CBXO vs. TDOG

Last updated Jun 4, 2026

CBXO (Calamos Bitcoin 90 Series Structured Alt Protection ETF - October) and TDOG (21Shares Dogecoin ETF) are both exchange-traded funds - CBXO is a Defined Outcome fund actively managed by Calamos, while TDOG is a Cryptocurrency fund tracking the Dogecoin (DOGE). CBXO is actively managed, while TDOG is passively managed. A 0.69 correlation means they provide meaningful diversification when combined. CBXO charges 0.69%/yr vs 0.50%/yr for TDOG.

Performance

CBXO vs. TDOG - 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 21Shares Dogecoin ETF (TDOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CBXO

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

TDOG

• 1D: -2.41%
• 1M: -17.01%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBXO vs. TDOG - Yearly Performance Comparison

	2026 (YTD)
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	-3.97%
TDOG 21Shares Dogecoin ETF	-26.19%

Correlation

The correlation between CBXO and TDOG is 0.69, 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 Jan 23, 2026	0.69

Return for Risk

CBXO vs. TDOG - 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 21Shares Dogecoin ETF (TDOG). 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	TDOG	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-2.36	-0.85	-1.50

Drawdowns

CBXO vs. TDOG - Drawdown Comparison

The maximum CBXO drawdown since its inception was -11.40%, smaller than the maximum TDOG drawdown of -29.24%. Use the drawdown chart below to compare losses from any high point for CBXO and TDOG.

Drawdown Indicators

	CBXO	TDOG	Difference
Max Drawdown Largest peak-to-trough decline	-11.40%	-29.24%	+17.84%
Current Drawdown Current decline from peak	-11.40%	-27.22%	+15.82%
Average Drawdown Average peak-to-trough decline	-8.46%	-20.46%	+12.00%

Volatility

Volatility by Period

	CBXO	TDOG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	7.23%	67.14%	-59.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.23%	67.14%	-59.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.23%	67.14%	-59.91%

CBXO vs. TDOG - Expense Ratio Comparison

CBXO has a 0.69% expense ratio, which is higher than TDOG's 0.50% expense ratio.

Dividends

CBXO vs. TDOG - Dividend Comparison

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

Position	TTM	2025
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	0.53%	0.51%
TDOG 21Shares Dogecoin ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBXO and TDOG in my portfolio?

CBXO and TDOG have a correlation of 0.69, 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 TDOG?

On fees, TDOG is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBXO or TDOG?

TDOG is cheaper with a 0.50% expense ratio, compared with 0.69% for CBXO.

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

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

What is the main difference between CBXO and TDOG?

CBXO is categorized as Defined Outcome, while TDOG is Cryptocurrency. They also come from different issuers: Calamos and 21Shares. Their fees differ too: 0.69% for CBXO and 0.50% for TDOG.