WGMI vs. CBOL

Last updated Jun 4, 2026

WGMI (Valkyrie Bitcoin Miners ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - WGMI is a Cryptocurrency fund actively managed by Valkyrie, while CBOL is a Defined Outcome fund actively managed by Calamos. Both are actively managed. A 0.59 correlation means they provide meaningful diversification when combined. WGMI charges 0.75%/yr vs 0.79%/yr for CBOL.

Performance

WGMI vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Valkyrie Bitcoin Miners ETF (WGMI) 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, WGMI achieves a 84.78% return, which is significantly higher than CBOL's -2.03% return.

WGMI

• 1D: -1.11%
• 1M: 40.03%
• YTD: 84.78%
• 6M: 55.52%
• 1Y: 294.61%
• 3Y*: 86.17%
• 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)

WGMI vs. CBOL - Yearly Performance Comparison

	2026 (YTD)	2025
WGMI Valkyrie Bitcoin Miners ETF	84.78%	-40.01%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.03%	-2.47%

Correlation

The correlation between WGMI and CBOL is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 15, 2025	0.59

Return for Risk

WGMI vs. CBOL — Risk / Return Rank

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

WGMI

WGMI Risk / Return Rank: 79
WGMI Sharpe Ratio Rank: 95
WGMI Sortino Ratio Rank: 76
WGMI Omega Ratio Rank: 69
WGMI Calmar Ratio Rank: 91
WGMI Martin Ratio Rank: 64

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.

WGMI vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Valkyrie Bitcoin Miners ETF (WGMI) 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.

	WGMI	CBOL	Difference
Sharpe ratio: Return per unit of total volatility	3.91	—	—
Sortino ratio: Return per unit of downside risk	3.49	—	—
Omega ratio: Gain probability vs. loss probability	1.42	—	—
Calmar ratio: Return relative to maximum drawdown	5.83	—	—
Martin ratio: Return relative to average drawdown	11.81	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	WGMI	CBOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.91	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	-1.80	+2.11

Drawdowns

WGMI vs. CBOL - Drawdown Comparison

The maximum WGMI drawdown since its inception was -85.76%, which is greater than CBOL's maximum drawdown of -4.91%. Use the drawdown chart below to compare losses from any high point for WGMI and CBOL.

Drawdown Indicators

	WGMI	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-85.76%	-4.91%	-80.85%
Max Drawdown (1Y) Largest decline over 1 year	-50.94%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-62.79%	—	—
Current Drawdown Current decline from peak	-1.11%	-4.64%	+3.53%
Average Drawdown Average peak-to-trough decline	-42.90%	-3.21%	-39.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.08%	—	—

Volatility

Volatility by Period

	WGMI	CBOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.10%	—	—
Volatility (6M) Calculated over the trailing 6-month period	55.64%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	76.03%	3.88%	+72.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.53%	3.88%	+77.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.53%	3.88%	+77.65%

WGMI vs. CBOL - Expense Ratio Comparison

WGMI has a 0.75% expense ratio, which is lower than CBOL's 0.79% expense ratio.

Dividends

WGMI vs. CBOL - Dividend Comparison

WGMI has not paid dividends to shareholders, while CBOL's dividend yield for the trailing twelve months is around 1.83%.

Position	TTM	2025	2024	2023
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%	0.00%	0.00%
WGMI Valkyrie Bitcoin Miners ETF	0.00%	0.00%	0.22%	0.31%

Frequently Asked Questions

Can I hold both WGMI and CBOL in my portfolio?

WGMI and CBOL have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, WGMI or CBOL?

On fees, WGMI is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, WGMI or CBOL?

WGMI is cheaper with a 0.75% expense ratio, compared with 0.79% for CBOL.

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

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

What is the main difference between WGMI and CBOL?

WGMI is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: Valkyrie and Calamos. Their fees differ too: 0.75% for WGMI and 0.79% for CBOL.