BITX vs. CBOL

Last updated Jun 4, 2026

BITX (2x Bitcoin Strategy ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - BITX is a Cryptocurrency fund tracking the S&P CME Bitcoin Futures Daily Roll Index (200%), while CBOL is a Defined Outcome fund actively managed by Calamos. BITX is passively managed, while CBOL is actively managed. Their correlation of 0.94 suggests significant overlap in exposure. BITX charges 2.38%/yr vs 0.79%/yr for CBOL.

Performance

BITX vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 2x Bitcoin Strategy ETF (BITX) 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, BITX achieves a -52.31% return, which is significantly lower than CBOL's -2.03% return.

BITX

• 1D: -5.39%
• 1M: -34.65%
• YTD: -52.31%
• 6M: -58.66%
• 1Y: -73.21%
• 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)

BITX vs. CBOL - Yearly Performance Comparison

	2026 (YTD)	2025
BITX 2x Bitcoin Strategy ETF	-52.31%	-44.50%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.03%	-2.47%

Correlation

The correlation between BITX and CBOL is 0.94, 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 15, 2025	0.94

Return for Risk

BITX vs. CBOL — Risk / Return Rank

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

BITX

BITX Risk / Return Rank: 2
BITX Sharpe Ratio Rank: 2
BITX Sortino Ratio Rank: 2
BITX Omega Ratio Rank: 2
BITX Calmar Ratio Rank: 1
BITX 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.

BITX vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) 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.

	BITX	CBOL	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	—	—
Sortino ratio: Return per unit of downside risk	-1.45	—	—
Omega ratio: Gain probability vs. loss probability	0.84	—	—
Calmar ratio: Return relative to maximum drawdown	-0.93	—	—
Martin ratio: Return relative to average drawdown	-1.46	—	—
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

	BITX	CBOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.85	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	-1.80	+1.84

Drawdowns

BITX vs. CBOL - Drawdown Comparison

The maximum BITX drawdown since its inception was -78.92%, which is greater than CBOL's maximum drawdown of -4.91%. Use the drawdown chart below to compare losses from any high point for BITX and CBOL.

Drawdown Indicators

	BITX	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-78.92%	-4.91%	-74.01%
Max Drawdown (1Y) Largest decline over 1 year	-78.92%	—	—
Current Drawdown Current decline from peak	-78.92%	-4.64%	-74.28%
Average Drawdown Average peak-to-trough decline	-31.70%	-3.21%	-28.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.03%	—	—

Volatility

Volatility by Period

	BITX	CBOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.24%	—	—
Volatility (6M) Calculated over the trailing 6-month period	69.07%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	86.83%	3.88%	+82.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	98.27%	3.88%	+94.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	98.27%	3.88%	+94.39%

BITX vs. CBOL - Expense Ratio Comparison

BITX has a 2.38% expense ratio, which is higher than CBOL's 0.79% expense ratio.

Dividends

BITX vs. CBOL - Dividend Comparison

BITX's dividend yield for the trailing twelve months is around 33.24%, more than CBOL's 1.83% yield.

Position	TTM	2025	2024
BITX 2x Bitcoin Strategy ETF	33.24%	21.69%	10.70%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%	0.00%

Frequently Asked Questions

Can I hold both BITX and CBOL in my portfolio?

With a correlation of 0.94, BITX 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, BITX 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, BITX or CBOL?

CBOL is cheaper with a 0.79% expense ratio, compared with 2.38% for BITX.

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

BITX has the higher dividend yield at 33.24%, compared with 1.83% for CBOL.

What is the main difference between BITX and CBOL?

BITX is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: Volatility Shares and Calamos. Their fees differ too: 2.38% for BITX and 0.79% for CBOL.