CBXO vs. GXRP

Last updated Jun 4, 2026

CBXO (Calamos Bitcoin 90 Series Structured Alt Protection ETF - October) and GXRP (Grayscale XRP Trust ETF) are both exchange-traded funds - CBXO is a Defined Outcome fund actively managed by Calamos, while GXRP is a Cryptocurrency fund tracking the CoinDesk XRP Reference Rate Index. CBXO is actively managed, while GXRP is passively managed. Their correlation of 0.82 suggests significant overlap in exposure. CBXO charges 0.69%/yr vs 0.35%/yr for GXRP.

Performance

CBXO vs. GXRP - 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 Grayscale XRP Trust ETF (GXRP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBXO achieves a -3.67% return, which is significantly higher than GXRP's -34.34% return.

CBXO

• 1D: -0.03%
• 1M: -0.92%
• YTD: -3.67%
• 6M: -5.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GXRP

• 1D: -1.56%
• 1M: -14.02%
• YTD: -34.34%
• 6M: -45.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBXO vs. GXRP - Yearly Performance Comparison

	2026 (YTD)	2025
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	-3.67%	-1.06%
GXRP Grayscale XRP Trust ETF	-34.34%	-18.76%

Correlation

The correlation between CBXO and GXRP is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 25, 2025	0.82

Return for Risk

CBXO vs. GXRP - 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 Grayscale XRP Trust ETF (GXRP). 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

	CBXO	GXRP	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-2.36	-0.98	-1.37

Drawdowns

CBXO vs. GXRP - Drawdown Comparison

The maximum CBXO drawdown since its inception was -11.40%, smaller than the maximum GXRP drawdown of -48.62%. Use the drawdown chart below to compare losses from any high point for CBXO and GXRP.

Drawdown Indicators

	CBXO	GXRP	Difference
Max Drawdown Largest peak-to-trough decline	-11.40%	-48.62%	+37.22%
Current Drawdown Current decline from peak	-11.40%	-48.13%	+36.73%
Average Drawdown Average peak-to-trough decline	-8.46%	-30.15%	+21.69%

Volatility

Volatility by Period

	CBXO	GXRP	Difference
Volatility (1Y) Calculated over the trailing 1-year period	7.23%	71.89%	-64.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.23%	71.89%	-64.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.23%	71.89%	-64.66%

CBXO vs. GXRP - Expense Ratio Comparison

CBXO has a 0.69% expense ratio, which is higher than GXRP's 0.35% expense ratio.

Dividends

CBXO vs. GXRP - Dividend Comparison

CBXO's dividend yield for the trailing twelve months is around 0.53%, while GXRP has not paid dividends to shareholders.

Position	TTM	2025
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	0.53%	0.51%
GXRP Grayscale XRP Trust ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBXO and GXRP in my portfolio?

CBXO and GXRP have a correlation of 0.82, 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 GXRP?

On fees, GXRP 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, CBXO or GXRP?

GXRP is cheaper with a 0.35% expense ratio, compared with 0.69% for CBXO.

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

CBXO has the higher dividend yield at 0.53%, compared with 0.00% for GXRP.

What is the main difference between CBXO and GXRP?

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