CBOL vs. TDOT

Last updated Jun 4, 2026

CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) and TDOT (21Shares Polkadot ETF) are both exchange-traded funds - CBOL is a Defined Outcome fund actively managed by Calamos, while TDOT is a Cryptocurrency fund tracking the DOT/USD Exchange Rate - Benchmark Price Return. CBOL is actively managed, while TDOT is passively managed. At a 0.49 correlation, their price movements are largely independent. CBOL charges 0.79%/yr vs 0.30%/yr for TDOT.

Performance

CBOL vs. TDOT - 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 21Shares Polkadot ETF (TDOT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CBOL

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

TDOT

• 1D: -0.50%
• 1M: -10.63%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOL vs. TDOT - Yearly Performance Comparison

	2026 (YTD)
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-0.09%
TDOT 21Shares Polkadot ETF	-25.71%

Correlation

The correlation between CBOL and TDOT is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 9, 2026	0.49

Return for Risk

CBOL vs. TDOT - 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 21Shares Polkadot ETF (TDOT). 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	TDOT	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.80	-1.16	-0.64

Drawdowns

CBOL vs. TDOT - Drawdown Comparison

The maximum CBOL drawdown since its inception was -4.91%, smaller than the maximum TDOT drawdown of -31.50%. Use the drawdown chart below to compare losses from any high point for CBOL and TDOT.

Drawdown Indicators

	CBOL	TDOT	Difference
Max Drawdown Largest peak-to-trough decline	-4.91%	-31.50%	+26.59%
Current Drawdown Current decline from peak	-4.64%	-31.50%	+26.86%
Average Drawdown Average peak-to-trough decline	-3.21%	-17.86%	+14.65%

Volatility

Volatility by Period

	CBOL	TDOT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.88%	62.88%	-59.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.88%	62.88%	-59.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.88%	62.88%	-59.00%

CBOL vs. TDOT - Expense Ratio Comparison

CBOL has a 0.79% expense ratio, which is higher than TDOT's 0.30% expense ratio.

Dividends

CBOL vs. TDOT - Dividend Comparison

CBOL's dividend yield for the trailing twelve months is around 1.83%, more than TDOT's 0.69% yield.

Position	TTM	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%
TDOT 21Shares Polkadot ETF	0.69%	0.00%

Frequently Asked Questions

Can I hold both CBOL and TDOT in my portfolio?

CBOL and TDOT have a correlation of 0.49, 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 TDOT?

On fees, TDOT is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBOL or TDOT?

TDOT is cheaper with a 0.30% expense ratio, compared with 0.79% for CBOL.

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

CBOL has the higher dividend yield at 1.83%, compared with 0.69% for TDOT.

What is the main difference between CBOL and TDOT?

CBOL is categorized as Defined Outcome, while TDOT is Cryptocurrency. They also come from different issuers: Calamos and 21Shares. Their fees differ too: 0.79% for CBOL and 0.30% for TDOT.