BTCC vs. CBOL

Last updated Jul 15, 2026

BTCC (Grayscale Bitcoin Covered Call ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - BTCC 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 0.86 suggests significant overlap in exposure. BTCC charges 0.66%/yr vs 0.79%/yr for CBOL.

Performance

BTCC vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Covered Call ETF (BTCC) 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, BTCC achieves a -21.47% return, which is significantly lower than CBOL's -1.94% return.

BTCC

• 1D: 3.01%
• 1M: 0.33%
• 6M: -25.83%
• YTD: -21.47%
• 1Y: -37.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOL

• 1D: 0.30%
• 1M: 0.11%
• 6M: -2.70%
• YTD: -1.94%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCC vs. CBOL - Yearly Performance Comparison

	2026 (YTD)	2025
BTCC Grayscale Bitcoin Covered Call ETF	-21.47%	-18.44%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-1.94%	-2.04%

Correlation

The correlation between BTCC 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 14, 2025	0.86

Return for Risk

BTCC vs. CBOL — Risk / Return Rank

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

BTCC

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

BTCC vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Covered Call ETF (BTCC) 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.

	BTCC	CBOL	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	—	—
Sortino ratio: Return per unit of downside risk	-1.51	—	—
Omega ratio: Gain probability vs. loss probability	0.80	—	—
Calmar ratio: Return relative to maximum drawdown	-0.85	—	—
Martin ratio: Return relative to average drawdown	-1.43	—	—

Drawdowns

BTCC vs. CBOL - Drawdown Comparison

The maximum BTCC drawdown since its inception was -44.40%, which is greater than CBOL's maximum drawdown of -5.05%. Use the drawdown chart below to compare losses from any high point for BTCC and CBOL.

Drawdown Indicators

	BTCC	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-44.40%	-5.05%	-39.35%
Max Drawdown (1Y) Largest decline over 1 year	-44.40%	—	—
Current Drawdown Current decline from peak	-39.94%	-4.56%	-35.38%
Average Drawdown Average peak-to-trough decline	-17.69%	-3.41%	-14.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.56%	—	—

Volatility

Volatility by Period

	BTCC	CBOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.23%	—	—
Volatility (6M) Calculated over the trailing 6-month period	28.62%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	34.40%	3.74%	+30.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.85%	3.74%	+28.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.85%	3.74%	+28.11%

BTCC vs. CBOL - Expense Ratio Comparison

BTCC has a 0.66% expense ratio, which is lower than CBOL's 0.79% expense ratio.

Dividends

BTCC vs. CBOL - Dividend Comparison

BTCC's dividend yield for the trailing twelve months is around 102.62%, more than CBOL's 1.83% yield.

Position	TTM	2025
BTCC Grayscale Bitcoin Covered Call ETF	102.62%	63.86%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%

Frequently Asked Questions

Can I hold both BTCC and CBOL in my portfolio?

BTCC 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, BTCC or CBOL?

On fees, BTCC is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BTCC or CBOL?

BTCC is cheaper with a 0.66% expense ratio, compared with 0.79% for CBOL.

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

BTCC has the higher dividend yield at 102.62%, compared with 1.83% for CBOL.

What is the main difference between BTCC and CBOL?

BTCC is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: Grayscale and Calamos. Their fees differ too: 0.66% for BTCC and 0.79% for CBOL.