DEFI vs. CBOL

Last updated Jun 4, 2026

DEFI (Hashdex Bitcoin Futures ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - DEFI is a Cryptocurrency fund tracking the HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index, while CBOL is a Defined Outcome fund actively managed by Calamos. DEFI is passively managed, while CBOL is actively managed. Their correlation of 0.94 suggests significant overlap in exposure. DEFI charges 0.90%/yr vs 0.79%/yr for CBOL.

Performance

DEFI vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Bitcoin Futures ETF (DEFI) and Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DEFI achieves a -25.48% return, which is significantly lower than CBOL's -2.03% return.

DEFI

• 1D: -3.06%
• 1M: -18.64%
• YTD: -25.48%
• 6M: -29.90%
• 1Y: -38.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOL

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

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

DEFI vs. CBOL - Yearly Performance Comparison

	2026 (YTD)	2025
DEFI Hashdex Bitcoin Futures ETF	-25.48%	-22.47%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.03%	-2.47%

Correlation

The correlation between DEFI and CBOL is 0.94, 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	0.94

Return for Risk

DEFI vs. CBOL — Risk / Return Rank

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

DEFI

DEFI Risk / Return Rank: 2
DEFI Sharpe Ratio Rank: 2
DEFI Sortino Ratio Rank: 2
DEFI Omega Ratio Rank: 2
DEFI Calmar Ratio Rank: 2
DEFI Martin Ratio Rank: 2

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.

DEFI vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Bitcoin Futures ETF (DEFI) and Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL). 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.

	DEFI	CBOL	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	—	—
Sortino ratio: Return per unit of downside risk	-1.21	—	—
Omega ratio: Gain probability vs. loss probability	0.86	—	—
Calmar ratio: Return relative to maximum drawdown	-0.78	—	—
Martin ratio: Return relative to average drawdown	-1.37	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	DEFI	CBOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	-1.80	+1.75

Drawdowns

DEFI vs. CBOL - Drawdown Comparison

The maximum DEFI drawdown since its inception was -49.60%, which is greater than CBOL's maximum drawdown of -4.91%. Use the drawdown chart below to compare losses from any high point for DEFI and CBOL.

Drawdown Indicators

	DEFI	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-49.60%	-4.91%	-44.69%
Max Drawdown (1Y) Largest decline over 1 year	-49.60%	—	—
Current Drawdown Current decline from peak	-48.13%	-4.64%	-43.49%
Average Drawdown Average peak-to-trough decline	-16.47%	-3.21%	-13.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.34%	—	—

Volatility

Volatility by Period

	DEFI	CBOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.66%	—	—
Volatility (6M) Calculated over the trailing 6-month period	34.93%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	43.85%	3.88%	+39.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.89%	3.88%	+45.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.89%	3.88%	+45.01%

DEFI vs. CBOL - Expense Ratio Comparison

DEFI has a 0.90% expense ratio, which is higher than CBOL's 0.79% expense ratio.

Dividends

DEFI vs. CBOL - Dividend Comparison

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

Position	TTM	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%
DEFI Hashdex Bitcoin Futures ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both DEFI and CBOL in my portfolio?

With a correlation of 0.94, DEFI and CBOL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, DEFI or CBOL?

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, DEFI or CBOL?

CBOL is cheaper with a 0.79% expense ratio, compared with 0.90% for DEFI.

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

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

What is the main difference between DEFI and CBOL?

DEFI is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: Hashdex and Calamos. Their fees differ too: 0.90% for DEFI and 0.79% for CBOL.