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 0.92 means they have usually moved in the same direction. 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 -27.25% return, which is significantly lower than CBOL's -1.78% return.
GBTC
- 1D
- 0.61%
- 1M
- 4.39%
- 6M
- -16.57%
- YTD
- -27.25%
- 1Y
- -44.89%
- 3Y*
- 37.28%
- 5Y*
- 8.08%
- 10Y*
- 49.90%
- ALL TIME*
- 54.71%
CBOL
- 1D
- 0.04%
- 1M
- 0.34%
- 6M
- -0.55%
- YTD
- -1.78%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $23.76K | $29.60K | $17.43K | |
| $77.84M | $75.78M | $100.19M |
GBTC vs. CBOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.25% | -24.76% |
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF | -1.78% | -2.04% |
Correlation
The correlation between GBTC and CBOL is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 14, 2025 | 0.92 |
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Return for Risk
GBTC vs. CBOL — Risk / Return Rank
GBTC
CBOL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GBTC | CBOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.83 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | — | — |
| Martin ratioReturn relative to average drawdown | -1.28 | — | — |
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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 -5.05%. 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% | -5.05% | -84.86% |
Max Drawdown (1Y)Largest decline over 1 year | -53.75% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | — | — |
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 | -49.48% | -4.40% | -45.08% |
Average DrawdownAverage peak-to-trough decline | -43.52% | -3.49% | -40.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.20% | — | — |
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 | 8.10% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 32.98% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 44.30% | 3.64% | +40.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.53% | 3.64% | +56.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.15% | 3.64% | +77.51% |
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 1.82%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF | 1.82% | 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 0.92, 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 1.82%, 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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