GDOG vs. CBOO

Last updated Jun 4, 2026

GDOG (Grayscale Dogecoin Trust ETF) and CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) are both exchange-traded funds - GDOG is a Cryptocurrency fund tracking the CoinDesk Dogecoin Blended Reference Rate Index, while CBOO is a Defined Outcome fund actively managed by Calamos. GDOG is passively managed, while CBOO is actively managed. A 0.61 correlation means they provide meaningful diversification when combined. GDOG charges 0.35%/yr vs 0.69%/yr for CBOO.

Performance

GDOG vs. CBOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Dogecoin Trust ETF (GDOG) 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, GDOG achieves a -21.87% return, which is significantly lower than CBOO's -0.04% return.

GDOG

• 1D: -2.62%
• 1M: -17.02%
• YTD: -21.87%
• 6M: -39.30%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOO

• 1D: -0.04%
• 1M: -0.00%
• YTD: -0.04%
• 6M: -0.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GDOG vs. CBOO - Yearly Performance Comparison

	2026 (YTD)	2025
GDOG Grayscale Dogecoin Trust ETF	-21.87%	-23.70%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	-0.04%	-0.04%

Correlation

The correlation between GDOG and CBOO is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 25, 2025	0.61

Return for Risk

GDOG vs. CBOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Dogecoin Trust ETF (GDOG) 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

	GDOG	CBOO	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.86	-1.19	+0.33

Drawdowns

GDOG vs. CBOO - Drawdown Comparison

The maximum GDOG drawdown since its inception was -42.91%, which is greater than CBOO's maximum drawdown of -2.34%. Use the drawdown chart below to compare losses from any high point for GDOG and CBOO.

Drawdown Indicators

	GDOG	CBOO	Difference
Max Drawdown Largest peak-to-trough decline	-42.91%	-2.34%	-40.57%
Current Drawdown Current decline from peak	-41.16%	-1.72%	-39.44%
Average Drawdown Average peak-to-trough decline	-28.48%	-1.61%	-26.87%

Volatility

Volatility by Period

	GDOG	CBOO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	73.98%	2.14%	+71.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.98%	2.14%	+71.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.98%	2.14%	+71.84%

GDOG vs. CBOO - Expense Ratio Comparison

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

Dividends

GDOG vs. CBOO - Dividend Comparison

GDOG 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%
GDOG Grayscale Dogecoin Trust ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDOG and CBOO in my portfolio?

GDOG and CBOO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GDOG or CBOO?

On fees, GDOG 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, GDOG or CBOO?

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

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

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

What is the main difference between GDOG and CBOO?

GDOG 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 GDOG and 0.69% for CBOO.