BITX vs. CBOL
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 0.92 means they have usually moved in the same direction. BITX charges 2.38%/yr vs 0.79%/yr for CBOL.
Performance
BITX vs. CBOL - Performance Comparison
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Returns By Period
In the year-to-date period, BITX achieves a -56.44% return, which is significantly lower than CBOL's -1.82% return.
BITX
- 1D
- 2.83%
- 1M
- 6.13%
- 6M
- -43.47%
- YTD
- -56.44%
- 1Y
- -77.31%
- 3Y*
- 6.79%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 0.89%
CBOL
- 1D
- 0.13%
- 1M
- 0.30%
- 6M
- -0.82%
- YTD
- -1.82%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $88.24M | $96.85M | $117.71M | |
| $58.81K | $31.00K | $17.58K |
BITX vs. CBOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BITX 2x Bitcoin Strategy ETF | -56.44% | -47.66% |
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF | -1.82% | -2.04% |
Correlation
The correlation between BITX and CBOL is 0.92, 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 | 0.92 |
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Return for Risk
BITX vs. CBOL — Risk / Return Rank
BITX
CBOL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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.
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.
| BITX | CBOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.82 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | — | — |
| Martin ratioReturn relative to average drawdown | -1.30 | — | — |
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Drawdowns
BITX vs. CBOL - Drawdown Comparison
The maximum BITX drawdown since its inception was -83.45%, which is greater than CBOL's maximum drawdown of -5.05%. Use the drawdown chart below to compare losses from any high point for BITX and CBOL.
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Drawdown Indicators
| BITX | CBOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.45% | -5.05% | -78.40% |
Max Drawdown (1Y)Largest decline over 1 year | -83.45% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -83.45% | — | — |
Current DrawdownCurrent decline from peak | -80.75% | -4.44% | -76.31% |
Average DrawdownAverage peak-to-trough decline | -34.25% | -3.49% | -30.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.65% | — | — |
Volatility
BITX vs. CBOL - Volatility Comparison
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Volatility by Period
| BITX | CBOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.57% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 67.80% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 88.21% | 3.65% | +84.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 97.14% | 3.65% | +93.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 97.14% | 3.65% | +93.49% |
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 27.12%, more than CBOL's 1.82% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BITX 2x Bitcoin Strategy ETF | 27.12% | 21.69% | 10.70% |
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF | 1.82% | 1.79% | 0.00% |
Frequently Asked Questions
With a correlation of 0.92, 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.
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.
CBOL is cheaper with a 0.79% expense ratio, compared with 2.38% for BITX.
BITX has the higher dividend yield at 27.12%, compared with 1.82% for 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.
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