CBOL vs. THYP

Last updated Aug 5, 2026

CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) and THYP (21Shares Hyperliquid ETF) are both exchange-traded funds - CBOL is a Defined Outcome fund actively managed by Calamos, while THYP is a Cryptocurrency fund tracking the HYPE. CBOL is actively managed, while THYP is passively managed. Their 0.49 correlation means their historical movements had little consistent relationship. CBOL charges 0.79%/yr vs 0.30%/yr for THYP.

Performance

CBOL vs. THYP - 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 21Shares Hyperliquid ETF (THYP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CBOL

• 1D: 0.04%
• 1M: 0.34%
• 6M: -0.55%
• YTD: -1.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

THYP

• 1D: 1.84%
• 1M: -16.28%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	$23.76K	$29.60K	$17.43K
THYP 21Shares Hyperliquid ETF	$1.58M	$2.41M	$8.70M

CBOL vs. THYP - Yearly Performance Comparison

	2026 (YTD)
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-0.63%
THYP 21Shares Hyperliquid ETF	28.73%

Correlation

The correlation between CBOL and THYP is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 12, 2026	0.49

Return for Risk

CBOL vs. THYP - 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 21Shares Hyperliquid ETF (THYP). 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

CBOL vs. THYP - Drawdown Comparison

The maximum CBOL drawdown since its inception was -5.05%, smaller than the maximum THYP drawdown of -29.14%. Use the drawdown chart below to compare losses from any high point for CBOL and THYP.

Drawdown Indicators

	CBOL	THYP	Difference
Max Drawdown Largest peak-to-trough decline	-5.05%	-29.14%	+24.09%
Current Drawdown Current decline from peak	-4.40%	-24.69%	+20.29%
Average Drawdown Average peak-to-trough decline	-3.49%	-11.55%	+8.06%

Volatility

Volatility by Period

	CBOL	THYP	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	93.29%	-89.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.64%	93.29%	-89.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.64%	93.29%	-89.65%

CBOL vs. THYP - Expense Ratio Comparison

CBOL has a 0.79% expense ratio, which is higher than THYP's 0.30% expense ratio.

Dividends

CBOL vs. THYP - Dividend Comparison

CBOL's dividend yield for the trailing twelve months is around 1.82%, more than THYP's 0.12% yield.

Position	TTM	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.82%	1.79%
THYP 21Shares Hyperliquid ETF	0.12%	0.00%

Frequently Asked Questions

Can I hold both CBOL and THYP in my portfolio?

CBOL and THYP have a correlation of 0.49, 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 THYP?

On fees, THYP is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBOL or THYP?

THYP is cheaper with a 0.30% expense ratio, compared with 0.79% for CBOL.

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

CBOL has the higher dividend yield at 1.82%, compared with 0.12% for THYP.

What is the main difference between CBOL and THYP?

CBOL is categorized as Defined Outcome, while THYP is Cryptocurrency. They also come from different issuers: Calamos and 21Shares. Their fees differ too: 0.79% for CBOL and 0.30% for THYP.