BITU vs. CBOL

Last updated Jun 24, 2026

BITU (Proshares Ultra Bitcoin ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - BITU is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross, while CBOL is a Defined Outcome fund actively managed by Calamos. BITU is passively managed, while CBOL is actively managed. Their correlation of 0.92 suggests significant overlap in exposure. BITU charges 0.95%/yr vs 0.79%/yr for CBOL.

Performance

BITU vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Ultra Bitcoin ETF (BITU) 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, BITU achieves a -58.07% return, which is significantly lower than CBOL's -2.17% return.

BITU

• 1D: -6.41%
• 1M: -34.27%
• YTD: -58.07%
• 6M: -58.34%
• 1Y: -74.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOL

• 1D: -0.13%
• 1M: -0.72%
• YTD: -2.17%
• 6M: -2.19%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITU vs. CBOL - Yearly Performance Comparison

	2026 (YTD)	2025
BITU Proshares Ultra Bitcoin ETF	-58.07%	-47.28%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.17%	-2.04%

Correlation

The correlation between BITU and CBOL is 0.92, 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 Oct 14, 2025	0.92

Return for Risk

BITU vs. CBOL — Risk / Return Rank

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

BITU

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

CBOL

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

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.

BITU vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultra Bitcoin ETF (BITU) 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.

	BITU	CBOL	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	—	—
Sortino ratio: Return per unit of downside risk	-1.46	—	—
Omega ratio: Gain probability vs. loss probability	0.84	—	—
Calmar ratio: Return relative to maximum drawdown	-0.90	—	—
Martin ratio: Return relative to average drawdown	-1.40	—	—

Drawdowns

BITU vs. CBOL - Drawdown Comparison

The maximum BITU drawdown since its inception was -82.21%, which is greater than CBOL's maximum drawdown of -5.05%. Use the drawdown chart below to compare losses from any high point for BITU and CBOL.

Drawdown Indicators

	BITU	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-82.21%	-5.05%	-77.16%
Max Drawdown (1Y) Largest decline over 1 year	-82.21%	—	—
Current Drawdown Current decline from peak	-81.25%	-4.78%	-76.47%
Average Drawdown Average peak-to-trough decline	-35.50%	-3.30%	-32.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.05%	—	—

Volatility

Volatility by Period

	BITU	CBOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.20%	—	—
Volatility (6M) Calculated over the trailing 6-month period	69.81%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	88.13%	3.83%	+84.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.37%	3.83%	+93.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.37%	3.83%	+93.54%

BITU vs. CBOL - Expense Ratio Comparison

BITU has a 0.95% expense ratio, which is higher than CBOL's 0.79% expense ratio.

Dividends

BITU vs. CBOL - Dividend Comparison

BITU's dividend yield for the trailing twelve months is around 93.59%, more than CBOL's 1.83% yield.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	93.59%	50.23%	0.12%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%	0.00%

Frequently Asked Questions

Can I hold both BITU and CBOL in my portfolio?

With a correlation of 0.92, BITU 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, BITU 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, BITU or CBOL?

CBOL is cheaper with a 0.79% expense ratio, compared with 0.95% for BITU.

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

BITU has the higher dividend yield at 93.59%, compared with 1.83% for CBOL.

What is the main difference between BITU and CBOL?

BITU is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: ProShares and Calamos. Their fees differ too: 0.95% for BITU and 0.79% for CBOL.