CBOL vs. CAGE

Last updated Aug 5, 2026

CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) and CAGE (Calamos Autocallable Growth ETF) are both Defined Outcome funds from Calamos. Both are actively managed. Their 0.50 correlation means they have sometimes moved together and sometimes differently. CBOL charges 0.79%/yr vs 0.74%/yr for CAGE.

Performance

CBOL vs. CAGE - 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 Calamos Autocallable Growth ETF (CAGE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CBOL

• 1D: 0.04%
• 1M: 0.34%
• 6M: -0.55%
• YTD: -1.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

CAGE

• 1D: 3.40%
• 1M: 5.64%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAGE Calamos Autocallable Growth ETF	$2.54M	$3.19M	$2.74M
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	$23.76K	$29.60K	$17.43K

CBOL vs. CAGE - Yearly Performance Comparison

	2026 (YTD)
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-0.11%
CAGE Calamos Autocallable Growth ETF	16.75%

Correlation

The correlation between CBOL and CAGE is 0.50, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 16, 2026	0.50

Return for Risk

CBOL vs. CAGE - 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 Calamos Autocallable Growth ETF (CAGE). 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.

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

Drawdowns

CBOL vs. CAGE - Drawdown Comparison

The maximum CBOL drawdown since its inception was -5.05%, smaller than the maximum CAGE drawdown of -6.67%. Use the drawdown chart below to compare losses from any high point for CBOL and CAGE.

Drawdown Indicators

	CBOL	CAGE	Difference
Max Drawdown Largest peak-to-trough decline	-5.05%	-6.67%	+1.62%
Current Drawdown Current decline from peak	-4.40%	0.00%	-4.40%
Average Drawdown Average peak-to-trough decline	-3.49%	-2.00%	-1.49%

Volatility

Volatility by Period

	CBOL	CAGE	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	22.46%	-18.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.64%	22.46%	-18.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.64%	22.46%	-18.82%

CBOL vs. CAGE - Expense Ratio Comparison

CBOL has a 0.79% expense ratio, which is higher than CAGE's 0.74% expense ratio.

Dividends

CBOL vs. CAGE - Dividend Comparison

CBOL's dividend yield for the trailing twelve months is around 1.82%, while CAGE has not paid dividends to shareholders.

Position	TTM	2025
CAGE Calamos Autocallable Growth ETF	0.00%	0.00%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.82%	1.79%

Frequently Asked Questions

Can I hold both CBOL and CAGE in my portfolio?

CBOL and CAGE have a correlation of 0.50, 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 CAGE?

On fees, CAGE is cheaper at 0.74% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBOL or CAGE?

CAGE is cheaper with a 0.74% expense ratio, compared with 0.79% for CBOL.

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

CBOL has the higher dividend yield at 1.82%, compared with 0.00% for CAGE.

What is the main difference between CBOL and CAGE?

Their fees differ too: 0.79% for CBOL and 0.74% for CAGE.