CBOO vs. GDOG

Last updated Jun 4, 2026

CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) and GDOG (Grayscale Dogecoin Trust ETF) are both exchange-traded funds - CBOO is a Defined Outcome fund actively managed by Calamos, while GDOG is a Cryptocurrency fund tracking the CoinDesk Dogecoin Blended Reference Rate Index. CBOO is actively managed, while GDOG is passively managed. A 0.61 correlation means they provide meaningful diversification when combined. CBOO charges 0.69%/yr vs 0.35%/yr for GDOG.

Performance

CBOO vs. GDOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin Structured Alt Protection ETF - October (CBOO) 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, CBOO achieves a -0.04% return, which is significantly higher than GDOG's -21.87% return.

CBOO

• 1D: -0.04%
• 1M: -0.00%
• YTD: -0.04%
• 6M: -0.22%
• 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)

CBOO vs. GDOG - Yearly Performance Comparison

	2026 (YTD)	2025
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	-0.04%	-0.04%
GDOG Grayscale Dogecoin Trust ETF	-21.87%	-23.70%

Correlation

The correlation between CBOO and GDOG is 0.61, 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	0.61

Return for Risk

CBOO vs. GDOG - 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 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

	CBOO	GDOG	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.19	-0.86	-0.33

Drawdowns

CBOO vs. GDOG - Drawdown Comparison

The maximum CBOO drawdown since its inception was -2.34%, smaller than the maximum GDOG drawdown of -42.91%. Use the drawdown chart below to compare losses from any high point for CBOO and GDOG.

Drawdown Indicators

	CBOO	GDOG	Difference
Max Drawdown Largest peak-to-trough decline	-2.34%	-42.91%	+40.57%
Current Drawdown Current decline from peak	-1.72%	-41.16%	+39.44%
Average Drawdown Average peak-to-trough decline	-1.61%	-28.48%	+26.87%

Volatility

Volatility by Period

	CBOO	GDOG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	2.14%	73.98%	-71.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.14%	73.98%	-71.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.14%	73.98%	-71.84%

CBOO vs. GDOG - Expense Ratio Comparison

CBOO has a 0.69% expense ratio, which is higher than GDOG's 0.35% expense ratio.

Dividends

CBOO vs. GDOG - Dividend Comparison

CBOO's dividend yield for the trailing twelve months is around 0.57%, while GDOG has not paid dividends to shareholders.

Position	TTM	2025
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%
GDOG Grayscale Dogecoin Trust ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBOO and GDOG in my portfolio?

CBOO and GDOG have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBOO 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, CBOO or GDOG?

GDOG is cheaper with a 0.35% expense ratio, compared with 0.69% for CBOO.

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

CBOO has the higher dividend yield at 0.57%, compared with 0.00% for GDOG.

What is the main difference between CBOO and GDOG?

CBOO is categorized as Defined Outcome, while GDOG is Cryptocurrency. They also come from different issuers: Calamos and Grayscale. Their fees differ too: 0.69% for CBOO and 0.35% for GDOG.