TOXR vs. CBOL

Last updated Jun 5, 2026

TOXR (21Shares XRP ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - TOXR is a Cryptocurrency fund tracking the CME CF XRP-Dollar Reference Rate - New York Variant, while CBOL is a Defined Outcome fund actively managed by Calamos. TOXR is passively managed, while CBOL is actively managed. Their correlation of 0.83 suggests significant overlap in exposure. TOXR charges 0.30%/yr vs 0.79%/yr for CBOL.

Performance

TOXR vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 21Shares XRP ETF (TOXR) and Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOXR achieves a -35.80% return, which is significantly lower than CBOL's -2.11% return.

TOXR

• 1D: -2.17%
• 1M: -16.76%
• YTD: -35.80%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOL

• 1D: -0.08%
• 1M: -0.97%
• YTD: -2.11%
• 6M: -2.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOXR vs. CBOL - Yearly Performance Comparison

	2026 (YTD)	2025
TOXR 21Shares XRP ETF	-35.80%	-9.65%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.11%	-0.44%

Correlation

The correlation between TOXR and CBOL is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 12, 2025	0.83

Return for Risk

TOXR vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares XRP ETF (TOXR) 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.

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

Sharpe Ratios by Period

	TOXR	CBOL	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.94	-1.83	+0.88

Drawdowns

TOXR vs. CBOL - Drawdown Comparison

The maximum TOXR drawdown since its inception was -49.23%, which is greater than CBOL's maximum drawdown of -4.91%. Use the drawdown chart below to compare losses from any high point for TOXR and CBOL.

Drawdown Indicators

	TOXR	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-49.23%	-4.91%	-44.32%
Current Drawdown Current decline from peak	-49.23%	-4.72%	-44.51%
Average Drawdown Average peak-to-trough decline	-31.64%	-3.22%	-28.42%

Volatility

Volatility by Period

	TOXR	CBOL	Difference
Volatility (1Y) Calculated over the trailing 1-year period	72.90%	3.87%	+69.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.90%	3.87%	+69.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.90%	3.87%	+69.03%

TOXR vs. CBOL - Expense Ratio Comparison

TOXR has a 0.30% expense ratio, which is lower than CBOL's 0.79% expense ratio.

Dividends

TOXR vs. CBOL - Dividend Comparison

TOXR 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%
TOXR 21Shares XRP ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both TOXR and CBOL in my portfolio?

TOXR and CBOL have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TOXR or CBOL?

On fees, TOXR is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TOXR or CBOL?

TOXR is cheaper with a 0.30% expense ratio, compared with 0.79% for CBOL.

Which ETF pays a higher dividend yield, TOXR or CBOL?

CBOL has the higher dividend yield at 1.83%, compared with 0.00% for TOXR.

What is the main difference between TOXR and CBOL?

TOXR is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: 21Shares and Calamos. Their fees differ too: 0.30% for TOXR and 0.79% for CBOL.