CBOL vs. BFAP

Last updated Jun 5, 2026

CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) and BFAP (FT Vest Bitcoin Strategy Floor15 ETF - April) are both exchange-traded funds - CBOL is a Defined Outcome fund actively managed by Calamos, while BFAP is a Cryptocurrency fund actively managed by First Trust. Both are actively managed. With a 0.95 correlation, they move nearly in lockstep. CBOL charges 0.79%/yr vs 0.90%/yr for BFAP.

Performance

CBOL vs. BFAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL) and FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOL achieves a -2.11% return, which is significantly higher than BFAP's -21.78% return.

CBOL

• 1D: -0.08%
• 1M: -0.97%
• YTD: -2.11%
• 6M: -2.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BFAP

• 1D: -1.12%
• 1M: -8.52%
• YTD: -21.78%
• 6M: -24.25%
• 1Y: -25.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOL vs. BFAP - Yearly Performance Comparison

	2026 (YTD)	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.11%	-2.47%
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	-21.78%	-10.13%

Correlation

The correlation between CBOL and BFAP is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 15, 2025	0.96

Return for Risk

CBOL vs. BFAP — Risk / Return Rank

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

BFAP

BFAP Risk / Return Rank: 1
BFAP Sharpe Ratio Rank: 1
BFAP Sortino Ratio Rank: 1
BFAP Omega Ratio Rank: 1
BFAP Calmar Ratio Rank: 2
BFAP Martin Ratio Rank: 1

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.

CBOL vs. BFAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL) and FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	CBOL	BFAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-1.18	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.83	-0.63	-1.20

Drawdowns

CBOL vs. BFAP - Drawdown Comparison

The maximum CBOL drawdown since its inception was -4.91%, smaller than the maximum BFAP drawdown of -32.02%. Use the drawdown chart below to compare losses from any high point for CBOL and BFAP.

Drawdown Indicators

	CBOL	BFAP	Difference
Max Drawdown Largest peak-to-trough decline	-4.91%	-32.02%	+27.11%
Max Drawdown (1Y) Largest decline over 1 year	—	-32.02%	—
Current Drawdown Current decline from peak	-4.72%	-32.02%	+27.30%
Average Drawdown Average peak-to-trough decline	-3.22%	-10.84%	+7.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	17.01%	—

Volatility

Volatility by Period

	CBOL	BFAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.55%	—
Volatility (6M) Calculated over the trailing 6-month period	—	17.20%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.87%	21.27%	-17.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.87%	20.56%	-16.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.87%	20.56%	-16.69%

CBOL vs. BFAP - Expense Ratio Comparison

CBOL has a 0.79% expense ratio, which is lower than BFAP's 0.90% expense ratio.

Dividends

CBOL vs. BFAP - Dividend Comparison

CBOL's dividend yield for the trailing twelve months is around 1.83%, less than BFAP's 24.25% yield.

Position	TTM	2025
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	24.25%	18.97%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%

Frequently Asked Questions

Can I hold both CBOL and BFAP in my portfolio?

With a correlation of 0.95, CBOL and BFAP 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, CBOL or BFAP?

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, CBOL or BFAP?

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

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

BFAP has the higher dividend yield at 24.25%, compared with 1.83% for CBOL.

What is the main difference between CBOL and BFAP?

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