OBTC vs. CBOL
OBTC (Osprey Bitcoin Trust) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - OBTC is a Cryptocurrency fund tracking the Bitcoin (BTC), while CBOL is a Defined Outcome fund actively managed by Calamos. OBTC is passively managed, while CBOL is actively managed. Their correlation of 0.91 means they have usually moved in the same direction. OBTC charges 0.49%/yr vs 0.79%/yr for CBOL.
Performance
OBTC vs. CBOL - Performance Comparison
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Returns By Period
In the year-to-date period, OBTC achieves a -26.66% return, which is significantly lower than CBOL's -1.78% return.
OBTC
- 1D
- 0.95%
- 1M
- 4.80%
- 6M
- -16.02%
- YTD
- -26.66%
- 1Y
- -36.66%
- 3Y*
- 42.55%
- 5Y*
- 5.44%
- 10Y*
- —
- ALL TIME*
- -6.65%
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 | |
| $131.03K | $187.41K | $211.76K |
OBTC vs. CBOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
OBTC Osprey Bitcoin Trust | -26.66% | -17.65% |
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF | -1.78% | -2.04% |
Correlation
The correlation between OBTC and CBOL is 0.91, 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 | 0.91 |
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Return for Risk
OBTC vs. CBOL — Risk / Return Rank
OBTC
CBOL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
OBTC vs. CBOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Osprey Bitcoin Trust (OBTC) 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.
| OBTC | CBOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.88 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | — | — |
| Martin ratioReturn relative to average drawdown | -1.18 | — | — |
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Drawdowns
OBTC vs. CBOL - Drawdown Comparison
The maximum OBTC drawdown since its inception was -94.50%, which is greater than CBOL's maximum drawdown of -5.05%. Use the drawdown chart below to compare losses from any high point for OBTC and CBOL.
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Drawdown Indicators
| OBTC | CBOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.50% | -5.05% | -89.45% |
Max Drawdown (1Y)Largest decline over 1 year | -49.62% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -49.62% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -83.76% | — | — |
Current DrawdownCurrent decline from peak | -63.37% | -4.40% | -58.97% |
Average DrawdownAverage peak-to-trough decline | -69.41% | -3.49% | -65.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.21% | — | — |
Volatility
OBTC vs. CBOL - Volatility Comparison
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Volatility by Period
| OBTC | CBOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.17% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 33.39% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 44.92% | 3.64% | +41.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.36% | 3.64% | +52.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 76.18% | 3.64% | +72.54% |
OBTC vs. CBOL - Expense Ratio Comparison
OBTC has a 0.49% expense ratio, which is lower than CBOL's 0.79% expense ratio.
Dividends
OBTC vs. CBOL - Dividend Comparison
OBTC 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% |
OBTC Osprey Bitcoin Trust | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.91, OBTC 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, OBTC is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.
OBTC is cheaper with a 0.49% expense ratio, compared with 0.79% for CBOL.
CBOL has the higher dividend yield at 1.82%, compared with 0.00% for OBTC.
OBTC is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: Osprey and Calamos. Their fees differ too: 0.49% for OBTC and 0.79% for CBOL.
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