TSOL vs. CBOL

Last updated Jun 4, 2026

TSOL (21Shares Solana ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - TSOL is a Cryptocurrency fund actively managed by 21Shares, while CBOL is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Their correlation of 0.83 suggests significant overlap in exposure. TSOL charges 0.21%/yr vs 0.79%/yr for CBOL.

Performance

TSOL vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 21Shares Solana ETF (TSOL) 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, TSOL achieves a -41.49% return, which is significantly lower than CBOL's -2.03% return.

TSOL

• 1D: -4.53%
• 1M: -14.54%
• YTD: -41.49%
• 6M: -48.57%
• 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)

TSOL vs. CBOL - Yearly Performance Comparison

	2026 (YTD)	2025
TSOL 21Shares Solana ETF	-41.49%	-6.28%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.03%	-0.13%

Correlation

The correlation between TSOL and CBOL is 0.83, 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 Nov 20, 2025	0.83

Return for Risk

TSOL vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares Solana ETF (TSOL) 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

	TSOL	CBOL	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.95	-1.80	+0.85

Drawdowns

TSOL vs. CBOL - Drawdown Comparison

The maximum TSOL drawdown since its inception was -50.75%, which is greater than CBOL's maximum drawdown of -4.91%. Use the drawdown chart below to compare losses from any high point for TSOL and CBOL.

Drawdown Indicators

	TSOL	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-50.75%	-4.91%	-45.84%
Current Drawdown Current decline from peak	-50.75%	-4.64%	-46.11%
Average Drawdown Average peak-to-trough decline	-29.35%	-3.21%	-26.14%

Volatility

Volatility by Period

	TSOL	CBOL	Difference
Volatility (1Y) Calculated over the trailing 1-year period	71.70%	3.88%	+67.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.70%	3.88%	+67.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.70%	3.88%	+67.82%

TSOL vs. CBOL - Expense Ratio Comparison

TSOL has a 0.21% expense ratio, which is lower than CBOL's 0.79% expense ratio.

Dividends

TSOL vs. CBOL - Dividend Comparison

TSOL's dividend yield for the trailing twelve months is around 4.78%, more than CBOL's 1.83% yield.

Position	TTM	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%
TSOL 21Shares Solana ETF	4.78%	0.00%

Frequently Asked Questions

Can I hold both TSOL and CBOL in my portfolio?

TSOL and CBOL have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TSOL or CBOL?

On fees, TSOL is cheaper at 0.21% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TSOL or CBOL?

TSOL is cheaper with a 0.21% expense ratio, compared with 0.79% for CBOL.

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

TSOL has the higher dividend yield at 4.78%, compared with 1.83% for CBOL.

What is the main difference between TSOL and CBOL?

TSOL is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: 21Shares and Calamos. Their fees differ too: 0.21% for TSOL and 0.79% for CBOL.