SLON vs. CBXO

Last updated Aug 4, 2026

SLON (ProShares Ultra Solana ETF) and CBXO (Calamos Bitcoin 90 Series Structured Alt Protection ETF - October) are both exchange-traded funds - SLON is a Cryptocurrency fund tracking the Bloomberg Solana Index, while CBXO is a Defined Outcome fund actively managed by Calamos. SLON is passively managed, while CBXO is actively managed. Their 0.74 correlation means they have sometimes moved together and sometimes differently. SLON charges 2.14%/yr vs 0.69%/yr for CBXO.

Performance

SLON vs. CBXO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Solana ETF (SLON) and Calamos Bitcoin 90 Series Structured Alt Protection ETF - October (CBXO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLON achieves a -74.87% return, which is significantly lower than CBXO's -3.41% return.

SLON

• 1D: 2.15%
• 1M: -17.19%
• 6M: -61.81%
• YTD: -74.87%
• 1Y: -90.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -89.53%

CBXO

• 1D: -0.07%
• 1M: 0.34%
• 6M: -1.56%
• YTD: -3.41%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	$51.12K	$50.64K	$55.08K
SLON ProShares Ultra Solana ETF	$656.95K	$744.85K	$1.18M

SLON vs. CBXO - Yearly Performance Comparison

	2026 (YTD)	2025
SLON ProShares Ultra Solana ETF	-74.87%	-77.99%
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	-3.41%	-8.05%

Correlation

The correlation between SLON and CBXO is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025	0.74

Return for Risk

SLON vs. CBXO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SLON

SLON Risk / Return Rank: 3
SLON Sharpe Ratio Rank: 4
SLON Sortino Ratio Rank: 3
SLON Omega Ratio Rank: 3
SLON Calmar Ratio Rank: 1
SLON Martin Ratio Rank: 3

CBXO

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SLON vs. CBXO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Solana ETF (SLON) and Calamos Bitcoin 90 Series Structured Alt Protection ETF - October (CBXO). 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.

	SLON	CBXO	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	—	—
Sortino ratio: Return per unit of downside risk	-1.25	—	—
Omega ratio: Gain probability vs. loss probability	0.86	—	—
Calmar ratio: Return relative to maximum drawdown	-0.94	—	—
Martin ratio: Return relative to average drawdown	-1.17	—	—

Drawdowns

SLON vs. CBXO - Drawdown Comparison

The maximum SLON drawdown since its inception was -96.31%, which is greater than CBXO's maximum drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for SLON and CBXO.

Drawdown Indicators

	SLON	CBXO	Difference
Max Drawdown Largest peak-to-trough decline	-96.31%	-11.51%	-84.80%
Max Drawdown (1Y) Largest decline over 1 year	-96.31%	—	—
Current Drawdown Current decline from peak	-95.28%	-11.19%	-84.09%
Average Drawdown Average peak-to-trough decline	-68.45%	-9.02%	-59.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	77.28%	—	—

Volatility

Volatility by Period

	SLON	CBXO	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.26%	—	—
Volatility (6M) Calculated over the trailing 6-month period	101.03%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	144.71%	6.48%	+138.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	144.49%	6.48%	+138.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	144.49%	6.48%	+138.01%

SLON vs. CBXO - Expense Ratio Comparison

SLON has a 2.14% expense ratio, which is higher than CBXO's 0.69% expense ratio.

Dividends

SLON vs. CBXO - Dividend Comparison

SLON's dividend yield for the trailing twelve months is around 22.84%, more than CBXO's 0.53% yield.

Position	TTM	2025
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	0.53%	0.51%
SLON ProShares Ultra Solana ETF	22.84%	5.74%

Frequently Asked Questions

Can I hold both SLON and CBXO in my portfolio?

SLON and CBXO have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SLON or CBXO?

On fees, CBXO 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, SLON or CBXO?

CBXO is cheaper with a 0.69% expense ratio, compared with 2.14% for SLON.

Which ETF pays a higher dividend yield, SLON or CBXO?

SLON has the higher dividend yield at 22.84%, compared with 0.53% for CBXO.

What is the main difference between SLON and CBXO?

SLON is categorized as Cryptocurrency, while CBXO is Defined Outcome. They also come from different issuers: ProShares and Calamos. Their fees differ too: 2.14% for SLON and 0.69% for CBXO.