ETHD vs. CBOO

Last updated Jun 24, 2026

ETHD (ProShares UltraShort Ether ETF) and CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) are both exchange-traded funds - ETHD is a Cryptocurrency fund actively managed by ProShares, while CBOO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. At a correlation of -0.68, they often move in opposite directions. ETHD charges 1.01%/yr vs 0.69%/yr for CBOO.

Performance

ETHD vs. CBOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Ether ETF (ETHD) 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, ETHD achieves a 75.32% return, which is significantly higher than CBOO's 0.10% return.

ETHD

• 1D: 8.45%
• 1M: 38.06%
• YTD: 75.32%
• 6M: 75.17%
• 1Y: -49.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOO

• 1D: 0.04%
• 1M: 0.16%
• YTD: 0.10%
• 6M: 0.02%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHD vs. CBOO - Yearly Performance Comparison

	2026 (YTD)	2025
ETHD ProShares UltraShort Ether ETF	75.32%	77.06%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.10%	-1.66%

Correlation

The correlation between ETHD and CBOO is -0.68, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025	-0.68

Return for Risk

ETHD vs. CBOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ETHD

ETHD Risk / Return Rank: 7
ETHD Sharpe Ratio Rank: 6
ETHD Sortino Ratio Rank: 10
ETHD Omega Ratio Rank: 10
ETHD Calmar Ratio Rank: 4
ETHD Martin Ratio Rank: 6

CBOO

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

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ETHD vs. CBOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Ether ETF (ETHD) 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.

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.

	ETHD	CBOO	Difference
Sharpe ratio: Return per unit of total volatility	-0.36	—	—
Sortino ratio: Return per unit of downside risk	0.29	—	—
Omega ratio: Gain probability vs. loss probability	1.03	—	—
Calmar ratio: Return relative to maximum drawdown	-0.60	—	—
Martin ratio: Return relative to average drawdown	-0.77	—	—

Drawdowns

ETHD vs. CBOO - Drawdown Comparison

The maximum ETHD drawdown since its inception was -95.59%, which is greater than CBOO's maximum drawdown of -2.34%. Use the drawdown chart below to compare losses from any high point for ETHD and CBOO.

Drawdown Indicators

	ETHD	CBOO	Difference
Max Drawdown Largest peak-to-trough decline	-95.59%	-2.34%	-93.25%
Max Drawdown (1Y) Largest decline over 1 year	-82.01%	—	—
Current Drawdown Current decline from peak	-86.30%	-1.58%	-84.72%
Average Drawdown Average peak-to-trough decline	-66.40%	-1.60%	-64.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	66.92%	—	—

Volatility

Volatility by Period

	ETHD	CBOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	39.39%	—	—
Volatility (6M) Calculated over the trailing 6-month period	93.71%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	137.55%	2.07%	+135.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	142.54%	2.07%	+140.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.54%	2.07%	+140.47%

ETHD vs. CBOO - Expense Ratio Comparison

ETHD has a 1.01% expense ratio, which is higher than CBOO's 0.69% expense ratio.

Dividends

ETHD vs. CBOO - Dividend Comparison

ETHD's dividend yield for the trailing twelve months is around 9.98%, more than CBOO's 0.57% yield.

Position	TTM	2025	2024
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%	0.00%
ETHD ProShares UltraShort Ether ETF	9.98%	156.62%	19.15%

Frequently Asked Questions

Can I hold both ETHD and CBOO in my portfolio?

ETHD 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, ETHD or CBOO?

On fees, CBOO 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, ETHD or CBOO?

CBOO is cheaper with a 0.69% expense ratio, compared with 1.01% for ETHD.

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

ETHD has the higher dividend yield at 9.98%, compared with 0.57% for CBOO.

What is the main difference between ETHD and CBOO?

ETHD is categorized as Cryptocurrency, while CBOO is Defined Outcome. They also come from different issuers: ProShares and Calamos. Their fees differ too: 1.01% for ETHD and 0.69% for CBOO.