CBOL vs. TMAR

Last updated Jun 4, 2026

CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) and TMAR (FT Vest Emerging Markets Buffer ETF - March) are both Defined Outcome funds. CBOL is actively managed, while TMAR is passively managed. At a 0.40 correlation, their price movements are largely independent. CBOL charges 0.79%/yr vs 0.95%/yr for TMAR.

Performance

CBOL vs. TMAR - 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 FT Vest Emerging Markets Buffer ETF - March (TMAR). 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 lower than TMAR's 14.45% return.

CBOL

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

TMAR

• 1D: -0.72%
• 1M: 2.73%
• YTD: 14.45%
• 6M: 15.92%
• 1Y: 28.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOL vs. TMAR - Yearly Performance Comparison

	2026 (YTD)	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.03%	-2.47%
TMAR FT Vest Emerging Markets Buffer ETF - March	14.45%	3.45%

Correlation

The correlation between CBOL and TMAR is 0.40, 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 Oct 15, 2025	0.40

Return for Risk

CBOL vs. TMAR — Risk / Return Rank

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

TMAR

TMAR Risk / Return Rank: 94
TMAR Sharpe Ratio Rank: 90
TMAR Sortino Ratio Rank: 93
TMAR Omega Ratio Rank: 96
TMAR Calmar Ratio Rank: 95
TMAR Martin Ratio Rank: 96

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. TMAR - 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 FT Vest Emerging Markets Buffer ETF - March (TMAR). 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	TMAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.06	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.80	2.25	-4.05

Drawdowns

CBOL vs. TMAR - Drawdown Comparison

The maximum CBOL drawdown since its inception was -4.91%, smaller than the maximum TMAR drawdown of -9.93%. Use the drawdown chart below to compare losses from any high point for CBOL and TMAR.

Drawdown Indicators

	CBOL	TMAR	Difference
Max Drawdown Largest peak-to-trough decline	-4.91%	-9.93%	+5.02%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.64%	—
Current Drawdown Current decline from peak	-4.64%	-0.72%	-3.92%
Average Drawdown Average peak-to-trough decline	-3.21%	-0.66%	-2.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.75%	—

Volatility

Volatility by Period

	CBOL	TMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.53%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.17%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.88%	9.47%	-5.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.88%	11.42%	-7.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.88%	11.42%	-7.54%

CBOL vs. TMAR - Expense Ratio Comparison

CBOL has a 0.79% expense ratio, which is lower than TMAR's 0.95% expense ratio.

Dividends

CBOL vs. TMAR - Dividend Comparison

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

Position	TTM	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%
TMAR FT Vest Emerging Markets Buffer ETF - March	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBOL and TMAR in my portfolio?

CBOL and TMAR have a correlation of 0.40, 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 TMAR?

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 TMAR?

CBOL is cheaper with a 0.79% expense ratio, compared with 0.95% for TMAR.

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

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

What is the main difference between CBOL and TMAR?

They also come from different issuers: Calamos and First Trust. Their fees differ too: 0.79% for CBOL and 0.95% for TMAR.