BHDG vs. CBOO

Last updated Jun 5, 2026

BHDG (Nicholas Bitcoin Tail ETF) and CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) are both exchange-traded funds - BHDG is a Cryptocurrency fund actively managed by Nicholas, while CBOO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. At a correlation of -0.50, they often move in opposite directions. BHDG charges 0.97%/yr vs 0.69%/yr for CBOO.

Performance

BHDG vs. CBOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Bitcoin Tail ETF (BHDG) and Calamos Bitcoin Structured Alt Protection ETF - October (CBOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BHDG

• 1D: 1.61%
• 1M: 9.60%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOO

• 1D: 0.02%
• 1M: -0.06%
• YTD: -0.02%
• 6M: -0.16%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BHDG vs. CBOO - Yearly Performance Comparison

	2026 (YTD)
BHDG Nicholas Bitcoin Tail ETF	-2.24%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.37%

Correlation

The correlation between BHDG and CBOO is -0.50, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 19, 2026	-0.50

Return for Risk

BHDG vs. CBOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin Tail ETF (BHDG) and Calamos Bitcoin Structured Alt Protection ETF - October (CBOO). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	BHDG	CBOO	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.54	-1.17	+0.63

Drawdowns

BHDG vs. CBOO - Drawdown Comparison

The maximum BHDG drawdown since its inception was -15.06%, which is greater than CBOO's maximum drawdown of -2.34%. Use the drawdown chart below to compare losses from any high point for BHDG and CBOO.

Drawdown Indicators

	BHDG	CBOO	Difference
Max Drawdown Largest peak-to-trough decline	-15.06%	-2.34%	-12.72%
Current Drawdown Current decline from peak	-6.21%	-1.70%	-4.51%
Average Drawdown Average peak-to-trough decline	-9.23%	-1.61%	-7.62%

Volatility

Volatility by Period

	BHDG	CBOO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	18.88%	2.14%	+16.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.88%	2.14%	+16.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.88%	2.14%	+16.74%

BHDG vs. CBOO - Expense Ratio Comparison

BHDG has a 0.97% expense ratio, which is higher than CBOO's 0.69% expense ratio.

Dividends

BHDG vs. CBOO - Dividend Comparison

BHDG has not paid dividends to shareholders, while CBOO's dividend yield for the trailing twelve months is around 0.57%.

Position	TTM	2025
BHDG Nicholas Bitcoin Tail ETF	0.00%	0.00%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%

Frequently Asked Questions

Can I hold both BHDG and CBOO in my portfolio?

BHDG and CBOO have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BHDG or CBOO?

On fees, CBOO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BHDG or CBOO?

CBOO is cheaper with a 0.69% expense ratio, compared with 0.97% for BHDG.

Which ETF pays a higher dividend yield, BHDG or CBOO?

CBOO has the higher dividend yield at 0.57%, compared with 0.00% for BHDG.

What is the main difference between BHDG and CBOO?

BHDG is categorized as Cryptocurrency, while CBOO is Defined Outcome. They also come from different issuers: Nicholas and Calamos. Their fees differ too: 0.97% for BHDG and 0.69% for CBOO.