BHYP vs. CBOO

Last updated Jul 1, 2026

BHYP (Bitwise Hyperliquid ETF) and CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) are both exchange-traded funds - BHYP is a Cryptocurrency fund actively managed by Bitwise, while CBOO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. At a 0.37 correlation, their price movements are largely independent.

Performance

BHYP vs. CBOO - Performance Comparison

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

Returns By Period

BHYP

• 1D: -2.62%
• 1M: -1.24%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOO

• 1D: -0.02%
• 1M: 0.12%
• YTD: 0.10%
• 6M: 0.02%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BHYP vs. CBOO - Yearly Performance Comparison

	2026 (YTD)
BHYP Bitwise Hyperliquid ETF	51.42%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.06%

Correlation

The correlation between BHYP and CBOO is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 15, 2026	0.37

Return for Risk

BHYP vs. CBOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Hyperliquid ETF (BHYP) 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.

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

BHYP vs. CBOO - Drawdown Comparison

The maximum BHYP drawdown since its inception was -27.22%, which is greater than CBOO's maximum drawdown of -2.34%. Use the drawdown chart below to compare losses from any high point for BHYP and CBOO.

Drawdown Indicators

	BHYP	CBOO	Difference
Max Drawdown Largest peak-to-trough decline	-27.22%	-2.34%	-24.88%
Current Drawdown Current decline from peak	-11.33%	-1.58%	-9.75%
Average Drawdown Average peak-to-trough decline	-8.09%	-1.60%	-6.49%

Volatility

Volatility by Period

	BHYP	CBOO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	105.30%	2.04%	+103.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	105.30%	2.04%	+103.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	105.30%	2.04%	+103.26%

Dividends

BHYP vs. CBOO - Dividend Comparison

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

Position	TTM	2025
BHYP Bitwise Hyperliquid ETF	0.00%	0.00%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%

Frequently Asked Questions

Can I hold both BHYP and CBOO in my portfolio?

BHYP and CBOO have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

What is the main difference between BHYP and CBOO?

BHYP is categorized as Cryptocurrency, while CBOO is Defined Outcome. They also come from different issuers: Bitwise and Calamos.