BFAP vs. CBOL

Last updated Jun 4, 2026

BFAP (FT Vest Bitcoin Strategy Floor15 ETF - April) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - BFAP is a Cryptocurrency fund actively managed by First Trust, while CBOL is a Defined Outcome fund actively managed by Calamos. Both are actively managed. With a 0.96 correlation, they move nearly in lockstep. BFAP charges 0.90%/yr vs 0.79%/yr for CBOL.

Performance

BFAP vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP) 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, BFAP achieves a -20.89% return, which is significantly lower than CBOL's -2.03% return.

BFAP

• 1D: -1.05%
• 1M: -7.01%
• YTD: -20.89%
• 6M: -23.66%
• 1Y: -24.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOL

• 1D: -0.13%
• 1M: -0.78%
• YTD: -2.03%
• 6M: -2.60%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BFAP vs. CBOL - Yearly Performance Comparison

	2026 (YTD)	2025
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	-20.89%	-10.13%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.03%	-2.47%

Correlation

The correlation between BFAP and CBOL is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 15, 2025	0.96

Return for Risk

BFAP vs. CBOL — Risk / Return Rank

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

BFAP

BFAP Risk / Return Rank: 1
BFAP Sharpe Ratio Rank: 1
BFAP Sortino Ratio Rank: 1
BFAP Omega Ratio Rank: 1
BFAP Calmar Ratio Rank: 2
BFAP Martin Ratio Rank: 1

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.

BFAP vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP) 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.

	BFAP	CBOL	Difference
Sharpe ratio: Return per unit of total volatility	-1.15	—	—
Sortino ratio: Return per unit of downside risk	-1.58	—	—
Omega ratio: Gain probability vs. loss probability	0.81	—	—
Calmar ratio: Return relative to maximum drawdown	-0.79	—	—
Martin ratio: Return relative to average drawdown	-1.45	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BFAP	CBOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.15	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.59	-1.80	+1.21

Drawdowns

BFAP vs. CBOL - Drawdown Comparison

The maximum BFAP drawdown since its inception was -31.25%, which is greater than CBOL's maximum drawdown of -4.91%. Use the drawdown chart below to compare losses from any high point for BFAP and CBOL.

Drawdown Indicators

	BFAP	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-31.25%	-4.91%	-26.34%
Max Drawdown (1Y) Largest decline over 1 year	-31.25%	—	—
Current Drawdown Current decline from peak	-31.25%	-4.64%	-26.61%
Average Drawdown Average peak-to-trough decline	-10.77%	-3.21%	-7.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.89%	—	—

Volatility

Volatility by Period

	BFAP	CBOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.59%	—	—
Volatility (6M) Calculated over the trailing 6-month period	17.66%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	21.26%	3.88%	+17.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.57%	3.88%	+16.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.57%	3.88%	+16.69%

BFAP vs. CBOL - Expense Ratio Comparison

BFAP has a 0.90% expense ratio, which is higher than CBOL's 0.79% expense ratio.

Dividends

BFAP vs. CBOL - Dividend Comparison

BFAP's dividend yield for the trailing twelve months is around 23.98%, more than CBOL's 1.83% yield.

Position	TTM	2025
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	23.98%	18.97%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%

Frequently Asked Questions

Can I hold both BFAP and CBOL in my portfolio?

With a correlation of 0.96, BFAP and CBOL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, BFAP or CBOL?

On fees, CBOL is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BFAP or CBOL?

CBOL is cheaper with a 0.79% expense ratio, compared with 0.90% for BFAP.

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

BFAP has the higher dividend yield at 23.98%, compared with 1.83% for CBOL.

What is the main difference between BFAP and CBOL?

BFAP is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: First Trust and Calamos. Their fees differ too: 0.90% for BFAP and 0.79% for CBOL.