CBOL vs. GDOG

Last updated Jun 4, 2026

CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) and GDOG (Grayscale Dogecoin Trust ETF) are both exchange-traded funds - CBOL is a Defined Outcome fund actively managed by Calamos, while GDOG is a Cryptocurrency fund tracking the CoinDesk Dogecoin Blended Reference Rate Index. CBOL is actively managed, while GDOG is passively managed. A 0.78 correlation means they provide meaningful diversification when combined. CBOL charges 0.79%/yr vs 0.35%/yr for GDOG.

Performance

CBOL vs. GDOG - Performance Comparison

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

Returns By Period

In the year-to-date period, CBOL achieves a -2.03% return, which is significantly higher than GDOG's -21.87% return.

CBOL

• 1D: -0.13%
• 1M: -0.78%
• YTD: -2.03%
• 6M: -2.60%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GDOG

• 1D: -2.62%
• 1M: -17.02%
• YTD: -21.87%
• 6M: -39.30%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOL vs. GDOG - Yearly Performance Comparison

	2026 (YTD)	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.03%	-0.11%
GDOG Grayscale Dogecoin Trust ETF	-21.87%	-23.70%

Correlation

The correlation between CBOL and GDOG 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 Nov 25, 2025	0.78

Return for Risk

CBOL vs. GDOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL) and Grayscale Dogecoin Trust ETF (GDOG). 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

	CBOL	GDOG	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.80	-0.86	-0.94

Drawdowns

CBOL vs. GDOG - Drawdown Comparison

The maximum CBOL drawdown since its inception was -4.91%, smaller than the maximum GDOG drawdown of -42.91%. Use the drawdown chart below to compare losses from any high point for CBOL and GDOG.

Drawdown Indicators

	CBOL	GDOG	Difference
Max Drawdown Largest peak-to-trough decline	-4.91%	-42.91%	+38.00%
Current Drawdown Current decline from peak	-4.64%	-41.16%	+36.52%
Average Drawdown Average peak-to-trough decline	-3.21%	-28.48%	+25.27%

Volatility

Volatility by Period

	CBOL	GDOG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.88%	73.98%	-70.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.88%	73.98%	-70.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.88%	73.98%	-70.10%

CBOL vs. GDOG - Expense Ratio Comparison

CBOL has a 0.79% expense ratio, which is higher than GDOG's 0.35% expense ratio.

Dividends

CBOL vs. GDOG - Dividend Comparison

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

Position	TTM	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%
GDOG Grayscale Dogecoin Trust ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBOL and GDOG in my portfolio?

CBOL and GDOG 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, CBOL or GDOG?

On fees, GDOG is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBOL or GDOG?

GDOG is cheaper with a 0.35% expense ratio, compared with 0.79% for CBOL.

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

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

What is the main difference between CBOL and GDOG?

CBOL is categorized as Defined Outcome, while GDOG is Cryptocurrency. They also come from different issuers: Calamos and Grayscale. Their fees differ too: 0.79% for CBOL and 0.35% for GDOG.