CBOO vs. NCIQ

Last updated Jun 26, 2026

CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) and NCIQ (Hashdex Nasdaq Crypto Index US ETF) are both exchange-traded funds - CBOO is a Defined Outcome fund actively managed by Calamos, while NCIQ is a Cryptocurrency fund tracking the Nasdaq Crypto US Settlement Price™ Index. CBOO is actively managed, while NCIQ is passively managed. A 0.70 correlation means they provide meaningful diversification when combined. CBOO charges 0.69%/yr vs 0.25%/yr for NCIQ.

Performance

CBOO vs. NCIQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin Structured Alt Protection ETF - October (CBOO) and Hashdex Nasdaq Crypto Index US ETF (NCIQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOO achieves a 0.12% return, which is significantly higher than NCIQ's -35.77% return.

CBOO

• 1D: 0.04%
• 1M: 0.12%
• YTD: 0.12%
• 6M: 0.23%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NCIQ

• 1D: -1.15%
• 1M: -22.38%
• YTD: -35.77%
• 6M: -35.67%
• 1Y: -46.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOO vs. NCIQ - Yearly Performance Comparison

	2026 (YTD)	2025
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.12%	-1.66%
NCIQ Hashdex Nasdaq Crypto Index US ETF	-35.77%	-33.12%

Correlation

The correlation between CBOO and NCIQ is 0.70, 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 Oct 7, 2025	0.70

Return for Risk

CBOO vs. NCIQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CBOO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

NCIQ

NCIQ Risk / Return Rank: 2
NCIQ Sharpe Ratio Rank: 2
NCIQ Sortino Ratio Rank: 2
NCIQ Omega Ratio Rank: 2
NCIQ Calmar Ratio Rank: 2
NCIQ Martin Ratio Rank: 2

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CBOO vs. NCIQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - October (CBOO) and Hashdex Nasdaq Crypto Index US ETF (NCIQ). 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	NCIQ	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.97	—
Sortino ratio: Return per unit of downside risk	—	-1.44	—
Omega ratio: Gain probability vs. loss probability	—	0.84	—
Calmar ratio: Return relative to maximum drawdown	—	-0.82	—
Martin ratio: Return relative to average drawdown	—	-1.38	—

Drawdowns

CBOO vs. NCIQ - Drawdown Comparison

The maximum CBOO drawdown since its inception was -2.34%, smaller than the maximum NCIQ drawdown of -57.05%. Use the drawdown chart below to compare losses from any high point for CBOO and NCIQ.

Drawdown Indicators

	CBOO	NCIQ	Difference
Max Drawdown Largest peak-to-trough decline	-2.34%	-57.05%	+54.71%
Max Drawdown (1Y) Largest decline over 1 year	—	-57.05%	—
Current Drawdown Current decline from peak	-1.56%	-57.05%	+55.49%
Average Drawdown Average peak-to-trough decline	-1.60%	-23.60%	+22.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	33.64%	—

Volatility

Volatility by Period

	CBOO	NCIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	14.32%	—
Volatility (6M) Calculated over the trailing 6-month period	—	36.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.06%	48.10%	-46.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.06%	48.09%	-46.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.06%	48.09%	-46.03%

CBOO vs. NCIQ - Expense Ratio Comparison

CBOO has a 0.69% expense ratio, which is higher than NCIQ's 0.25% expense ratio.

Dividends

CBOO vs. NCIQ - Dividend Comparison

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

Position	TTM	2025
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%
NCIQ Hashdex Nasdaq Crypto Index US ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBOO and NCIQ in my portfolio?

CBOO and NCIQ have a correlation of 0.70, 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 NCIQ?

On fees, NCIQ is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBOO or NCIQ?

NCIQ is cheaper with a 0.25% expense ratio, compared with 0.69% for CBOO.

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

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

What is the main difference between CBOO and NCIQ?

CBOO is categorized as Defined Outcome, while NCIQ is Cryptocurrency. They also come from different issuers: Calamos and Hashdex. Their fees differ too: 0.69% for CBOO and 0.25% for NCIQ.