EZBC vs. CBOL

Last updated Jun 3, 2026

EZBC (Franklin Bitcoin ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - EZBC is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while CBOL is a Defined Outcome fund actively managed by Calamos. EZBC is passively managed, while CBOL is actively managed. Their correlation of 0.94 suggests significant overlap in exposure. EZBC charges 0.19%/yr vs 0.79%/yr for CBOL.

Performance

EZBC vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Bitcoin ETF (EZBC) 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, EZBC achieves a -23.26% return, which is significantly lower than CBOL's -1.90% return.

EZBC

• 1D: -5.96%
• 1M: -14.30%
• YTD: -23.26%
• 6M: -26.35%
• 1Y: -35.86%
• 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)

EZBC vs. CBOL - Yearly Performance Comparison

	2026 (YTD)	2025
EZBC Franklin Bitcoin ETF	-23.26%	-22.39%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-1.90%	-2.47%

Correlation

The correlation between EZBC 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

EZBC vs. CBOL — Risk / Return Rank

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

EZBC

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

EZBC vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Bitcoin ETF (EZBC) 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.

	EZBC	CBOL	Difference
Sharpe ratio Return per unit of total volatility	-0.83	—	—
Sortino ratio Return per unit of downside risk	-1.09	—	—
Omega ratio Gain probability vs. loss probability	0.88	—	—
Calmar ratio Return relative to maximum drawdown	-0.73	—	—
Martin ratio Return relative to average drawdown	-1.27	—	—
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

	EZBC	CBOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.83	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	-1.76	+2.08

Drawdowns

EZBC vs. CBOL - Drawdown Comparison

The maximum EZBC drawdown since its inception was -49.37%, which is greater than CBOL's maximum drawdown of -4.91%. Use the drawdown chart below to compare losses from any high point for EZBC and CBOL.

Drawdown Indicators

	EZBC	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-49.37%	-4.91%	-44.46%
Max Drawdown (1Y) Largest decline over 1 year	-49.37%	—	—
Current Drawdown Current decline from peak	-46.58%	-4.52%	-42.06%
Average Drawdown Average peak-to-trough decline	-15.96%	-3.20%	-12.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.26%	—	—

Volatility

Volatility by Period

	EZBC	CBOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.72%	—	—
Volatility (6M) Calculated over the trailing 6-month period	34.80%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	43.59%	3.89%	+39.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.07%	3.89%	+46.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.07%	3.89%	+46.18%

EZBC vs. CBOL - Expense Ratio Comparison

EZBC has a 0.19% expense ratio, which is lower than CBOL's 0.79% expense ratio.

Dividends

EZBC vs. CBOL - Dividend Comparison

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

Position	TTM	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.82%	1.79%
EZBC Franklin Bitcoin ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both EZBC and CBOL in my portfolio?

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

On fees, EZBC is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EZBC or CBOL?

EZBC is cheaper with a 0.19% expense ratio, compared with 0.79% for CBOL.

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

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

What is the main difference between EZBC and CBOL?

EZBC is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: Franklin Templeton and Calamos. Their fees differ too: 0.19% for EZBC and 0.79% for CBOL.