ETCO vs. CBXO

Last updated Jun 5, 2026

ETCO (Grayscale Ethereum Covered Call ETF) and CBXO (Calamos Bitcoin 90 Series Structured Alt Protection ETF - October) are both exchange-traded funds - ETCO is a Cryptocurrency fund actively managed by Grayscale, while CBXO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Their correlation of 0.81 suggests significant overlap in exposure. ETCO charges 0.66%/yr vs 0.69%/yr for CBXO.

Performance

ETCO vs. CBXO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Covered Call ETF (ETCO) and Calamos Bitcoin 90 Series Structured Alt Protection ETF - October (CBXO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETCO achieves a -34.48% return, which is significantly lower than CBXO's -3.71% return.

ETCO

• 1D: -1.66%
• 1M: -22.34%
• YTD: -34.48%
• 6M: -36.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBXO

• 1D: -0.04%
• 1M: -1.12%
• YTD: -3.71%
• 6M: -4.94%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETCO vs. CBXO - Yearly Performance Comparison

	2026 (YTD)	2025
ETCO Grayscale Ethereum Covered Call ETF	-34.48%	-23.28%
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	-3.71%	-8.02%

Correlation

The correlation between ETCO and CBXO is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 8, 2025	0.81

Return for Risk

ETCO vs. CBXO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Covered Call ETF (ETCO) and Calamos Bitcoin 90 Series Structured Alt Protection ETF - October (CBXO). 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	CBXO	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.17	-2.36	+1.18

Drawdowns

ETCO vs. CBXO - Drawdown Comparison

The maximum ETCO drawdown since its inception was -56.81%, which is greater than CBXO's maximum drawdown of -11.43%. Use the drawdown chart below to compare losses from any high point for ETCO and CBXO.

Drawdown Indicators

	ETCO	CBXO	Difference
Max Drawdown Largest peak-to-trough decline	-56.81%	-11.43%	-45.38%
Current Drawdown Current decline from peak	-55.08%	-11.43%	-43.65%
Average Drawdown Average peak-to-trough decline	-34.54%	-8.47%	-26.07%

Volatility

Volatility by Period

	ETCO	CBXO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	52.38%	7.20%	+45.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.38%	7.20%	+45.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.38%	7.20%	+45.18%

ETCO vs. CBXO - Expense Ratio Comparison

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

Dividends

ETCO vs. CBXO - Dividend Comparison

ETCO's dividend yield for the trailing twelve months is around 129.56%, more than CBXO's 0.53% yield.

Position	TTM	2025
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	0.53%	0.51%
ETCO Grayscale Ethereum Covered Call ETF	129.56%	42.29%

Frequently Asked Questions

Can I hold both ETCO and CBXO in my portfolio?

ETCO and CBXO have a correlation of 0.81, 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 CBXO?

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 CBXO?

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

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

ETCO has the higher dividend yield at 129.56%, compared with 0.53% for CBXO.

What is the main difference between ETCO and CBXO?

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