GAVA vs. CBOO

Last updated Jun 5, 2026

GAVA (Grayscale Avalanche Staking ETF) and CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) are both exchange-traded funds - GAVA is a Cryptocurrency fund actively managed by Grayscale, while CBOO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. At a 0.45 correlation, their price movements are largely independent. GAVA charges 0.35%/yr vs 0.69%/yr for CBOO.

Performance

GAVA vs. CBOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Avalanche Staking ETF (GAVA) and Calamos Bitcoin Structured Alt Protection ETF - October (CBOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GAVA

• 1D: -3.30%
• 1M: -17.27%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOO

• 1D: 0.02%
• 1M: -0.06%
• YTD: -0.02%
• 6M: -0.16%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GAVA vs. CBOO - Yearly Performance Comparison

	2026 (YTD)
GAVA Grayscale Avalanche Staking ETF	-18.74%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.37%

Correlation

The correlation between GAVA and CBOO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 13, 2026	0.45

Return for Risk

GAVA vs. CBOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Avalanche Staking ETF (GAVA) 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.

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

Sharpe Ratios by Period

	GAVA	CBOO	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.21	-1.17	-0.04

Drawdowns

GAVA vs. CBOO - Drawdown Comparison

The maximum GAVA drawdown since its inception was -24.10%, which is greater than CBOO's maximum drawdown of -2.34%. Use the drawdown chart below to compare losses from any high point for GAVA and CBOO.

Drawdown Indicators

	GAVA	CBOO	Difference
Max Drawdown Largest peak-to-trough decline	-24.10%	-2.34%	-21.76%
Current Drawdown Current decline from peak	-24.10%	-1.70%	-22.40%
Average Drawdown Average peak-to-trough decline	-9.29%	-1.61%	-7.68%

Volatility

Volatility by Period

	GAVA	CBOO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	49.58%	2.14%	+47.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.58%	2.14%	+47.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.58%	2.14%	+47.44%

GAVA vs. CBOO - Expense Ratio Comparison

GAVA has a 0.35% expense ratio, which is lower than CBOO's 0.69% expense ratio.

Dividends

GAVA vs. CBOO - Dividend Comparison

GAVA has not paid dividends to shareholders, while CBOO's dividend yield for the trailing twelve months is around 0.57%.

Position	TTM	2025
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%
GAVA Grayscale Avalanche Staking ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both GAVA and CBOO in my portfolio?

GAVA and CBOO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GAVA or CBOO?

On fees, GAVA is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GAVA or CBOO?

GAVA is cheaper with a 0.35% expense ratio, compared with 0.69% for CBOO.

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

CBOO has the higher dividend yield at 0.57%, compared with 0.00% for GAVA.

What is the main difference between GAVA and CBOO?

GAVA is categorized as Cryptocurrency, while CBOO is Defined Outcome. They also come from different issuers: Grayscale and Calamos. Their fees differ too: 0.35% for GAVA and 0.69% for CBOO.