NEHI vs. CBOO

Last updated Jun 4, 2026

NEHI (NEOS Ethereum High Income ETF) and CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) are both exchange-traded funds - NEHI is a Cryptocurrency fund actively managed by Neos, while CBOO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. A 0.67 correlation means they provide meaningful diversification when combined. NEHI charges 0.98%/yr vs 0.69%/yr for CBOO.

Performance

NEHI vs. CBOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Ethereum High Income ETF (NEHI) 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, NEHI achieves a -35.82% return, which is significantly lower than CBOO's -0.04% return.

NEHI

• 1D: -5.42%
• 1M: -21.57%
• YTD: -35.82%
• 6M: -37.76%
• 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)

NEHI vs. CBOO - Yearly Performance Comparison

	2026 (YTD)	2025
NEHI NEOS Ethereum High Income ETF	-35.82%	-3.02%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	-0.04%	-0.18%

Correlation

The correlation between NEHI and CBOO is 0.67, 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 Dec 4, 2025	0.67

Return for Risk

NEHI vs. CBOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Ethereum High Income ETF (NEHI) 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

	NEHI	CBOO	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.08	-1.19	+0.11

Drawdowns

NEHI vs. CBOO - Drawdown Comparison

The maximum NEHI drawdown since its inception was -42.60%, which is greater than CBOO's maximum drawdown of -2.34%. Use the drawdown chart below to compare losses from any high point for NEHI and CBOO.

Drawdown Indicators

	NEHI	CBOO	Difference
Max Drawdown Largest peak-to-trough decline	-42.60%	-2.34%	-40.26%
Current Drawdown Current decline from peak	-42.60%	-1.72%	-40.88%
Average Drawdown Average peak-to-trough decline	-25.09%	-1.61%	-23.48%

Volatility

Volatility by Period

	NEHI	CBOO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	57.40%	2.14%	+55.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.40%	2.14%	+55.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.40%	2.14%	+55.26%

NEHI vs. CBOO - Expense Ratio Comparison

NEHI has a 0.98% expense ratio, which is higher than CBOO's 0.69% expense ratio.

Dividends

NEHI vs. CBOO - Dividend Comparison

NEHI's dividend yield for the trailing twelve months is around 24.35%, more than CBOO's 0.57% yield.

Position	TTM	2025
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%
NEHI NEOS Ethereum High Income ETF	24.35%	2.87%

Frequently Asked Questions

Can I hold both NEHI and CBOO in my portfolio?

NEHI and CBOO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NEHI or CBOO?

On fees, CBOO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NEHI or CBOO?

CBOO is cheaper with a 0.69% expense ratio, compared with 0.98% for NEHI.

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

NEHI has the higher dividend yield at 24.35%, compared with 0.57% for CBOO.

What is the main difference between NEHI and CBOO?

NEHI is categorized as Cryptocurrency, while CBOO is Defined Outcome. They also come from different issuers: Neos and Calamos. Their fees differ too: 0.98% for NEHI and 0.69% for CBOO.