YBTC vs. CBOL

Last updated Jun 4, 2026

YBTC (Roundhill Bitcoin Covered Call Strategy ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - YBTC is a Cryptocurrency fund actively managed by Roundhill, while CBOL is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Their correlation of 0.89 suggests significant overlap in exposure. YBTC charges 0.95%/yr vs 0.79%/yr for CBOL.

Performance

YBTC vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Bitcoin Covered Call Strategy ETF (YBTC) 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, YBTC achieves a -23.39% return, which is significantly lower than CBOL's -2.03% return.

YBTC

• 1D: -2.77%
• 1M: -16.32%
• YTD: -23.39%
• 6M: -26.70%
• 1Y: -35.71%
• 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)

YBTC vs. CBOL - Yearly Performance Comparison

	2026 (YTD)	2025
YBTC Roundhill Bitcoin Covered Call Strategy ETF	-23.39%	-18.46%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.03%	-2.47%

Correlation

The correlation between YBTC and CBOL is 0.89, 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 15, 2025	0.89

Return for Risk

YBTC vs. CBOL — Risk / Return Rank

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

YBTC

YBTC Risk / Return Rank: 2
YBTC Sharpe Ratio Rank: 2
YBTC Sortino Ratio Rank: 2
YBTC Omega Ratio Rank: 2
YBTC Calmar Ratio Rank: 2
YBTC Martin Ratio Rank: 2

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.

YBTC vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Bitcoin Covered Call Strategy ETF (YBTC) 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.

	YBTC	CBOL	Difference
Sharpe ratio: Return per unit of total volatility	-0.91	—	—
Sortino ratio: Return per unit of downside risk	-1.22	—	—
Omega ratio: Gain probability vs. loss probability	0.85	—	—
Calmar ratio: Return relative to maximum drawdown	-0.76	—	—
Martin ratio: Return relative to average drawdown	-1.39	—	—
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

	YBTC	CBOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.91	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	-1.80	+1.96

Drawdowns

YBTC vs. CBOL - Drawdown Comparison

The maximum YBTC drawdown since its inception was -47.09%, which is greater than CBOL's maximum drawdown of -4.91%. Use the drawdown chart below to compare losses from any high point for YBTC and CBOL.

Drawdown Indicators

	YBTC	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-47.09%	-4.91%	-42.18%
Max Drawdown (1Y) Largest decline over 1 year	-47.09%	—	—
Current Drawdown Current decline from peak	-44.06%	-4.64%	-39.42%
Average Drawdown Average peak-to-trough decline	-12.89%	-3.21%	-9.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.69%	—	—

Volatility

Volatility by Period

	YBTC	CBOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.85%	—	—
Volatility (6M) Calculated over the trailing 6-month period	31.81%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	39.20%	3.88%	+35.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.81%	3.88%	+36.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.81%	3.88%	+36.93%

YBTC vs. CBOL - Expense Ratio Comparison

YBTC has a 0.95% expense ratio, which is higher than CBOL's 0.79% expense ratio.

Dividends

YBTC vs. CBOL - Dividend Comparison

YBTC's dividend yield for the trailing twelve months is around 88.13%, more than CBOL's 1.83% yield.

Position	TTM	2025	2024
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%	0.00%
YBTC Roundhill Bitcoin Covered Call Strategy ETF	88.13%	76.04%	44.53%

Frequently Asked Questions

Can I hold both YBTC and CBOL in my portfolio?

YBTC and CBOL have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, YBTC 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, YBTC or CBOL?

CBOL is cheaper with a 0.79% expense ratio, compared with 0.95% for YBTC.

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

YBTC has the higher dividend yield at 88.13%, compared with 1.83% for CBOL.

What is the main difference between YBTC and CBOL?

YBTC is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: Roundhill and Calamos. Their fees differ too: 0.95% for YBTC and 0.79% for CBOL.