BTGD vs. CBOL

Last updated Jun 4, 2026

BTGD (STKD Bitcoin & Gold ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - BTGD is a Cryptocurrency fund actively managed by Quantify Funds, while CBOL is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Their correlation of 0.82 suggests significant overlap in exposure. BTGD charges 1.00%/yr vs 0.79%/yr for CBOL.

Performance

BTGD vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in STKD Bitcoin & Gold ETF (BTGD) 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, BTGD achieves a -28.65% return, which is significantly lower than CBOL's -2.03% return.

BTGD

• 1D: -4.01%
• 1M: -20.36%
• YTD: -28.65%
• 6M: -31.64%
• 1Y: -30.17%
• 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)

BTGD vs. CBOL - Yearly Performance Comparison

	2026 (YTD)	2025
BTGD STKD Bitcoin & Gold ETF	-28.65%	-21.39%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.03%	-2.47%

Correlation

The correlation between BTGD and CBOL is 0.82, 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	0.82

Return for Risk

BTGD vs. CBOL — Risk / Return Rank

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

BTGD

BTGD Risk / Return Rank: 4
BTGD Sharpe Ratio Rank: 4
BTGD Sortino Ratio Rank: 4
BTGD Omega Ratio Rank: 4
BTGD Calmar Ratio Rank: 3
BTGD Martin Ratio Rank: 3

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.

BTGD vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for STKD Bitcoin & Gold ETF (BTGD) 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.

	BTGD	CBOL	Difference
Sharpe ratio: Return per unit of total volatility	-0.55	—	—
Sortino ratio: Return per unit of downside risk	-0.51	—	—
Omega ratio: Gain probability vs. loss probability	0.94	—	—
Calmar ratio: Return relative to maximum drawdown	-0.63	—	—
Martin ratio: Return relative to average drawdown	-1.25	—	—
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

	BTGD	CBOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	-1.80	+2.06

Drawdowns

BTGD vs. CBOL - Drawdown Comparison

The maximum BTGD drawdown since its inception was -47.73%, which is greater than CBOL's maximum drawdown of -4.91%. Use the drawdown chart below to compare losses from any high point for BTGD and CBOL.

Drawdown Indicators

	BTGD	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-47.73%	-4.91%	-42.82%
Max Drawdown (1Y) Largest decline over 1 year	-47.73%	—	—
Current Drawdown Current decline from peak	-47.73%	-4.64%	-43.09%
Average Drawdown Average peak-to-trough decline	-14.58%	-3.21%	-11.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.09%	—	—

Volatility

Volatility by Period

	BTGD	CBOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.95%	—	—
Volatility (6M) Calculated over the trailing 6-month period	45.64%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	55.04%	3.88%	+51.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.51%	3.88%	+51.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.51%	3.88%	+51.63%

BTGD vs. CBOL - Expense Ratio Comparison

BTGD has a 1.00% expense ratio, which is higher than CBOL's 0.79% expense ratio.

Dividends

BTGD vs. CBOL - Dividend Comparison

BTGD's dividend yield for the trailing twelve months is around 4.71%, more than CBOL's 1.83% yield.

Position	TTM	2025	2024
BTGD STKD Bitcoin & Gold ETF	4.71%	3.36%	0.19%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%	0.00%

Frequently Asked Questions

Can I hold both BTGD and CBOL in my portfolio?

BTGD and CBOL have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BTGD 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, BTGD or CBOL?

CBOL is cheaper with a 0.79% expense ratio, compared with 1.00% for BTGD.

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

BTGD has the higher dividend yield at 4.71%, compared with 1.83% for CBOL.

What is the main difference between BTGD and CBOL?

BTGD is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: Quantify Funds and Calamos. Their fees differ too: 1.00% for BTGD and 0.79% for CBOL.