CBOA vs. MSOO
CBOA (Calamos Bitcoin Structured Alt Protection ETF - April) and MSOO (Leverage Shares 2x Capped Accelerated MSTR Monthly ETF) are both Defined Outcome funds. CBOA is passively managed, while MSOO is actively managed. A 0.80 correlation means they provide meaningful diversification when combined. CBOA charges 0.69%/yr vs 0.78%/yr for MSOO.
Performance
CBOA vs. MSOO - Performance Comparison
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Returns By Period
In the year-to-date period, CBOA achieves a -6.06% return, which is significantly higher than MSOO's -23.81% return.
CBOA
- 1D
- -0.19%
- 1M
- -1.65%
- YTD
- -6.06%
- 6M
- -6.36%
- 1Y
- -4.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSOO
- 1D
- -6.75%
- 1M
- -28.26%
- YTD
- -23.81%
- 6M
- -38.09%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBOA vs. MSOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBOA Calamos Bitcoin Structured Alt Protection ETF - April | -6.06% | -0.94% |
MSOO Leverage Shares 2x Capped Accelerated MSTR Monthly ETF | -23.81% | -60.78% |
Correlation
The correlation between CBOA and MSOO is 0.80, 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 Aug 14, 2025 | 0.80 |
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Return for Risk
CBOA vs. MSOO — Risk / Return Rank
CBOA
MSOO
CBOA vs. MSOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - April (CBOA) and Leverage Shares 2x Capped Accelerated MSTR Monthly ETF (MSOO). 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.
| CBOA | MSOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.85 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.61 | — | — |
| Martin ratioReturn relative to average drawdown | -1.18 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CBOA | MSOO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.89 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.19 | -1.13 | +0.93 |
Drawdowns
CBOA vs. MSOO - Drawdown Comparison
The maximum CBOA drawdown since its inception was -7.91%, smaller than the maximum MSOO drawdown of -72.39%. Use the drawdown chart below to compare losses from any high point for CBOA and MSOO.
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Drawdown Indicators
| CBOA | MSOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.91% | -72.39% | +64.48% |
Max Drawdown (1Y)Largest decline over 1 year | -7.91% | — | — |
Current DrawdownCurrent decline from peak | -7.91% | -70.12% | +62.21% |
Average DrawdownAverage peak-to-trough decline | -2.38% | -47.41% | +45.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.06% | — | — |
Volatility
CBOA vs. MSOO - Volatility Comparison
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Volatility by Period
| CBOA | MSOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 4.67% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 5.39% | 69.25% | -63.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.14% | 69.25% | -64.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.14% | 69.25% | -64.11% |
CBOA vs. MSOO - Expense Ratio Comparison
CBOA has a 0.69% expense ratio, which is lower than MSOO's 0.78% expense ratio.
Dividends
CBOA vs. MSOO - Dividend Comparison
CBOA's dividend yield for the trailing twelve months is around 2.38%, more than MSOO's 2.13% yield.
| Position | TTM | 2025 |
|---|---|---|
CBOA Calamos Bitcoin Structured Alt Protection ETF - April | 2.38% | 2.24% |
MSOO Leverage Shares 2x Capped Accelerated MSTR Monthly ETF | 2.13% | 1.63% |
Frequently Asked Questions
CBOA and MSOO have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CBOA is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CBOA is cheaper with a 0.69% expense ratio, compared with 0.78% for MSOO.
CBOA has the higher dividend yield at 2.38%, compared with 2.13% for MSOO.
They also come from different issuers: Calamos and Leverage Shares. Their fees differ too: 0.69% for CBOA and 0.78% for MSOO.
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