ETHE vs. CBOL
ETHE (Grayscale Ethereum Trust ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - ETHE is a Cryptocurrency fund tracking the CoinDesk Ether Price Index, while CBOL is a Defined Outcome fund actively managed by Calamos. ETHE is passively managed, while CBOL is actively managed. Their correlation of 0.87 means they have usually moved in the same direction. ETHE charges 2.50%/yr vs 0.79%/yr for CBOL.
Performance
ETHE vs. CBOL - Performance Comparison
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Returns By Period
In the year-to-date period, ETHE achieves a -37.21% return, which is significantly lower than CBOL's -1.78% return.
ETHE
- 1D
- 0.34%
- 1M
- 10.22%
- 6M
- -18.72%
- YTD
- -37.21%
- 1Y
- -49.53%
- 3Y*
- 10.35%
- 5Y*
- -10.40%
- 10Y*
- —
- ALL TIME*
- 12.34%
CBOL
- 1D
- 0.04%
- 1M
- 0.34%
- 6M
- -0.55%
- YTD
- -1.78%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $23.76K | $29.60K | $17.43K | |
| $26.36M | $26.52M | $33.93M |
ETHE vs. CBOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -37.21% | -30.37% |
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF | -1.78% | -2.04% |
Correlation
The correlation between ETHE and CBOL is 0.87, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 14, 2025 | 0.87 |
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Return for Risk
ETHE vs. CBOL — Risk / Return Rank
ETHE
CBOL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ETHE vs. CBOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL). 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.
| ETHE | CBOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.89 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | — | — |
| Martin ratioReturn relative to average drawdown | -1.08 | — | — |
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Drawdowns
ETHE vs. CBOL - Drawdown Comparison
The maximum ETHE drawdown since its inception was -96.26%, which is greater than CBOL's maximum drawdown of -5.05%. Use the drawdown chart below to compare losses from any high point for ETHE and CBOL.
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Drawdown Indicators
| ETHE | CBOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.26% | -5.05% | -91.21% |
Max Drawdown (1Y)Largest decline over 1 year | -68.17% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -68.17% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -89.85% | — | — |
Current DrawdownCurrent decline from peak | -76.25% | -4.40% | -71.85% |
Average DrawdownAverage peak-to-trough decline | -72.32% | -3.49% | -68.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 45.97% | — | — |
Volatility
ETHE vs. CBOL - Volatility Comparison
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Volatility by Period
| ETHE | CBOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.25% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 43.39% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 66.84% | 3.64% | +63.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.93% | 3.64% | +77.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 189.73% | 3.64% | +186.09% |
ETHE vs. CBOL - Expense Ratio Comparison
ETHE has a 2.50% expense ratio, which is higher than CBOL's 0.79% expense ratio.
Dividends
ETHE vs. CBOL - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 1.59%, less than CBOL's 1.82% yield.
| Position | TTM | 2025 |
|---|---|---|
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF | 1.82% | 1.79% |
ETHE Grayscale Ethereum Trust ETF | 1.59% | 0.00% |
Frequently Asked Questions
ETHE and CBOL have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CBOL is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CBOL is cheaper with a 0.79% expense ratio, compared with 2.50% for ETHE.
CBOL has the higher dividend yield at 1.82%, compared with 1.59% for ETHE.
ETHE is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: Grayscale and Calamos. Their fees differ too: 2.50% for ETHE and 0.79% for CBOL.
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