BTCO vs. CBOL
BTCO (Invesco Galaxy Bitcoin ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - BTCO is a Cryptocurrency fund tracking the Lukka Prime Reference Bitcoin Rate, while CBOL is a Defined Outcome fund actively managed by Calamos. BTCO is passively managed, while CBOL is actively managed. Their correlation of 0.91 means they have usually moved in the same direction. BTCO charges 0.25%/yr vs 0.79%/yr for CBOL.
Performance
BTCO vs. CBOL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BTCO achieves a -28.24% return, which is significantly lower than CBOL's -1.94% return.
BTCO
- 1D
- -2.89%
- 1M
- 2.27%
- 6M
- -25.04%
- YTD
- -28.24%
- 1Y
- -44.55%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.82%
CBOL
- 1D
- -0.23%
- 1M
- 0.17%
- 6M
- -1.71%
- YTD
- -1.94%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.75M | $2.91M | $6.66M | |
| $64.22K | $31.00K | $17.40K |
BTCO vs. CBOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BTCO Invesco Galaxy Bitcoin ETF | -28.24% | -24.55% |
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF | -1.94% | -2.04% |
Correlation
The correlation between BTCO and CBOL is 0.91, 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 | 0.91 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BTCO vs. CBOL — Risk / Return Rank
BTCO
CBOL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BTCO vs. CBOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Galaxy Bitcoin ETF (BTCO) 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.
| BTCO | CBOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.83 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | — | — |
| Martin ratioReturn relative to average drawdown | -1.34 | — | — |
Loading charts...
Drawdowns
BTCO vs. CBOL - Drawdown Comparison
The maximum BTCO drawdown since its inception was -53.33%, which is greater than CBOL's maximum drawdown of -5.05%. Use the drawdown chart below to compare losses from any high point for BTCO and CBOL.
Loading charts...
Drawdown Indicators
| BTCO | CBOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.33% | -5.05% | -48.28% |
Max Drawdown (1Y)Largest decline over 1 year | -53.33% | — | — |
Current DrawdownCurrent decline from peak | -50.02% | -4.56% | -45.46% |
Average DrawdownAverage peak-to-trough decline | -18.14% | -3.48% | -14.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.63% | — | — |
Volatility
BTCO vs. CBOL - Volatility Comparison
Loading charts...
Volatility by Period
| BTCO | CBOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.08% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 33.70% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 44.31% | 3.65% | +40.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.14% | 3.65% | +45.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.14% | 3.65% | +45.49% |
BTCO vs. CBOL - Expense Ratio Comparison
BTCO has a 0.25% expense ratio, which is lower than CBOL's 0.79% expense ratio.
Dividends
BTCO vs. CBOL - Dividend Comparison
BTCO has not paid dividends to shareholders, while CBOL's dividend yield for the trailing twelve months is around 1.83%.
| Position | TTM | 2025 |
|---|---|---|
BTCO Invesco Galaxy Bitcoin ETF | 0.00% | 0.00% |
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF | 1.83% | 1.79% |
Frequently Asked Questions
With a correlation of 0.91, BTCO 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, BTCO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BTCO is cheaper with a 0.25% expense ratio, compared with 0.79% for CBOL.
CBOL has the higher dividend yield at 1.83%, compared with 0.00% for BTCO.
BTCO is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: Invesco and Calamos. Their fees differ too: 0.25% for BTCO and 0.79% for CBOL.
Find the right allocation for BTCO and CBOL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer