BITB vs. CBOL
BITB (Bitwise Bitcoin ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - BITB is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while CBOL is a Defined Outcome fund actively managed by Calamos. BITB is passively managed, while CBOL is actively managed. Their correlation of 0.91 means they have usually moved in the same direction. BITB charges 0.20%/yr vs 0.79%/yr for CBOL.
Performance
BITB vs. CBOL - Performance Comparison
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Returns By Period
In the year-to-date period, BITB achieves a -28.24% return, which is significantly lower than CBOL's -1.94% return.
BITB
- 1D
- -2.87%
- 1M
- 2.34%
- 6M
- -25.01%
- YTD
- -28.24%
- 1Y
- -44.51%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 9.94%
CBOL
- 1D
- -0.23%
- 1M
- 0.17%
- 6M
- -1.71%
- YTD
- -1.94%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $37.99M | $39.08M | $56.07M | |
| $64.22K | $31.00K | $17.40K |
BITB vs. CBOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BITB Bitwise Bitcoin ETF | -28.24% | -24.57% |
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF | -1.94% | -2.04% |
Correlation
The correlation between BITB and CBOL is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 14, 2025 | 0.91 |
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Return for Risk
BITB vs. CBOL — Risk / Return Rank
BITB
CBOL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BITB vs. CBOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin ETF (BITB) 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.
| BITB | CBOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.83 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | — | — |
| Martin ratioReturn relative to average drawdown | -1.34 | — | — |
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Drawdowns
BITB vs. CBOL - Drawdown Comparison
The maximum BITB drawdown since its inception was -53.33%, which is greater than CBOL's maximum drawdown of -5.05%. Use the drawdown chart below to compare losses from any high point for BITB and CBOL.
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Drawdown Indicators
| BITB | CBOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.33% | -5.05% | -48.28% |
Max Drawdown (1Y)Largest decline over 1 year | -53.33% | — | — |
Current DrawdownCurrent decline from peak | -50.01% | -4.56% | -45.45% |
Average DrawdownAverage peak-to-trough decline | -18.25% | -3.48% | -14.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.64% | — | — |
Volatility
BITB vs. CBOL - Volatility Comparison
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Volatility by Period
| BITB | CBOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.04% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 33.71% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 44.37% | 3.65% | +40.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.38% | 3.65% | +45.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.38% | 3.65% | +45.73% |
BITB vs. CBOL - Expense Ratio Comparison
BITB has a 0.20% expense ratio, which is lower than CBOL's 0.79% expense ratio.
Dividends
BITB vs. CBOL - Dividend Comparison
BITB has not paid dividends to shareholders, while CBOL's dividend yield for the trailing twelve months is around 1.83%.
| Position | TTM | 2025 |
|---|---|---|
BITB Bitwise Bitcoin ETF | 0.00% | 0.00% |
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF | 1.83% | 1.79% |
Frequently Asked Questions
With a correlation of 0.91, BITB 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.
On fees, BITB is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BITB is cheaper with a 0.20% expense ratio, compared with 0.79% for CBOL.
CBOL has the higher dividend yield at 1.83%, compared with 0.00% for BITB.
BITB is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: Bitwise and Calamos. Their fees differ too: 0.20% for BITB and 0.79% for CBOL.
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