the main difference between BESO and CBOL?

BESO is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: GSR and Calamos. Their fees differ too: 1.00% for BESO and 0.79% for CBOL.