BSOL vs. CBOL

Last updated Jun 4, 2026

BSOL (Bitwise Solana Staking ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - BSOL is a Cryptocurrency fund tracking the Solana (SOL) spot price, while CBOL is a Defined Outcome fund actively managed by Calamos. BSOL is passively managed, while CBOL is actively managed. Their correlation of 0.86 suggests significant overlap in exposure. BSOL charges 0.20%/yr vs 0.79%/yr for CBOL.

Performance

BSOL vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Solana Staking ETF (BSOL) 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, BSOL achieves a -40.79% return, which is significantly lower than CBOL's -2.03% return.

BSOL

• 1D: -4.71%
• 1M: -14.67%
• YTD: -40.79%
• 6M: -47.91%
• 1Y: —
• 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)

BSOL vs. CBOL - Yearly Performance Comparison

	2026 (YTD)	2025
BSOL Bitwise Solana Staking ETF	-40.79%	-35.81%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.03%	-2.57%

Correlation

The correlation between BSOL and CBOL is 0.86, 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 29, 2025	0.86

Return for Risk

BSOL vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Solana Staking ETF (BSOL) 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.

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

Sharpe Ratios by Period

	BSOL	CBOL	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.07	-1.80	+0.72

Drawdowns

BSOL vs. CBOL - Drawdown Comparison

The maximum BSOL drawdown since its inception was -62.00%, which is greater than CBOL's maximum drawdown of -4.91%. Use the drawdown chart below to compare losses from any high point for BSOL and CBOL.

Drawdown Indicators

	BSOL	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-62.00%	-4.91%	-57.09%
Current Drawdown Current decline from peak	-62.00%	-4.64%	-57.36%
Average Drawdown Average peak-to-trough decline	-43.66%	-3.21%	-40.45%

Volatility

Volatility by Period

	BSOL	CBOL	Difference
Volatility (1Y) Calculated over the trailing 1-year period	75.26%	3.88%	+71.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.26%	3.88%	+71.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	75.26%	3.88%	+71.38%

BSOL vs. CBOL - Expense Ratio Comparison

BSOL has a 0.20% expense ratio, which is lower than CBOL's 0.79% expense ratio.

Dividends

BSOL vs. CBOL - Dividend Comparison

BSOL has not paid dividends to shareholders, while CBOL's dividend yield for the trailing twelve months is around 1.83%.

Position	TTM	2025
BSOL Bitwise Solana Staking ETF	0.00%	0.00%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%

Frequently Asked Questions

Can I hold both BSOL and CBOL in my portfolio?

BSOL and CBOL have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BSOL or CBOL?

On fees, BSOL is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BSOL or CBOL?

BSOL is cheaper with a 0.20% expense ratio, compared with 0.79% for CBOL.

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

CBOL has the higher dividend yield at 1.83%, compared with 0.00% for BSOL.

What is the main difference between BSOL and CBOL?

BSOL 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 BSOL and 0.79% for CBOL.