ETHE vs. CBXO
ETHE (Grayscale Ethereum Trust ETF) and CBXO (Calamos Bitcoin 90 Series Structured Alt Protection ETF - October) are both exchange-traded funds - ETHE is a Cryptocurrency fund tracking the CoinDesk Ether Price Index, while CBXO is a Defined Outcome fund actively managed by Calamos. ETHE is passively managed, while CBXO is actively managed. Their 0.76 correlation means they have sometimes moved together and sometimes differently. ETHE charges 2.50%/yr vs 0.69%/yr for CBXO.
Performance
ETHE vs. CBXO - 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 CBXO's -3.32% 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%
CBXO
- 1D
- 0.09%
- 1M
- 0.43%
- 6M
- -1.51%
- YTD
- -3.32%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $51.16K | $48.37K | $55.02K | |
| $26.36M | $26.52M | $33.93M |
ETHE vs. CBXO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -37.21% | -37.35% |
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October | -3.32% | -8.05% |
Correlation
The correlation between ETHE and CBXO is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025 | 0.76 |
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Return for Risk
ETHE vs. CBXO — Risk / Return Rank
ETHE
CBXO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ETHE vs. CBXO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) 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.
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 | CBXO | 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. CBXO - Drawdown Comparison
The maximum ETHE drawdown since its inception was -96.26%, which is greater than CBXO's maximum drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for ETHE and CBXO.
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Drawdown Indicators
| ETHE | CBXO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.26% | -11.51% | -84.75% |
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% | -11.11% | -65.14% |
Average DrawdownAverage peak-to-trough decline | -72.32% | -9.03% | -63.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 45.97% | — | — |
Volatility
ETHE vs. CBXO - Volatility Comparison
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Volatility by Period
| ETHE | CBXO | 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% | 6.46% | +60.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.93% | 6.46% | +74.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 189.73% | 6.46% | +183.27% |
ETHE vs. CBXO - Expense Ratio Comparison
ETHE has a 2.50% expense ratio, which is higher than CBXO's 0.69% expense ratio.
Dividends
ETHE vs. CBXO - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 1.59%, more than CBXO's 0.52% yield.
| Position | TTM | 2025 |
|---|---|---|
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October | 0.52% | 0.51% |
ETHE Grayscale Ethereum Trust ETF | 1.59% | 0.00% |
Frequently Asked Questions
ETHE and CBXO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CBXO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CBXO is cheaper with a 0.69% expense ratio, compared with 2.50% for ETHE.
ETHE has the higher dividend yield at 1.59%, compared with 0.52% for CBXO.
ETHE is categorized as Cryptocurrency, while CBXO is Defined Outcome. They also come from different issuers: Grayscale and Calamos. Their fees differ too: 2.50% for ETHE and 0.69% for CBXO.
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