CBXY vs. MSOO

Last updated Jun 26, 2026

CBXY (Calamos Bitcoin 90 Series Structured Alt Protection ETF - July) and MSOO (Leverage Shares 2x Capped Accelerated MSTR Monthly ETF) are both Defined Outcome funds. CBXY is passively managed, while MSOO is actively managed. A 0.72 correlation means they provide meaningful diversification when combined. CBXY charges 0.69%/yr vs 0.78%/yr for MSOO.

Performance

CBXY vs. MSOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin 90 Series Structured Alt Protection ETF - July (CBXY) and Leverage Shares 2x Capped Accelerated MSTR Monthly ETF (MSOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBXY achieves a -4.88% return, which is significantly higher than MSOO's -26.25% return.

CBXY

• 1D: 0.07%
• 1M: 0.25%
• YTD: -4.88%
• 6M: -5.15%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSOO

• 1D: 0.00%
• 1M: -23.41%
• YTD: -26.25%
• 6M: -29.27%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBXY vs. MSOO - Yearly Performance Comparison

	2026 (YTD)	2025
CBXY Calamos Bitcoin 90 Series Structured Alt Protection ETF - July	-4.88%	-9.16%
MSOO Leverage Shares 2x Capped Accelerated MSTR Monthly ETF	-26.25%	-61.39%

Correlation

The correlation between CBXY and MSOO is 0.72, 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 Aug 13, 2025	0.72

Return for Risk

CBXY vs. MSOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 90 Series Structured Alt Protection ETF - July (CBXY) and Leverage Shares 2x Capped Accelerated MSTR Monthly ETF (MSOO). 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.

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

Drawdowns

CBXY vs. MSOO - Drawdown Comparison

The maximum CBXY drawdown since its inception was -15.78%, smaller than the maximum MSOO drawdown of -73.17%. Use the drawdown chart below to compare losses from any high point for CBXY and MSOO.

Drawdown Indicators

	CBXY	MSOO	Difference
Max Drawdown Largest peak-to-trough decline	-15.78%	-73.17%	+57.39%
Current Drawdown Current decline from peak	-15.42%	-71.52%	+56.10%
Average Drawdown Average peak-to-trough decline	-9.27%	-49.61%	+40.34%

Volatility

Volatility by Period

	CBXY	MSOO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	9.87%	68.78%	-58.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.87%	68.78%	-58.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.87%	68.78%	-58.91%

CBXY vs. MSOO - Expense Ratio Comparison

CBXY has a 0.69% expense ratio, which is lower than MSOO's 0.78% expense ratio.

Dividends

CBXY vs. MSOO - Dividend Comparison

CBXY's dividend yield for the trailing twelve months is around 1.45%, less than MSOO's 2.20% yield.

Position	TTM	2025
CBXY Calamos Bitcoin 90 Series Structured Alt Protection ETF - July	1.45%	1.38%
MSOO Leverage Shares 2x Capped Accelerated MSTR Monthly ETF	2.20%	1.63%

Frequently Asked Questions

Can I hold both CBXY and MSOO in my portfolio?

CBXY and MSOO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBXY or MSOO?

On fees, CBXY 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, CBXY or MSOO?

CBXY is cheaper with a 0.69% expense ratio, compared with 0.78% for MSOO.

Which ETF pays a higher dividend yield, CBXY or MSOO?

MSOO has the higher dividend yield at 2.20%, compared with 1.45% for CBXY.

What is the main difference between CBXY and MSOO?

They also come from different issuers: Calamos and Leverage Shares. Their fees differ too: 0.69% for CBXY and 0.78% for MSOO.