ETHV vs. CBOL

Last updated Jun 5, 2026

ETHV (VanEck Ethereum ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - ETHV is a Cryptocurrency fund tracking the MarketVector Ethereum Benchmark Rate, while CBOL is a Defined Outcome fund actively managed by Calamos. ETHV is passively managed, while CBOL is actively managed. Their correlation of 0.90 suggests significant overlap in exposure. ETHV charges 0.20%/yr vs 0.79%/yr for CBOL.

Performance

ETHV vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Ethereum ETF (ETHV) and Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETHV achieves a -40.24% return, which is significantly lower than CBOL's -2.11% return.

ETHV

• 1D: -1.33%
• 1M: -25.17%
• YTD: -40.24%
• 6M: -43.60%
• 1Y: -32.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOL

• 1D: -0.08%
• 1M: -0.97%
• YTD: -2.11%
• 6M: -2.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHV vs. CBOL - Yearly Performance Comparison

	2026 (YTD)	2025
ETHV VanEck Ethereum ETF	-40.24%	-27.71%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.11%	-2.47%

Correlation

The correlation between ETHV and CBOL is 0.90, 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 15, 2025	0.90

Return for Risk

ETHV vs. CBOL — Risk / Return Rank

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

ETHV

ETHV Risk / Return Rank: 5
ETHV Sharpe Ratio Rank: 5
ETHV Sortino Ratio Rank: 6
ETHV Omega Ratio Rank: 6
ETHV Calmar Ratio Rank: 5
ETHV Martin Ratio Rank: 5

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.

ETHV vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Ethereum ETF (ETHV) 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.

	ETHV	CBOL	Difference
Sharpe ratio: Return per unit of total volatility	-0.48	—	—
Sortino ratio: Return per unit of downside risk	-0.34	—	—
Omega ratio: Gain probability vs. loss probability	0.96	—	—
Calmar ratio: Return relative to maximum drawdown	-0.52	—	—
Martin ratio: Return relative to average drawdown	-0.86	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ETHV	CBOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	-1.83	+1.41

Drawdowns

ETHV vs. CBOL - Drawdown Comparison

The maximum ETHV drawdown since its inception was -64.02%, which is greater than CBOL's maximum drawdown of -4.91%. Use the drawdown chart below to compare losses from any high point for ETHV and CBOL.

Drawdown Indicators

	ETHV	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-64.02%	-4.91%	-59.11%
Max Drawdown (1Y) Largest decline over 1 year	-63.36%	—	—
Current Drawdown Current decline from peak	-63.36%	-4.72%	-58.64%
Average Drawdown Average peak-to-trough decline	-32.71%	-3.22%	-29.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.95%	—	—

Volatility

Volatility by Period

	ETHV	CBOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.71%	—	—
Volatility (6M) Calculated over the trailing 6-month period	45.31%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	68.34%	3.87%	+64.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.23%	3.87%	+68.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.23%	3.87%	+68.36%

ETHV vs. CBOL - Expense Ratio Comparison

ETHV has a 0.20% expense ratio, which is lower than CBOL's 0.79% expense ratio.

Dividends

ETHV vs. CBOL - Dividend Comparison

ETHV has not paid dividends to shareholders, while CBOL's dividend yield for the trailing twelve months is around 1.83%.

Position	TTM	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%
ETHV VanEck Ethereum ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHV and CBOL in my portfolio?

With a correlation of 0.90, ETHV and CBOL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, ETHV or CBOL?

On fees, ETHV is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ETHV or CBOL?

ETHV is cheaper with a 0.20% expense ratio, compared with 0.79% for CBOL.

Which ETF pays a higher dividend yield, ETHV or CBOL?

CBOL has the higher dividend yield at 1.83%, compared with 0.00% for ETHV.

What is the main difference between ETHV and CBOL?

ETHV is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: VanEck and Calamos. Their fees differ too: 0.20% for ETHV and 0.79% for CBOL.