BTCW vs. CBOL

Last updated Jun 4, 2026

BTCW (Wisdom Tree Bitcoin Fund) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - BTCW is a Cryptocurrency fund managed by WisdomTree, while CBOL is a Defined Outcome fund actively managed by Calamos. Their correlation of 0.94 suggests significant overlap in exposure. BTCW charges 0.30%/yr vs 0.79%/yr for CBOL.

Performance

BTCW vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wisdom Tree Bitcoin Fund (BTCW) 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, BTCW achieves a -25.39% return, which is significantly lower than CBOL's -2.03% return.

BTCW

• 1D: -2.62%
• 1M: -18.38%
• YTD: -25.39%
• 6M: -29.81%
• 1Y: -38.63%
• 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)

BTCW vs. CBOL - Yearly Performance Comparison

	2026 (YTD)	2025
BTCW Wisdom Tree Bitcoin Fund	-25.39%	-22.31%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.03%	-2.47%

Correlation

The correlation between BTCW and CBOL is 0.94, 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 15, 2025	0.94

Return for Risk

BTCW vs. CBOL — Risk / Return Rank

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

BTCW

BTCW Risk / Return Rank: 2
BTCW Sharpe Ratio Rank: 2
BTCW Sortino Ratio Rank: 2
BTCW Omega Ratio Rank: 2
BTCW Calmar Ratio Rank: 2
BTCW Martin Ratio Rank: 2

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.

BTCW vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wisdom Tree Bitcoin Fund (BTCW) 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.

	BTCW	CBOL	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	—	—
Sortino ratio: Return per unit of downside risk	-1.23	—	—
Omega ratio: Gain probability vs. loss probability	0.86	—	—
Calmar ratio: Return relative to maximum drawdown	-0.79	—	—
Martin ratio: Return relative to average drawdown	-1.36	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BTCW	CBOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	-1.80	+2.10

Drawdowns

BTCW vs. CBOL - Drawdown Comparison

The maximum BTCW drawdown since its inception was -49.29%, which is greater than CBOL's maximum drawdown of -4.91%. Use the drawdown chart below to compare losses from any high point for BTCW and CBOL.

Drawdown Indicators

	BTCW	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-49.29%	-4.91%	-44.38%
Max Drawdown (1Y) Largest decline over 1 year	-49.29%	—	—
Current Drawdown Current decline from peak	-47.99%	-4.64%	-43.35%
Average Drawdown Average peak-to-trough decline	-15.99%	-3.21%	-12.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.40%	—	—

Volatility

Volatility by Period

	BTCW	CBOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.48%	—	—
Volatility (6M) Calculated over the trailing 6-month period	34.25%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	43.53%	3.88%	+39.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.10%	3.88%	+46.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.10%	3.88%	+46.22%

BTCW vs. CBOL - Expense Ratio Comparison

BTCW has a 0.30% expense ratio, which is lower than CBOL's 0.79% expense ratio.

Dividends

BTCW vs. CBOL - Dividend Comparison

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

Position	TTM	2025
BTCW Wisdom Tree Bitcoin Fund	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 BTCW and CBOL in my portfolio?

With a correlation of 0.94, BTCW 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.

Which ETF is better, BTCW or CBOL?

On fees, BTCW is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BTCW or CBOL?

BTCW is cheaper with a 0.30% expense ratio, compared with 0.79% for CBOL.

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

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

What is the main difference between BTCW and CBOL?

BTCW is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: WisdomTree and Calamos. Their fees differ too: 0.30% for BTCW and 0.79% for CBOL.