BETE vs. CBXO
BETE (Proshares Bitcoin & Ether Equal Weight Strategy ETF) and CBXO (Calamos Bitcoin 90 Series Structured Alt Protection ETF - October) are both exchange-traded funds - BETE is a Cryptocurrency fund actively managed by ProShares, while CBXO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Their 0.79 correlation means they have sometimes moved together and sometimes differently. BETE charges 0.95%/yr vs 0.69%/yr for CBXO.
Performance
BETE vs. CBXO - Performance Comparison
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Returns By Period
In the year-to-date period, BETE achieves a -34.37% return, which is significantly lower than CBXO's -3.34% return.
BETE
- 1D
- -3.01%
- 1M
- 5.60%
- 6M
- -28.81%
- YTD
- -34.37%
- 1Y
- -46.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.68%
CBXO
- 1D
- 0.02%
- 1M
- 0.41%
- 6M
- -2.66%
- YTD
- -3.34%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.88K | $90.06K | $96.80K | |
| $76.00K | $53.70K | $61.12K |
BETE vs. CBXO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BETE Proshares Bitcoin & Ether Equal Weight Strategy ETF | -34.37% | -34.43% |
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October | -3.34% | -8.05% |
Correlation
The correlation between BETE and CBXO is 0.79, 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 | 0.79 |
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Return for Risk
BETE vs. CBXO — Risk / Return Rank
BETE
CBXO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BETE vs. CBXO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE) 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.
| BETE | CBXO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.86 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | — | — |
| Martin ratioReturn relative to average drawdown | -1.21 | — | — |
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Drawdowns
BETE vs. CBXO - Drawdown Comparison
The maximum BETE drawdown since its inception was -61.75%, which is greater than CBXO's maximum drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for BETE and CBXO.
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Drawdown Indicators
| BETE | CBXO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.75% | -11.51% | -50.24% |
Max Drawdown (1Y)Largest decline over 1 year | -61.75% | — | — |
Current DrawdownCurrent decline from peak | -56.97% | -11.13% | -45.84% |
Average DrawdownAverage peak-to-trough decline | -23.44% | -9.01% | -14.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.62% | — | — |
Volatility
BETE vs. CBXO - Volatility Comparison
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Volatility by Period
| BETE | CBXO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.10% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 39.57% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 55.28% | 6.49% | +48.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.01% | 6.49% | +49.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.01% | 6.49% | +49.52% |
BETE vs. CBXO - Expense Ratio Comparison
BETE has a 0.95% expense ratio, which is higher than CBXO's 0.69% expense ratio.
Dividends
BETE vs. CBXO - Dividend Comparison
BETE's dividend yield for the trailing twelve months is around 79.50%, more than CBXO's 0.53% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BETE Proshares Bitcoin & Ether Equal Weight Strategy ETF | 64.54% | 68.22% | 15.22% | 0.78% |
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October | 0.53% | 0.51% | 0.00% | 0.00% |
Frequently Asked Questions
BETE and CBXO have a correlation of 0.79, 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 BETE.
BETE has the higher dividend yield at 64.54%, compared with 0.53% for CBXO.
BETE is categorized as Cryptocurrency, while CBXO is Defined Outcome. They also come from different issuers: ProShares and Calamos. Their fees differ too: 0.95% for BETE and 0.69% for CBXO.
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