HZEN vs. CBOL
HZEN (Grayscale Horizen Trust) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - HZEN is a Cryptocurrency fund actively managed by Grayscale, while CBOL is a Defined Outcome fund actively managed by Calamos. Both are actively managed. A 0.54 correlation means they provide meaningful diversification when combined.
Performance
HZEN vs. CBOL - Performance Comparison
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Returns By Period
In the year-to-date period, HZEN achieves a -35.16% return, which is significantly lower than CBOL's -2.28% return.
HZEN
- 1D
- 7.64%
- 1M
- -14.57%
- YTD
- -35.16%
- 6M
- -42.74%
- 1Y
- -6.95%
- 3Y*
- -15.44%
- 5Y*
- —
- 10Y*
- —
CBOL
- 1D
- -0.02%
- 1M
- -0.74%
- YTD
- -2.28%
- 6M
- -2.28%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HZEN vs. CBOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HZEN Grayscale Horizen Trust | -35.16% | -35.66% |
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF | -2.28% | -2.04% |
Correlation
The correlation between HZEN and CBOL is 0.54, 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 14, 2025 | 0.54 |
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Return for Risk
HZEN vs. CBOL — Risk / Return Rank
HZEN
CBOL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HZEN vs. CBOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Horizen Trust (HZEN) 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.
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.
| HZEN | CBOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.12 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | — | — |
| Martin ratioReturn relative to average drawdown | -0.12 | — | — |
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Drawdowns
HZEN vs. CBOL - Drawdown Comparison
The maximum HZEN drawdown since its inception was -98.73%, which is greater than CBOL's maximum drawdown of -5.05%. Use the drawdown chart below to compare losses from any high point for HZEN and CBOL.
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Drawdown Indicators
| HZEN | CBOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.73% | -5.05% | -93.68% |
Max Drawdown (1Y)Largest decline over 1 year | -81.69% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -94.24% | — | — |
Current DrawdownCurrent decline from peak | -98.21% | -4.89% | -93.32% |
Average DrawdownAverage peak-to-trough decline | -91.97% | -3.34% | -88.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.39% | — | — |
Volatility
HZEN vs. CBOL - Volatility Comparison
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Volatility by Period
| HZEN | CBOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 37.94% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 78.48% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 139.07% | 3.78% | +135.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 150.03% | 3.78% | +146.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 150.03% | 3.78% | +146.25% |
Dividends
HZEN vs. CBOL - Dividend Comparison
HZEN 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% |
HZEN Grayscale Horizen Trust | 0.00% | 0.00% |
Frequently Asked Questions
HZEN and CBOL have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CBOL has the higher dividend yield at 1.83%, compared with 0.00% for HZEN.
HZEN is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: Grayscale and Calamos.
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