CBOO vs. ETHE
CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) and ETHE (Grayscale Ethereum Trust ETF) are both exchange-traded funds - CBOO is a Defined Outcome fund actively managed by Calamos, while ETHE is a Cryptocurrency fund tracking the CoinDesk Ether Price Index. CBOO is actively managed, while ETHE is passively managed. Their 0.66 correlation means they have sometimes moved together and sometimes differently. CBOO charges 0.69%/yr vs 2.50%/yr for ETHE.
Performance
CBOO vs. ETHE - Performance Comparison
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Returns By Period
In the year-to-date period, CBOO achieves a 0.43% return, which is significantly higher than ETHE's -37.21% return.
CBOO
- 1D
- 0.00%
- 1M
- 0.27%
- 6M
- 0.71%
- YTD
- 0.43%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
ETHE
- 1D
- 0.34%
- 1M
- 10.22%
- 6M
- -18.72%
- YTD
- -37.21%
- 1Y
- -49.53%
- 3Y*
- 10.35%
- 5Y*
- -10.40%
- 10Y*
- —
- ALL TIME*
- 12.34%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $37.37K | $26.33K | $18.92K | |
| $26.36M | $26.52M | $33.93M |
CBOO vs. ETHE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBOO Calamos Bitcoin Structured Alt Protection ETF - October | 0.43% | -1.66% |
ETHE Grayscale Ethereum Trust ETF | -37.21% | -37.35% |
Correlation
The correlation between CBOO and ETHE is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025 | 0.66 |
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Return for Risk
CBOO vs. ETHE — Risk / Return Rank
CBOO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ETHE
CBOO vs. ETHE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - October (CBOO) and Grayscale Ethereum Trust ETF (ETHE). 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.
| CBOO | ETHE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.89 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.73 | — |
| Martin ratioReturn relative to average drawdown | — | -1.08 | — |
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Drawdowns
CBOO vs. ETHE - Drawdown Comparison
The maximum CBOO drawdown since its inception was -2.34%, smaller than the maximum ETHE drawdown of -96.26%. Use the drawdown chart below to compare losses from any high point for CBOO and ETHE.
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Drawdown Indicators
| CBOO | ETHE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.34% | -96.26% | +93.92% |
Max Drawdown (1Y)Largest decline over 1 year | — | -68.17% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -68.17% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -89.85% | — |
Current DrawdownCurrent decline from peak | -1.26% | -76.25% | +74.99% |
Average DrawdownAverage peak-to-trough decline | -1.58% | -72.32% | +70.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 45.97% | — |
Volatility
CBOO vs. ETHE - Volatility Comparison
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Volatility by Period
| CBOO | ETHE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 11.25% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 43.39% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.95% | 66.84% | -64.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.95% | 80.93% | -78.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.95% | 189.73% | -187.78% |
CBOO vs. ETHE - Expense Ratio Comparison
CBOO has a 0.69% expense ratio, which is lower than ETHE's 2.50% expense ratio.
Dividends
CBOO vs. ETHE - Dividend Comparison
CBOO's dividend yield for the trailing twelve months is around 0.57%, less than ETHE's 1.59% yield.
| Position | TTM | 2025 |
|---|---|---|
CBOO Calamos Bitcoin Structured Alt Protection ETF - October | 0.57% | 0.57% |
ETHE Grayscale Ethereum Trust ETF | 1.59% | 0.00% |
Frequently Asked Questions
CBOO and ETHE have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CBOO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CBOO is cheaper with a 0.69% expense ratio, compared with 2.50% for ETHE.
ETHE has the higher dividend yield at 1.59%, compared with 0.57% for CBOO.
CBOO is categorized as Defined Outcome, while ETHE is Cryptocurrency. They also come from different issuers: Calamos and Grayscale. Their fees differ too: 0.69% for CBOO and 2.50% for ETHE.
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