DFII vs. CBOL

Last updated Jun 3, 2026

DFII (FT Vest Bitcoin Strategy & Target Income ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - DFII is a Cryptocurrency fund actively managed by First Trust, while CBOL is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Their correlation of 0.94 suggests significant overlap in exposure. DFII charges 0.85%/yr vs 0.79%/yr for CBOL.

Performance

DFII vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Bitcoin Strategy & Target Income ETF (DFII) 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, DFII achieves a -22.74% return, which is significantly lower than CBOL's -1.90% return.

DFII

• 1D: -6.02%
• 1M: -13.41%
• YTD: -22.74%
• 6M: -24.59%
• 1Y: -34.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOL

• 1D: -0.26%
• 1M: -0.55%
• YTD: -1.90%
• 6M: -2.27%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFII vs. CBOL - Yearly Performance Comparison

	2026 (YTD)	2025
DFII FT Vest Bitcoin Strategy & Target Income ETF	-22.74%	-20.42%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-1.90%	-2.47%

Correlation

The correlation between DFII 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

DFII vs. CBOL — Risk / Return Rank

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

DFII

DFII Risk / Return Rank: 2
DFII Sharpe Ratio Rank: 2
DFII Sortino Ratio Rank: 3
DFII Omega Ratio Rank: 2
DFII Calmar Ratio Rank: 3
DFII 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.

DFII vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Bitcoin Strategy & Target Income ETF (DFII) 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.

	DFII	CBOL	Difference
Sharpe ratio Return per unit of total volatility	-0.84	—	—
Sortino ratio Return per unit of downside risk	-1.10	—	—
Omega ratio Gain probability vs. loss probability	0.87	—	—
Calmar ratio Return relative to maximum drawdown	-0.72	—	—
Martin ratio Return relative to average drawdown	-1.29	—	—
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

	DFII	CBOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.39	-1.76	+1.36

Drawdowns

DFII vs. CBOL - Drawdown Comparison

The maximum DFII drawdown since its inception was -48.07%, which is greater than CBOL's maximum drawdown of -4.91%. Use the drawdown chart below to compare losses from any high point for DFII and CBOL.

Drawdown Indicators

	DFII	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-48.07%	-4.91%	-43.16%
Max Drawdown (1Y) Largest decline over 1 year	-48.07%	—	—
Current Drawdown Current decline from peak	-44.48%	-4.52%	-39.96%
Average Drawdown Average peak-to-trough decline	-18.91%	-3.20%	-15.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.89%	—	—

Volatility

Volatility by Period

	DFII	CBOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.20%	—	—
Volatility (6M) Calculated over the trailing 6-month period	33.63%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	41.26%	3.89%	+37.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.08%	3.89%	+37.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.08%	3.89%	+37.19%

DFII vs. CBOL - Expense Ratio Comparison

DFII has a 0.85% expense ratio, which is higher than CBOL's 0.79% expense ratio.

Dividends

DFII vs. CBOL - Dividend Comparison

DFII's dividend yield for the trailing twelve months is around 27.13%, more than CBOL's 1.82% yield.

Position	TTM	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.82%	1.79%
DFII FT Vest Bitcoin Strategy & Target Income ETF	27.13%	15.51%

Frequently Asked Questions

Can I hold both DFII and CBOL in my portfolio?

With a correlation of 0.94, DFII 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, DFII 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, DFII or CBOL?

CBOL is cheaper with a 0.79% expense ratio, compared with 0.85% for DFII.

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

DFII has the higher dividend yield at 27.13%, compared with 1.82% for CBOL.

What is the main difference between DFII and CBOL?

DFII is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: First Trust and Calamos. Their fees differ too: 0.85% for DFII and 0.79% for CBOL.