CBOL vs. BTCC

Last updated Jun 4, 2026

CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) and BTCC (Grayscale Bitcoin Covered Call ETF) are both exchange-traded funds - CBOL is a Defined Outcome fund actively managed by Calamos, while BTCC is a Cryptocurrency fund actively managed by Grayscale. Both are actively managed. Their correlation of 0.90 suggests significant overlap in exposure. CBOL charges 0.79%/yr vs 0.66%/yr for BTCC.

Performance

CBOL vs. BTCC - 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 Grayscale Bitcoin Covered Call ETF (BTCC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOL achieves a -2.03% return, which is significantly higher than BTCC's -20.81% return.

CBOL

• 1D: -0.13%
• 1M: -0.78%
• YTD: -2.03%
• 6M: -2.60%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTCC

• 1D: -2.53%
• 1M: -15.87%
• YTD: -20.81%
• 6M: -22.94%
• 1Y: -33.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOL vs. BTCC - Yearly Performance Comparison

	2026 (YTD)	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.03%	-2.47%
BTCC Grayscale Bitcoin Covered Call ETF	-20.81%	-15.83%

Correlation

The correlation between CBOL and BTCC is 0.90, 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	0.90

Return for Risk

CBOL vs. BTCC — Risk / Return Rank

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

BTCC

BTCC Risk / Return Rank: 2
BTCC Sharpe Ratio Rank: 1
BTCC Sortino Ratio Rank: 2
BTCC Omega Ratio Rank: 1
BTCC Calmar Ratio Rank: 3
BTCC 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. BTCC - 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 Grayscale Bitcoin Covered Call ETF (BTCC). 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	BTCC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-1.02	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.80	-0.72	-1.08

Drawdowns

CBOL vs. BTCC - Drawdown Comparison

The maximum CBOL drawdown since its inception was -4.91%, smaller than the maximum BTCC drawdown of -44.40%. Use the drawdown chart below to compare losses from any high point for CBOL and BTCC.

Drawdown Indicators

	CBOL	BTCC	Difference
Max Drawdown Largest peak-to-trough decline	-4.91%	-44.40%	+39.49%
Max Drawdown (1Y) Largest decline over 1 year	—	-44.40%	—
Current Drawdown Current decline from peak	-4.64%	-39.44%	+34.80%
Average Drawdown Average peak-to-trough decline	-3.21%	-15.57%	+12.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	22.87%	—

Volatility

Volatility by Period

	CBOL	BTCC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.70%	—
Volatility (6M) Calculated over the trailing 6-month period	—	27.70%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.88%	32.92%	-29.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.88%	31.68%	-27.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.88%	31.68%	-27.80%

CBOL vs. BTCC - Expense Ratio Comparison

CBOL has a 0.79% expense ratio, which is higher than BTCC's 0.66% expense ratio.

Dividends

CBOL vs. BTCC - Dividend Comparison

CBOL's dividend yield for the trailing twelve months is around 1.83%, less than BTCC's 105.03% yield.

Position	TTM	2025
BTCC Grayscale Bitcoin Covered Call ETF	105.03%	63.86%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%

Frequently Asked Questions

Can I hold both CBOL and BTCC in my portfolio?

CBOL and BTCC have a correlation of 0.90, 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 BTCC?

On fees, BTCC is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBOL or BTCC?

BTCC is cheaper with a 0.66% expense ratio, compared with 0.79% for CBOL.

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

BTCC has the higher dividend yield at 105.03%, compared with 1.83% for CBOL.

What is the main difference between CBOL and BTCC?

CBOL is categorized as Defined Outcome, while BTCC is Cryptocurrency. They also come from different issuers: Calamos and Grayscale. Their fees differ too: 0.79% for CBOL and 0.66% for BTCC.