ETCO vs. CBOO

Last updated Jun 4, 2026

ETCO (Grayscale Ethereum Covered Call ETF) and CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) are both exchange-traded funds - ETCO is a Cryptocurrency fund actively managed by Grayscale, while CBOO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. A 0.68 correlation means they provide meaningful diversification when combined. ETCO charges 0.66%/yr vs 0.69%/yr for CBOO.

Performance

ETCO vs. CBOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Covered Call ETF (ETCO) and Calamos Bitcoin Structured Alt Protection ETF - October (CBOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETCO achieves a -33.38% return, which is significantly lower than CBOO's -0.04% return.

ETCO

• 1D: -5.43%
• 1M: -20.32%
• YTD: -33.38%
• 6M: -34.60%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOO

• 1D: -0.04%
• 1M: -0.00%
• YTD: -0.04%
• 6M: -0.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETCO vs. CBOO - Yearly Performance Comparison

	2026 (YTD)	2025
ETCO Grayscale Ethereum Covered Call ETF	-33.38%	-23.28%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	-0.04%	-1.62%

Correlation

The correlation between ETCO and CBOO is 0.68, 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 Oct 8, 2025	0.68

Return for Risk

ETCO vs. CBOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Covered Call ETF (ETCO) and Calamos Bitcoin Structured Alt Protection ETF - October (CBOO). 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

	ETCO	CBOO	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.16	-1.19	+0.03

Drawdowns

ETCO vs. CBOO - Drawdown Comparison

The maximum ETCO drawdown since its inception was -56.81%, which is greater than CBOO's maximum drawdown of -2.34%. Use the drawdown chart below to compare losses from any high point for ETCO and CBOO.

Drawdown Indicators

	ETCO	CBOO	Difference
Max Drawdown Largest peak-to-trough decline	-56.81%	-2.34%	-54.47%
Current Drawdown Current decline from peak	-54.32%	-1.72%	-52.60%
Average Drawdown Average peak-to-trough decline	-34.43%	-1.61%	-32.82%

Volatility

Volatility by Period

	ETCO	CBOO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	52.49%	2.14%	+50.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.49%	2.14%	+50.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.49%	2.14%	+50.35%

ETCO vs. CBOO - Expense Ratio Comparison

ETCO has a 0.66% expense ratio, which is lower than CBOO's 0.69% expense ratio.

Dividends

ETCO vs. CBOO - Dividend Comparison

ETCO's dividend yield for the trailing twelve months is around 127.41%, more than CBOO's 0.57% yield.

Position	TTM	2025
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%
ETCO Grayscale Ethereum Covered Call ETF	127.41%	42.29%

Frequently Asked Questions

Can I hold both ETCO and CBOO in my portfolio?

ETCO and CBOO have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ETCO or CBOO?

On fees, ETCO is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ETCO or CBOO?

ETCO is cheaper with a 0.66% expense ratio, compared with 0.69% for CBOO.

Which ETF pays a higher dividend yield, ETCO or CBOO?

ETCO has the higher dividend yield at 127.41%, compared with 0.57% for CBOO.

What is the main difference between ETCO and CBOO?

ETCO is categorized as Cryptocurrency, while CBOO is Defined Outcome. They also come from different issuers: Grayscale and Calamos. Their fees differ too: 0.66% for ETCO and 0.69% for CBOO.