GBTC vs. CBOL
GBTC (Grayscale Bitcoin Trust ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while CBOL is a Defined Outcome fund actively managed by Calamos. GBTC is passively managed, while CBOL is actively managed. Their correlation of 0.94 suggests significant overlap in exposure. GBTC charges 1.50%/yr vs 0.79%/yr for CBOL.
Performance
GBTC vs. CBOL - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -27.82% return, which is significantly lower than CBOL's -2.11% return.
GBTC
- 1D
- -2.74%
- 1M
- -22.25%
- YTD
- -27.82%
- 6M
- -31.83%
- 1Y
- -40.35%
- 3Y*
- 53.36%
- 5Y*
- 9.81%
- 10Y*
- 49.21%
CBOL
- 1D
- -0.08%
- 1M
- -0.97%
- YTD
- -2.11%
- 6M
- -2.58%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GBTC vs. CBOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -22.57% |
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF | -2.11% | -2.47% |
Correlation
The correlation between GBTC 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 |
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Return for Risk
GBTC vs. CBOL — Risk / Return Rank
GBTC
CBOL
GBTC vs. CBOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) 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.
| GBTC | CBOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.85 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | — | — |
| Martin ratioReturn relative to average drawdown | -1.40 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GBTC | CBOL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | -1.83 | +2.48 |
Drawdowns
GBTC vs. CBOL - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than CBOL's maximum drawdown of -4.91%. Use the drawdown chart below to compare losses from any high point for GBTC and CBOL.
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Drawdown Indicators
| GBTC | CBOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -4.91% | -85.00% |
Max Drawdown (1Y)Largest decline over 1 year | -49.87% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -49.87% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -49.87% | -4.72% | -45.15% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -3.22% | -40.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.81% | — | — |
Volatility
GBTC vs. CBOL - Volatility Comparison
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Volatility by Period
| GBTC | CBOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 33.86% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 43.69% | 3.87% | +39.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.44% | 3.87% | +58.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.20% | 3.87% | +78.33% |
GBTC vs. CBOL - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than CBOL's 0.79% expense ratio.
Dividends
GBTC vs. CBOL - Dividend Comparison
GBTC has not paid dividends to shareholders, while CBOL's dividend yield for the trailing twelve months is around 1.83%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF | 1.83% | 1.79% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
Frequently Asked Questions
With a correlation of 0.94, GBTC 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.
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.
CBOL is cheaper with a 0.79% expense ratio, compared with 1.50% for GBTC.
CBOL has the higher dividend yield at 1.83%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: Grayscale and Calamos. Their fees differ too: 1.50% for GBTC and 0.79% for CBOL.
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