HODL vs. CBOO

Last updated Jun 24, 2026

HODL (VanEck Bitcoin Trust) and CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) are both exchange-traded funds - HODL is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while CBOO is a Defined Outcome fund actively managed by Calamos. HODL is passively managed, while CBOO is actively managed. A 0.72 correlation means they provide meaningful diversification when combined. HODL charges 0.25%/yr vs 0.69%/yr for CBOO.

Performance

HODL vs. CBOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Bitcoin Trust (HODL) 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, HODL achieves a -28.75% return, which is significantly lower than CBOO's 0.10% return.

HODL

• 1D: -3.24%
• 1M: -17.82%
• YTD: -28.75%
• 6M: -28.92%
• 1Y: -39.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOO

• 1D: 0.04%
• 1M: 0.16%
• YTD: 0.10%
• 6M: 0.02%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HODL vs. CBOO - Yearly Performance Comparison

	2026 (YTD)	2025
HODL VanEck Bitcoin Trust	-28.75%	-30.32%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.10%	-1.66%

Correlation

The correlation between HODL and CBOO is 0.72, 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 Oct 7, 2025	0.72

Return for Risk

HODL vs. CBOO — Risk / Return Rank

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

HODL

HODL Risk / Return Rank: 2
HODL Sharpe Ratio Rank: 2
HODL Sortino Ratio Rank: 2
HODL Omega Ratio Rank: 2
HODL Calmar Ratio Rank: 2
HODL Martin Ratio Rank: 2

CBOO

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

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.

HODL vs. CBOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Bitcoin Trust (HODL) 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.

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.

	HODL	CBOO	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	—	—
Sortino ratio: Return per unit of downside risk	-1.26	—	—
Omega ratio: Gain probability vs. loss probability	0.86	—	—
Calmar ratio: Return relative to maximum drawdown	-0.77	—	—
Martin ratio: Return relative to average drawdown	-1.30	—	—

Drawdowns

HODL vs. CBOO - Drawdown Comparison

The maximum HODL drawdown since its inception was -51.96%, which is greater than CBOO's maximum drawdown of -2.34%. Use the drawdown chart below to compare losses from any high point for HODL and CBOO.

Drawdown Indicators

	HODL	CBOO	Difference
Max Drawdown Largest peak-to-trough decline	-51.96%	-2.34%	-49.62%
Max Drawdown (1Y) Largest decline over 1 year	-51.96%	—	—
Current Drawdown Current decline from peak	-50.35%	-1.58%	-48.77%
Average Drawdown Average peak-to-trough decline	-16.78%	-1.60%	-15.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.49%	—	—

Volatility

Volatility by Period

	HODL	CBOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.07%	—	—
Volatility (6M) Calculated over the trailing 6-month period	34.59%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	44.11%	2.07%	+42.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.89%	2.07%	+47.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.89%	2.07%	+47.82%

HODL vs. CBOO - Expense Ratio Comparison

HODL has a 0.25% expense ratio, which is lower than CBOO's 0.69% expense ratio.

Dividends

HODL vs. CBOO - Dividend Comparison

HODL 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%
HODL VanEck Bitcoin Trust	0.00%	0.00%

Frequently Asked Questions

Can I hold both HODL and CBOO in my portfolio?

HODL and CBOO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HODL or CBOO?

On fees, HODL is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HODL or CBOO?

HODL is cheaper with a 0.25% expense ratio, compared with 0.69% for CBOO.

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

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

What is the main difference between HODL and CBOO?

HODL is categorized as Cryptocurrency, while CBOO is Defined Outcome. They also come from different issuers: VanEck and Calamos. Their fees differ too: 0.25% for HODL and 0.69% for CBOO.