CBOL vs. NVDO

Last updated Jun 4, 2026

CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) and NVDO (Leverage Shares 2x Capped Accelerated NVDA Monthly ETF) are both Defined Outcome funds. Both are actively managed. At a 0.31 correlation, their price movements are largely independent. CBOL charges 0.79%/yr vs 0.77%/yr for NVDO.

Performance

CBOL vs. NVDO - 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 Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). 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 lower than NVDO's 18.85% return.

CBOL

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

NVDO

• 1D: -2.46%
• 1M: 14.15%
• YTD: 18.85%
• 6M: 29.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOL vs. NVDO - Yearly Performance Comparison

	2026 (YTD)	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.03%	-2.47%
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	18.85%	9.59%

Correlation

The correlation between CBOL and NVDO is 0.31, 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 Oct 15, 2025	0.31

Return for Risk

CBOL vs. NVDO - 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 Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). 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	NVDO	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.80	1.30	-3.10

Drawdowns

CBOL vs. NVDO - Drawdown Comparison

The maximum CBOL drawdown since its inception was -4.91%, smaller than the maximum NVDO drawdown of -16.25%. Use the drawdown chart below to compare losses from any high point for CBOL and NVDO.

Drawdown Indicators

	CBOL	NVDO	Difference
Max Drawdown Largest peak-to-trough decline	-4.91%	-16.25%	+11.34%
Current Drawdown Current decline from peak	-4.64%	-2.68%	-1.96%
Average Drawdown Average peak-to-trough decline	-3.21%	-4.99%	+1.78%

Volatility

Volatility by Period

	CBOL	NVDO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.88%	31.93%	-28.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.88%	31.93%	-28.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.88%	31.93%	-28.05%

CBOL vs. NVDO - Expense Ratio Comparison

CBOL has a 0.79% expense ratio, which is higher than NVDO's 0.77% expense ratio.

Dividends

CBOL vs. NVDO - Dividend Comparison

CBOL's dividend yield for the trailing twelve months is around 1.83%, less than NVDO's 14.02% yield.

Position	TTM	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	14.02%	16.66%

Frequently Asked Questions

Can I hold both CBOL and NVDO in my portfolio?

CBOL and NVDO have a correlation of 0.31, 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 NVDO?

On fees, NVDO is cheaper at 0.77% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBOL or NVDO?

NVDO is cheaper with a 0.77% expense ratio, compared with 0.79% for CBOL.

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

NVDO has the higher dividend yield at 14.02%, compared with 1.83% for CBOL.

What is the main difference between CBOL and NVDO?

They also come from different issuers: Calamos and Leverage Shares. Their fees differ too: 0.79% for CBOL and 0.77% for NVDO.