CBOL vs. BITI

Last updated Jun 24, 2026

CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) and BITI (ProShares Shrt Bitcoin ETF) are both exchange-traded funds - CBOL is a Defined Outcome fund actively managed by Calamos, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-100%). CBOL is actively managed, while BITI is passively managed. At a correlation of -0.92, they often move in opposite directions. CBOL charges 0.79%/yr vs 1.03%/yr for BITI.

Performance

CBOL vs. BITI - 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 ProShares Shrt Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOL achieves a -2.17% return, which is significantly lower than BITI's 29.11% return.

CBOL

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

BITI

• 1D: 3.32%
• 1M: 20.07%
• YTD: 29.11%
• 6M: 29.34%
• 1Y: 47.64%
• 3Y*: -29.87%
• 5Y*: —
• 10Y*: —

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

CBOL vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.17%	-2.04%
BITI ProShares Shrt Bitcoin ETF	29.11%	28.80%

Correlation

The correlation between CBOL and BITI is -0.92, 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	-0.92

Return for Risk

CBOL vs. BITI — Risk / Return Rank

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

CBOL

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

BITI

BITI Risk / Return Rank: 33
BITI Sharpe Ratio Rank: 31
BITI Sortino Ratio Rank: 32
BITI Omega Ratio Rank: 30
BITI Calmar Ratio Rank: 39
BITI Martin Ratio Rank: 31

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. BITI - 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 ProShares Shrt Bitcoin ETF (BITI). 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.

	CBOL	BITI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.09	—
Sortino ratio: Return per unit of downside risk	—	1.65	—
Omega ratio: Gain probability vs. loss probability	—	1.20	—
Calmar ratio: Return relative to maximum drawdown	—	1.89	—
Martin ratio: Return relative to average drawdown	—	4.36	—

Drawdowns

CBOL vs. BITI - Drawdown Comparison

The maximum CBOL drawdown since its inception was -5.05%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for CBOL and BITI.

Drawdown Indicators

	CBOL	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-5.05%	-92.16%	+87.11%
Max Drawdown (1Y) Largest decline over 1 year	—	-25.28%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-4.78%	-85.90%	+81.12%
Average Drawdown Average peak-to-trough decline	-3.30%	-68.12%	+64.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	11.39%	—

Volatility

Volatility by Period

	CBOL	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.93%	—
Volatility (6M) Calculated over the trailing 6-month period	—	34.15%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.83%	44.06%	-40.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.83%	52.46%	-48.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.83%	52.46%	-48.63%

CBOL vs. BITI - Expense Ratio Comparison

CBOL has a 0.79% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

CBOL vs. BITI - Dividend Comparison

CBOL's dividend yield for the trailing twelve months is around 1.83%, less than BITI's 9.15% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Shrt Bitcoin ETF	9.15%	1.60%	3.91%	3.33%	0.06%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBOL and BITI in my portfolio?

CBOL and BITI have a correlation of -0.92, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBOL or BITI?

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 BITI?

CBOL is cheaper with a 0.79% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 9.15%, compared with 1.83% for CBOL.

What is the main difference between CBOL and BITI?

CBOL is categorized as Defined Outcome, while BITI is Cryptocurrency. They also come from different issuers: Calamos and ProShares. Their fees differ too: 0.79% for CBOL and 1.03% for BITI.