MSBT vs. CBOL

Last updated Jun 4, 2026

MSBT (Morgan Stanley Bitcoin Trust) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - MSBT is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate, while CBOL is a Defined Outcome fund actively managed by Calamos. MSBT is passively managed, while CBOL is actively managed. With a 0.96 correlation, they move nearly in lockstep. MSBT charges 0.14%/yr vs 0.79%/yr for CBOL.

Performance

MSBT vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Bitcoin Trust (MSBT) 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

MSBT

• 1D: -2.70%
• 1M: -18.41%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOL

• 1D: -0.13%
• 1M: -0.78%
• YTD: -2.03%
• 6M: -2.60%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSBT vs. CBOL - Yearly Performance Comparison

	2026 (YTD)
MSBT Morgan Stanley Bitcoin Trust	-8.40%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-0.11%

Correlation

The correlation between MSBT and CBOL is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 9, 2026	0.96

Return for Risk

MSBT vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Bitcoin Trust (MSBT) 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.

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

Sharpe Ratios by Period

	MSBT	CBOL	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.33	-1.80	+0.47

Drawdowns

MSBT vs. CBOL - Drawdown Comparison

The maximum MSBT drawdown since its inception was -20.25%, which is greater than CBOL's maximum drawdown of -4.91%. Use the drawdown chart below to compare losses from any high point for MSBT and CBOL.

Drawdown Indicators

	MSBT	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-20.25%	-4.91%	-15.34%
Current Drawdown Current decline from peak	-20.25%	-4.64%	-15.61%
Average Drawdown Average peak-to-trough decline	-3.91%	-3.21%	-0.70%

Volatility

Volatility by Period

	MSBT	CBOL	Difference
Volatility (1Y) Calculated over the trailing 1-year period	32.92%	3.88%	+29.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.92%	3.88%	+29.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.92%	3.88%	+29.04%

MSBT vs. CBOL - Expense Ratio Comparison

MSBT has a 0.14% expense ratio, which is lower than CBOL's 0.79% expense ratio.

Dividends

MSBT vs. CBOL - Dividend Comparison

MSBT 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%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSBT and CBOL in my portfolio?

With a correlation of 0.96, MSBT 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, MSBT or CBOL?

On fees, MSBT is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSBT or CBOL?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.79% for CBOL.

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

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

What is the main difference between MSBT and CBOL?

MSBT is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: Morgan Stanley and Calamos. Their fees differ too: 0.14% for MSBT and 0.79% for CBOL.