BTCZ vs. CBOL

Last updated Jun 24, 2026

BTCZ (T-Rex 2X Inverse Bitcoin Daily Target ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - BTCZ is a Cryptocurrency fund actively managed by T-Rex, while CBOL is a Defined Outcome fund actively managed by Calamos. Both are actively managed. At a correlation of -0.91, they often move in opposite directions. BTCZ charges 0.95%/yr vs 0.79%/yr for CBOL.

Performance

BTCZ vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ) 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, BTCZ achieves a 40.86% return, which is significantly higher than CBOL's -2.17% return.

BTCZ

• 1D: 6.37%
• 1M: 40.52%
• YTD: 40.86%
• 6M: 41.38%
• 1Y: 59.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOL

• 1D: -0.13%
• 1M: -0.72%
• YTD: -2.17%
• 6M: -2.19%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCZ vs. CBOL - Yearly Performance Comparison

	2026 (YTD)	2025
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	40.86%	55.09%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.17%	-2.04%

Correlation

The correlation between BTCZ and CBOL is -0.91, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 14, 2025	-0.91

Return for Risk

BTCZ vs. CBOL — Risk / Return Rank

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

BTCZ

BTCZ Risk / Return Rank: 24
BTCZ Sharpe Ratio Rank: 21
BTCZ Sortino Ratio Rank: 27
BTCZ Omega Ratio Rank: 26
BTCZ Calmar Ratio Rank: 27
BTCZ Martin Ratio Rank: 21

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.

BTCZ vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ) 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.

	BTCZ	CBOL	Difference
Sharpe ratio: Return per unit of total volatility	0.67	—	—
Sortino ratio: Return per unit of downside risk	1.43	—	—
Omega ratio: Gain probability vs. loss probability	1.17	—	—
Calmar ratio: Return relative to maximum drawdown	1.21	—	—
Martin ratio: Return relative to average drawdown	2.49	—	—

Drawdowns

BTCZ vs. CBOL - Drawdown Comparison

The maximum BTCZ drawdown since its inception was -91.06%, which is greater than CBOL's maximum drawdown of -5.05%. Use the drawdown chart below to compare losses from any high point for BTCZ and CBOL.

Drawdown Indicators

	BTCZ	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-91.06%	-5.05%	-86.01%
Max Drawdown (1Y) Largest decline over 1 year	-49.02%	—	—
Current Drawdown Current decline from peak	-77.28%	-4.78%	-72.50%
Average Drawdown Average peak-to-trough decline	-73.68%	-3.30%	-70.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.87%	—	—

Volatility

Volatility by Period

	BTCZ	CBOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.49%	—	—
Volatility (6M) Calculated over the trailing 6-month period	68.94%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	88.72%	3.83%	+84.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.08%	3.83%	+93.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.08%	3.83%	+93.25%

BTCZ vs. CBOL - Expense Ratio Comparison

BTCZ has a 0.95% expense ratio, which is higher than CBOL's 0.79% expense ratio.

Dividends

BTCZ vs. CBOL - Dividend Comparison

BTCZ's dividend yield for the trailing twelve months is around 0.01%, less than CBOL's 1.83% yield.

Position	TTM	2025	2024
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	0.01%	0.02%	0.08%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%	0.00%

Frequently Asked Questions

Can I hold both BTCZ and CBOL in my portfolio?

BTCZ and CBOL have a correlation of -0.91, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BTCZ or CBOL?

On fees, CBOL is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BTCZ or CBOL?

CBOL is cheaper with a 0.79% expense ratio, compared with 0.95% for BTCZ.

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

CBOL has the higher dividend yield at 1.83%, compared with 0.01% for BTCZ.

What is the main difference between BTCZ and CBOL?

BTCZ is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: T-Rex and Calamos. Their fees differ too: 0.95% for BTCZ and 0.79% for CBOL.