XRPI vs. CBOL

Last updated Jun 26, 2026

XRPI (Volatility Shares XRP ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - XRPI is a Cryptocurrency fund actively managed by Volatility Shares, 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. XRPI charges 0.94%/yr vs 0.79%/yr for CBOL.

Performance

XRPI vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares XRP ETF (XRPI) 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, XRPI achieves a -45.56% return, which is significantly lower than CBOL's -2.26% return.

XRPI

• 1D: -2.57%
• 1M: -23.08%
• YTD: -45.56%
• 6M: -46.34%
• 1Y: -59.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOL

• 1D: 0.02%
• 1M: -0.89%
• YTD: -2.26%
• 6M: -2.28%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XRPI vs. CBOL - Yearly Performance Comparison

	2026 (YTD)	2025
XRPI Volatility Shares XRP ETF	-45.56%	-32.37%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.26%	-2.04%

Correlation

The correlation between XRPI 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 Oct 14, 2025	0.83

Return for Risk

XRPI vs. CBOL — Risk / Return Rank

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

XRPI

XRPI Risk / Return Rank: 3
XRPI Sharpe Ratio Rank: 3
XRPI Sortino Ratio Rank: 3
XRPI Omega Ratio Rank: 3
XRPI Calmar Ratio Rank: 3
XRPI Martin Ratio Rank: 4

CBOL

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

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.

XRPI vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares XRP ETF (XRPI) 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.

	XRPI	CBOL	Difference
Sharpe ratio: Return per unit of total volatility	-0.78	—	—
Sortino ratio: Return per unit of downside risk	-1.18	—	—
Omega ratio: Gain probability vs. loss probability	0.87	—	—
Calmar ratio: Return relative to maximum drawdown	-0.79	—	—
Martin ratio: Return relative to average drawdown	-1.20	—	—

Drawdowns

XRPI vs. CBOL - Drawdown Comparison

The maximum XRPI drawdown since its inception was -74.60%, which is greater than CBOL's maximum drawdown of -5.05%. Use the drawdown chart below to compare losses from any high point for XRPI and CBOL.

Drawdown Indicators

	XRPI	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-74.60%	-5.05%	-69.55%
Max Drawdown (1Y) Largest decline over 1 year	-74.60%	—	—
Current Drawdown Current decline from peak	-74.60%	-4.87%	-69.73%
Average Drawdown Average peak-to-trough decline	-41.42%	-3.32%	-38.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.30%	—	—

Volatility

Volatility by Period

	XRPI	CBOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.74%	—	—
Volatility (6M) Calculated over the trailing 6-month period	52.89%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	76.24%	3.81%	+72.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.51%	3.81%	+71.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	75.51%	3.81%	+71.70%

XRPI vs. CBOL - Expense Ratio Comparison

XRPI has a 0.94% expense ratio, which is higher than CBOL's 0.79% expense ratio.

Dividends

XRPI vs. CBOL - Dividend Comparison

XRPI's dividend yield for the trailing twelve months is around 4.56%, more than CBOL's 1.83% yield.

Position	TTM	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%
XRPI Volatility Shares XRP ETF	4.56%	1.54%

Frequently Asked Questions

Can I hold both XRPI and CBOL in my portfolio?

XRPI 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, XRPI or CBOL?

On fees, CBOL is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XRPI or CBOL?

CBOL is cheaper with a 0.79% expense ratio, compared with 0.94% for XRPI.

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

XRPI has the higher dividend yield at 4.56%, compared with 1.83% for CBOL.

What is the main difference between XRPI and CBOL?

XRPI is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: Volatility Shares and Calamos. Their fees differ too: 0.94% for XRPI and 0.79% for CBOL.