IBIT vs. CBOL

Last updated Jul 15, 2026

IBIT (iShares Bitcoin Trust ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - IBIT 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. IBIT is passively managed, while CBOL is actively managed. Their correlation of 0.92 suggests significant overlap in exposure. IBIT charges 0.25%/yr vs 0.79%/yr for CBOL.

Performance

IBIT vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Bitcoin Trust ETF (IBIT) 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, IBIT achieves a -26.32% return, which is significantly lower than CBOL's -1.94% return.

IBIT

• 1D: 3.86%
• 1M: 1.50%
• 6M: -31.72%
• YTD: -26.32%
• 1Y: -46.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOL

• 1D: 0.30%
• 1M: 0.11%
• 6M: -2.70%
• YTD: -1.94%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBIT vs. CBOL - Yearly Performance Comparison

	2026 (YTD)	2025
IBIT iShares Bitcoin Trust ETF	-26.32%	-24.56%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-1.94%	-2.04%

Correlation

The correlation between IBIT and CBOL is 0.92, 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 14, 2025	0.92

Return for Risk

IBIT vs. CBOL — Risk / Return Rank

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

IBIT

IBIT Risk / Return Rank: 2
IBIT Sharpe Ratio Rank: 1
IBIT Sortino Ratio Rank: 2
IBIT Omega Ratio Rank: 2
IBIT Calmar Ratio Rank: 2
IBIT Martin Ratio Rank: 2

CBOL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

IBIT vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) 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.

	IBIT	CBOL	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	—	—
Sortino ratio: Return per unit of downside risk	-1.58	—	—
Omega ratio: Gain probability vs. loss probability	0.83	—	—
Calmar ratio: Return relative to maximum drawdown	-0.87	—	—
Martin ratio: Return relative to average drawdown	-1.41	—	—

Drawdowns

IBIT vs. CBOL - Drawdown Comparison

The maximum IBIT drawdown since its inception was -53.30%, which is greater than CBOL's maximum drawdown of -5.05%. Use the drawdown chart below to compare losses from any high point for IBIT and CBOL.

Drawdown Indicators

	IBIT	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-53.30%	-5.05%	-48.25%
Max Drawdown (1Y) Largest decline over 1 year	-53.30%	—	—
Current Drawdown Current decline from peak	-48.69%	-4.56%	-44.13%
Average Drawdown Average peak-to-trough decline	-17.61%	-3.41%	-14.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.86%	—	—

Volatility

Volatility by Period

	IBIT	CBOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.82%	—	—
Volatility (6M) Calculated over the trailing 6-month period	35.03%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	44.48%	3.74%	+40.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.99%	3.74%	+46.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.99%	3.74%	+46.25%

IBIT vs. CBOL - Expense Ratio Comparison

IBIT has a 0.25% expense ratio, which is lower than CBOL's 0.79% expense ratio.

Dividends

IBIT vs. CBOL - Dividend Comparison

IBIT 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%
IBIT iShares Bitcoin Trust ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBIT and CBOL in my portfolio?

With a correlation of 0.92, IBIT 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, IBIT or CBOL?

On fees, IBIT is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBIT or CBOL?

IBIT is cheaper with a 0.25% expense ratio, compared with 0.79% for CBOL.

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

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

What is the main difference between IBIT and CBOL?

IBIT is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: iShares and Calamos. Their fees differ too: 0.25% for IBIT and 0.79% for CBOL.