TTOP vs. CBOL

Last updated Jul 11, 2026

TTOP (21Shares FTSE Crypto 10 Index ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - TTOP is a Cryptocurrency fund tracking the FTSE Crypto 10 Select Index, while CBOL is a Defined Outcome fund actively managed by Calamos. TTOP is passively managed, while CBOL is actively managed. Their correlation of 0.93 suggests significant overlap in exposure. TTOP charges 0.50%/yr vs 0.79%/yr for CBOL.

Performance

TTOP vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 21Shares FTSE Crypto 10 Index ETF (TTOP) 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, TTOP achieves a -29.59% return, which is significantly lower than CBOL's -2.05% return.

TTOP

• 1D: 1.18%
• 1M: 1.26%
• 6M: -32.24%
• YTD: -29.59%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOL

• 1D: 0.11%
• 1M: 0.00%
• 6M: -2.34%
• YTD: -2.05%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TTOP vs. CBOL - Yearly Performance Comparison

	2026 (YTD)	2025
TTOP 21Shares FTSE Crypto 10 Index ETF	-29.59%	-14.90%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.05%	-1.39%

Correlation

The correlation between TTOP and CBOL is 0.93, 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 13, 2025	0.93

Return for Risk

TTOP vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares FTSE Crypto 10 Index ETF (TTOP) 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.

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

Drawdowns

TTOP vs. CBOL - Drawdown Comparison

The maximum TTOP drawdown since its inception was -44.86%, which is greater than CBOL's maximum drawdown of -5.05%. Use the drawdown chart below to compare losses from any high point for TTOP and CBOL.

Drawdown Indicators

	TTOP	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-44.86%	-5.05%	-39.81%
Current Drawdown Current decline from peak	-40.08%	-4.66%	-35.42%
Average Drawdown Average peak-to-trough decline	-26.54%	-3.40%	-23.14%

Volatility

Volatility by Period

	TTOP	CBOL	Difference
Volatility (1Y) Calculated over the trailing 1-year period	51.51%	3.74%	+47.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.51%	3.74%	+47.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.51%	3.74%	+47.77%

TTOP vs. CBOL - Expense Ratio Comparison

TTOP has a 0.50% expense ratio, which is lower than CBOL's 0.79% expense ratio.

Dividends

TTOP vs. CBOL - Dividend Comparison

TTOP 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%
TTOP 21Shares FTSE Crypto 10 Index ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both TTOP and CBOL in my portfolio?

With a correlation of 0.93, TTOP 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, TTOP or CBOL?

On fees, TTOP is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TTOP or CBOL?

TTOP is cheaper with a 0.50% expense ratio, compared with 0.79% for CBOL.

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

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

What is the main difference between TTOP and CBOL?

TTOP is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: 21Shares and Calamos. Their fees differ too: 0.50% for TTOP and 0.79% for CBOL.