CBXO vs. ETHD

Last updated Aug 1, 2026

CBXO (Calamos Bitcoin 90 Series Structured Alt Protection ETF - October) and ETHD (ProShares UltraShort Ether ETF) are both exchange-traded funds - CBXO is a Defined Outcome fund actively managed by Calamos, while ETHD is a Cryptocurrency fund actively managed by ProShares. Both are actively managed. Their -0.76 correlation means they have often moved in opposite directions in the past. CBXO charges 0.69%/yr vs 1.01%/yr for ETHD.

Performance

CBXO vs. ETHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin 90 Series Structured Alt Protection ETF - October (CBXO) and ProShares UltraShort Ether ETF (ETHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBXO achieves a -3.34% return, which is significantly lower than ETHD's 29.25% return.

CBXO

• 1D: 0.02%
• 1M: 0.41%
• 6M: -2.66%
• YTD: -3.34%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

ETHD

• 1D: 5.65%
• 1M: -20.75%
• 6M: 13.26%
• YTD: 29.25%
• 1Y: -2.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -50.78%

*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)
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	$76.00K	$53.70K	$61.12K
ETHD ProShares UltraShort Ether ETF	$15.71M	$16.45M	$23.40M

CBXO vs. ETHD - Yearly Performance Comparison

	2026 (YTD)	2025
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	-3.34%	-8.05%
ETHD ProShares UltraShort Ether ETF	29.25%	77.06%

Correlation

The correlation between CBXO and ETHD is -0.76, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025	-0.76

Return for Risk

CBXO vs. ETHD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CBXO

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

ETHD

ETHD Risk / Return Rank: 19
ETHD Sharpe Ratio Rank: 13
ETHD Sortino Ratio Rank: 28
ETHD Omega Ratio Rank: 28
ETHD Calmar Ratio Rank: 14
ETHD Martin Ratio Rank: 13

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CBXO vs. ETHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 90 Series Structured Alt Protection ETF - October (CBXO) and ProShares UltraShort Ether ETF (ETHD). 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.

	CBXO	ETHD	Difference
Sharpe ratio: Return per unit of total volatility	—	0.08	—
Sortino ratio: Return per unit of downside risk	—	1.08	—
Omega ratio: Gain probability vs. loss probability	—	1.13	—
Calmar ratio: Return relative to maximum drawdown	—	0.18	—
Martin ratio: Return relative to average drawdown	—	0.28	—

Drawdowns

CBXO vs. ETHD - Drawdown Comparison

The maximum CBXO drawdown since its inception was -11.51%, smaller than the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for CBXO and ETHD.

Drawdown Indicators

	CBXO	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-11.51%	-95.59%	+84.08%
Max Drawdown (1Y) Largest decline over 1 year	—	-57.19%	—
Current Drawdown Current decline from peak	-11.13%	-89.90%	+78.77%
Average Drawdown Average peak-to-trough decline	-9.01%	-67.51%	+58.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	36.37%	—

Volatility

Volatility by Period

	CBXO	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	26.64%	—
Volatility (6M) Calculated over the trailing 6-month period	—	91.72%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.49%	133.97%	-127.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.49%	140.41%	-133.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.49%	140.41%	-133.92%

CBXO vs. ETHD - Expense Ratio Comparison

CBXO has a 0.69% expense ratio, which is lower than ETHD's 1.01% expense ratio.

Dividends

CBXO vs. ETHD - Dividend Comparison

CBXO's dividend yield for the trailing twelve months is around 0.53%, less than ETHD's 5.76% yield.

Position	TTM	2025	2024
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	0.53%	0.51%	0.00%
ETHD ProShares UltraShort Ether ETF	5.76%	156.62%	19.15%

Frequently Asked Questions

Can I hold both CBXO and ETHD in my portfolio?

CBXO and ETHD have a correlation of -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBXO or ETHD?

On fees, CBXO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBXO or ETHD?

CBXO is cheaper with a 0.69% expense ratio, compared with 1.01% for ETHD.

Which ETF pays a higher dividend yield, CBXO or ETHD?

ETHD has the higher dividend yield at 5.76%, compared with 0.53% for CBXO.

What is the main difference between CBXO and ETHD?

CBXO is categorized as Defined Outcome, while ETHD is Cryptocurrency. They also come from different issuers: Calamos and ProShares. Their fees differ too: 0.69% for CBXO and 1.01% for ETHD.