BTC vs. CBOL
BTC (Grayscale Bitcoin Mini Trust ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - BTC is a Cryptocurrency fund actively managed by Grayscale, while CBOL is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Their correlation of 0.92 means they have usually moved in the same direction. BTC charges 0.15%/yr vs 0.79%/yr for CBOL.
Performance
BTC vs. CBOL - Performance Comparison
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Returns By Period
In the year-to-date period, BTC achieves a -27.11% return, which is significantly lower than CBOL's -1.82% return.
BTC
- 1D
- 1.51%
- 1M
- 3.86%
- 6M
- -18.15%
- YTD
- -27.11%
- 1Y
- -43.60%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -2.17%
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) |
|---|---|---|---|
| $40.45M | $40.65M | $54.59M | |
| $58.81K | $31.00K | $17.58K |
BTC vs. CBOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BTC Grayscale Bitcoin Mini Trust ETF | -27.11% | -24.53% |
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF | -1.82% | -2.04% |
Correlation
The correlation between BTC 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
BTC vs. CBOL — Risk / Return Rank
BTC
CBOL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BTC vs. CBOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Mini Trust ETF (BTC) 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.
| BTC | CBOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.84 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | — | — |
| Martin ratioReturn relative to average drawdown | -1.26 | — | — |
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Drawdowns
BTC vs. CBOL - Drawdown Comparison
The maximum BTC drawdown since its inception was -53.30%, which is greater than CBOL's maximum drawdown of -5.05%. Use the drawdown chart below to compare losses from any high point for BTC and CBOL.
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Drawdown Indicators
| BTC | CBOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.30% | -5.05% | -48.25% |
Max Drawdown (1Y)Largest decline over 1 year | -53.30% | — | — |
Current DrawdownCurrent decline from peak | -49.20% | -4.44% | -44.76% |
Average DrawdownAverage peak-to-trough decline | -19.45% | -3.49% | -15.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.74% | — | — |
Volatility
BTC vs. CBOL - Volatility Comparison
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Volatility by Period
| BTC | CBOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.87% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 33.76% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 44.40% | 3.65% | +40.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.49% | 3.65% | +43.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.49% | 3.65% | +43.84% |
BTC vs. CBOL - Expense Ratio Comparison
BTC has a 0.15% expense ratio, which is lower than CBOL's 0.79% expense ratio.
Dividends
BTC vs. CBOL - Dividend Comparison
BTC has not paid dividends to shareholders, while CBOL's dividend yield for the trailing twelve months is around 1.82%.
| Position | TTM | 2025 |
|---|---|---|
BTC Grayscale Bitcoin Mini Trust ETF | 0.00% | 0.00% |
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF | 1.82% | 1.79% |
Frequently Asked Questions
With a correlation of 0.92, BTC 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, BTC is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BTC is cheaper with a 0.15% expense ratio, compared with 0.79% for CBOL.
CBOL has the higher dividend yield at 1.82%, compared with 0.00% for BTC.
BTC is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: Grayscale and Calamos. Their fees differ too: 0.15% for BTC and 0.79% for CBOL.
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