BTOP vs. CBOL

Last updated Jun 4, 2026

BTOP (Bitwise Bitcoin And Ether Equal Weight Strategy ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - BTOP is a Cryptocurrency fund actively managed by Bitwise, while CBOL is a Defined Outcome fund actively managed by Calamos. Both are actively managed. At a 0.47 correlation, their price movements are largely independent. BTOP charges 0.90%/yr vs 0.79%/yr for CBOL.

Performance

BTOP vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP) 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, BTOP achieves a -0.19% return, which is significantly higher than CBOL's -2.03% return.

BTOP

• 1D: 0.00%
• 1M: -7.13%
• YTD: -0.19%
• 6M: -7.39%
• 1Y: -10.58%
• 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)

BTOP vs. CBOL - Yearly Performance Comparison

	2026 (YTD)	2025
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	-0.19%	-10.10%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.03%	-2.47%

Correlation

The correlation between BTOP and CBOL is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 15, 2025	0.47

Return for Risk

BTOP vs. CBOL — Risk / Return Rank

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

BTOP

BTOP Risk / Return Rank: 5
BTOP Sharpe Ratio Rank: 5
BTOP Sortino Ratio Rank: 5
BTOP Omega Ratio Rank: 5
BTOP Calmar Ratio Rank: 5
BTOP Martin Ratio Rank: 6

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.

BTOP vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP) 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.

	BTOP	CBOL	Difference
Sharpe ratio: Return per unit of total volatility	-0.42	—	—
Sortino ratio: Return per unit of downside risk	-0.41	—	—
Omega ratio: Gain probability vs. loss probability	0.94	—	—
Calmar ratio: Return relative to maximum drawdown	-0.44	—	—
Martin ratio: Return relative to average drawdown	-0.63	—	—
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

	BTOP	CBOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	-1.80	+2.41

Drawdowns

BTOP vs. CBOL - Drawdown Comparison

The maximum BTOP drawdown since its inception was -43.37%, which is greater than CBOL's maximum drawdown of -4.91%. Use the drawdown chart below to compare losses from any high point for BTOP and CBOL.

Drawdown Indicators

	BTOP	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-43.37%	-4.91%	-38.46%
Max Drawdown (1Y) Largest decline over 1 year	-31.35%	—	—
Current Drawdown Current decline from peak	-29.59%	-4.64%	-24.95%
Average Drawdown Average peak-to-trough decline	-19.28%	-3.21%	-16.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.91%	—	—

Volatility

Volatility by Period

	BTOP	CBOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.72%	—	—
Volatility (6M) Calculated over the trailing 6-month period	23.63%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	32.72%	3.88%	+28.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.22%	3.88%	+42.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.22%	3.88%	+42.34%

BTOP vs. CBOL - Expense Ratio Comparison

BTOP has a 0.90% expense ratio, which is higher than CBOL's 0.79% expense ratio.

Dividends

BTOP vs. CBOL - Dividend Comparison

BTOP's dividend yield for the trailing twelve months is around 2.39%, more than CBOL's 1.83% yield.

Position	TTM	2025	2024	2023
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	2.39%	2.38%	59.44%	5.82%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTOP and CBOL in my portfolio?

BTOP and CBOL have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BTOP 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, BTOP or CBOL?

CBOL is cheaper with a 0.79% expense ratio, compared with 0.90% for BTOP.

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

BTOP has the higher dividend yield at 2.39%, compared with 1.83% for CBOL.

What is the main difference between BTOP and CBOL?

BTOP is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: Bitwise and Calamos. Their fees differ too: 0.90% for BTOP and 0.79% for CBOL.