CBXO vs. QSOL

Last updated Jun 4, 2026

CBXO (Calamos Bitcoin 90 Series Structured Alt Protection ETF - October) and QSOL (Invesco Galaxy Solana ETF) are both exchange-traded funds - CBXO is a Defined Outcome fund actively managed by Calamos, while QSOL is a Cryptocurrency fund tracking the Lukka Prime Solana Reference Rate - Benchmark Price Return. CBXO is actively managed, while QSOL is passively managed. A 0.77 correlation means they provide meaningful diversification when combined. CBXO charges 0.69%/yr vs 0.25%/yr for QSOL.

Performance

CBXO vs. QSOL - 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 Invesco Galaxy Solana ETF (QSOL). 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 QSOL's -41.51% return.

CBXO

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

QSOL

• 1D: -4.67%
• 1M: -14.50%
• YTD: -41.51%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBXO vs. QSOL - Yearly Performance Comparison

	2026 (YTD)	2025
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	-3.67%	-0.04%
QSOL Invesco Galaxy Solana ETF	-41.51%	-0.92%

Correlation

The correlation between CBXO and QSOL is 0.77, 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 Dec 16, 2025	0.77

Return for Risk

CBXO vs. QSOL - 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 Invesco Galaxy Solana ETF (QSOL). 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	QSOL	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-2.36	-0.99	-1.37

Drawdowns

CBXO vs. QSOL - Drawdown Comparison

The maximum CBXO drawdown since its inception was -11.40%, smaller than the maximum QSOL drawdown of -50.82%. Use the drawdown chart below to compare losses from any high point for CBXO and QSOL.

Drawdown Indicators

	CBXO	QSOL	Difference
Max Drawdown Largest peak-to-trough decline	-11.40%	-50.82%	+39.42%
Current Drawdown Current decline from peak	-11.40%	-50.82%	+39.42%
Average Drawdown Average peak-to-trough decline	-8.46%	-31.98%	+23.52%

Volatility

Volatility by Period

	CBXO	QSOL	Difference
Volatility (1Y) Calculated over the trailing 1-year period	7.23%	70.59%	-63.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.23%	70.59%	-63.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.23%	70.59%	-63.36%

CBXO vs. QSOL - Expense Ratio Comparison

CBXO has a 0.69% expense ratio, which is higher than QSOL's 0.25% expense ratio.

Dividends

CBXO vs. QSOL - Dividend Comparison

CBXO's dividend yield for the trailing twelve months is around 0.53%, more than QSOL's 0.20% yield.

Position	TTM	2025
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	0.53%	0.51%
QSOL Invesco Galaxy Solana ETF	0.20%	0.00%

Frequently Asked Questions

Can I hold both CBXO and QSOL in my portfolio?

CBXO and QSOL have a correlation of 0.77, 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 QSOL?

On fees, QSOL 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, CBXO or QSOL?

QSOL is cheaper with a 0.25% expense ratio, compared with 0.69% for CBXO.

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

CBXO has the higher dividend yield at 0.53%, compared with 0.20% for QSOL.

What is the main difference between CBXO and QSOL?

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