CBXO vs. NVDO

Last updated Jun 4, 2026

CBXO (Calamos Bitcoin 90 Series Structured Alt Protection ETF - October) and NVDO (Leverage Shares 2x Capped Accelerated NVDA Monthly ETF) are both Defined Outcome funds. Both are actively managed. At a 0.27 correlation, their price movements are largely independent. CBXO charges 0.69%/yr vs 0.77%/yr for NVDO.

Performance

CBXO vs. NVDO - 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 Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). 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 lower than NVDO's 18.85% return.

CBXO

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

NVDO

• 1D: -2.46%
• 1M: 14.15%
• YTD: 18.85%
• 6M: 29.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBXO vs. NVDO - Yearly Performance Comparison

	2026 (YTD)	2025
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	-3.67%	-8.02%
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	18.85%	6.93%

Correlation

The correlation between CBXO and NVDO is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 8, 2025	0.27

Return for Risk

CBXO vs. NVDO - 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 Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). 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	NVDO	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-2.36	1.30	-3.66

Drawdowns

CBXO vs. NVDO - Drawdown Comparison

The maximum CBXO drawdown since its inception was -11.40%, smaller than the maximum NVDO drawdown of -16.25%. Use the drawdown chart below to compare losses from any high point for CBXO and NVDO.

Drawdown Indicators

	CBXO	NVDO	Difference
Max Drawdown Largest peak-to-trough decline	-11.40%	-16.25%	+4.85%
Current Drawdown Current decline from peak	-11.40%	-2.68%	-8.72%
Average Drawdown Average peak-to-trough decline	-8.46%	-4.99%	-3.47%

Volatility

Volatility by Period

	CBXO	NVDO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	7.23%	31.93%	-24.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.23%	31.93%	-24.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.23%	31.93%	-24.70%

CBXO vs. NVDO - Expense Ratio Comparison

CBXO has a 0.69% expense ratio, which is lower than NVDO's 0.77% expense ratio.

Dividends

CBXO vs. NVDO - Dividend Comparison

CBXO's dividend yield for the trailing twelve months is around 0.53%, less than NVDO's 14.02% yield.

Position	TTM	2025
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	0.53%	0.51%
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	14.02%	16.66%

Frequently Asked Questions

Can I hold both CBXO and NVDO in my portfolio?

CBXO and NVDO have a correlation of 0.27, 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 NVDO?

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 NVDO?

CBXO is cheaper with a 0.69% expense ratio, compared with 0.77% for NVDO.

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

NVDO has the higher dividend yield at 14.02%, compared with 0.53% for CBXO.

What is the main difference between CBXO and NVDO?

They also come from different issuers: Calamos and Leverage Shares. Their fees differ too: 0.69% for CBXO and 0.77% for NVDO.