CBOL vs. BWOW

Last updated Jun 4, 2026

CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) and BWOW (Bitwise Dogecoin ETF) are both exchange-traded funds - CBOL is a Defined Outcome fund actively managed by Calamos, while BWOW is a Cryptocurrency fund tracking the DOGE/USD Exchange Rate - Benchmark Price Return. CBOL is actively managed, while BWOW is passively managed. A 0.79 correlation means they provide meaningful diversification when combined. CBOL charges 0.79%/yr vs 0.34%/yr for BWOW.

Performance

CBOL vs. BWOW - 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 Bitwise Dogecoin ETF (BWOW). 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 BWOW's -21.75% return.

CBOL

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

BWOW

• 1D: -2.45%
• 1M: -16.98%
• YTD: -21.75%
• 6M: -39.23%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOL vs. BWOW - Yearly Performance Comparison

	2026 (YTD)	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.03%	-0.19%
BWOW Bitwise Dogecoin ETF	-21.75%	-24.63%

Correlation

The correlation between CBOL and BWOW is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 28, 2025	0.79

Return for Risk

CBOL vs. BWOW - 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 Bitwise Dogecoin ETF (BWOW). 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	BWOW	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.80	-0.87	-0.93

Drawdowns

CBOL vs. BWOW - Drawdown Comparison

The maximum CBOL drawdown since its inception was -4.91%, smaller than the maximum BWOW drawdown of -42.77%. Use the drawdown chart below to compare losses from any high point for CBOL and BWOW.

Drawdown Indicators

	CBOL	BWOW	Difference
Max Drawdown Largest peak-to-trough decline	-4.91%	-42.77%	+37.86%
Current Drawdown Current decline from peak	-4.64%	-41.02%	+36.38%
Average Drawdown Average peak-to-trough decline	-3.21%	-28.82%	+25.61%

Volatility

Volatility by Period

	CBOL	BWOW	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.88%	74.31%	-70.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.88%	74.31%	-70.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.88%	74.31%	-70.43%

CBOL vs. BWOW - Expense Ratio Comparison

CBOL has a 0.79% expense ratio, which is higher than BWOW's 0.34% expense ratio.

Dividends

CBOL vs. BWOW - Dividend Comparison

CBOL's dividend yield for the trailing twelve months is around 1.83%, while BWOW has not paid dividends to shareholders.

Position	TTM	2025
BWOW Bitwise Dogecoin ETF	0.00%	0.00%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%

Frequently Asked Questions

Can I hold both CBOL and BWOW in my portfolio?

CBOL and BWOW have a correlation of 0.79, 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 BWOW?

On fees, BWOW is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBOL or BWOW?

BWOW is cheaper with a 0.34% expense ratio, compared with 0.79% for CBOL.

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

CBOL has the higher dividend yield at 1.83%, compared with 0.00% for BWOW.

What is the main difference between CBOL and BWOW?

CBOL is categorized as Defined Outcome, while BWOW is Cryptocurrency. They also come from different issuers: Calamos and Bitwise. Their fees differ too: 0.79% for CBOL and 0.34% for BWOW.