BITI vs. CBOL

Last updated Jun 4, 2026

BITI (ProShares Shrt Bitcoin ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-100%), while CBOL is a Defined Outcome fund actively managed by Calamos. BITI is passively managed, while CBOL is actively managed. At a correlation of -0.94, they often move in opposite directions. BITI charges 1.03%/yr vs 0.79%/yr for CBOL.

Performance

BITI vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Shrt Bitcoin ETF (BITI) 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, BITI achieves a 24.06% return, which is significantly higher than CBOL's -2.03% return.

BITI

• 1D: 2.69%
• 1M: 22.00%
• YTD: 24.06%
• 6M: 31.50%
• 1Y: 45.79%
• 3Y*: -34.09%
• 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)

BITI vs. CBOL - Yearly Performance Comparison

	2026 (YTD)	2025
BITI ProShares Shrt Bitcoin ETF	24.06%	25.13%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.03%	-2.47%

Correlation

The correlation between BITI and CBOL is -0.94, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 15, 2025	-0.94

Return for Risk

BITI vs. CBOL — Risk / Return Rank

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

BITI

BITI Risk / Return Rank: 30
BITI Sharpe Ratio Rank: 29
BITI Sortino Ratio Rank: 30
BITI Omega Ratio Rank: 28
BITI Calmar Ratio Rank: 36
BITI Martin Ratio Rank: 27

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.

BITI vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Shrt Bitcoin ETF (BITI) 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.

	BITI	CBOL	Difference
Sharpe ratio: Return per unit of total volatility	1.06	—	—
Sortino ratio: Return per unit of downside risk	1.62	—	—
Omega ratio: Gain probability vs. loss probability	1.19	—	—
Calmar ratio: Return relative to maximum drawdown	1.82	—	—
Martin ratio: Return relative to average drawdown	3.89	—	—
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

	BITI	CBOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.72	-1.80	+1.08

Drawdowns

BITI vs. CBOL - Drawdown Comparison

The maximum BITI drawdown since its inception was -92.16%, which is greater than CBOL's maximum drawdown of -4.91%. Use the drawdown chart below to compare losses from any high point for BITI and CBOL.

Drawdown Indicators

	BITI	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-92.16%	-4.91%	-87.25%
Max Drawdown (1Y) Largest decline over 1 year	-25.28%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-84.63%	—	—
Current Drawdown Current decline from peak	-86.46%	-4.64%	-81.82%
Average Drawdown Average peak-to-trough decline	-67.95%	-3.21%	-64.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.80%	—	—

Volatility

Volatility by Period

	BITI	CBOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.29%	—	—
Volatility (6M) Calculated over the trailing 6-month period	34.02%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	43.52%	3.88%	+39.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.50%	3.88%	+48.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.50%	3.88%	+48.62%

BITI vs. CBOL - Expense Ratio Comparison

BITI has a 1.03% expense ratio, which is higher than CBOL's 0.79% expense ratio.

Dividends

BITI vs. CBOL - Dividend Comparison

BITI's dividend yield for the trailing twelve months is around 9.52%, more than CBOL's 1.83% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Shrt Bitcoin ETF	9.52%	1.60%	3.91%	3.33%	0.06%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITI and CBOL in my portfolio?

BITI and CBOL have a correlation of -0.94, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BITI 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, BITI or CBOL?

CBOL is cheaper with a 0.79% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 9.52%, compared with 1.83% for CBOL.

What is the main difference between BITI and CBOL?

BITI is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: ProShares and Calamos. Their fees differ too: 1.03% for BITI and 0.79% for CBOL.