AVK vs. CAIE

Last updated Aug 1, 2026

AVK (Advent Convertible and Income Fund) and CAIE (Calamos Autocallable Income ETF) are both funds - AVK is a Convertible Bonds fund actively managed by Guggenheim, while CAIE is a Derivative Income fund tracking the MerQube US Large Cap Vol Advantage Autocallable Total Return Index. AVK is actively managed, while CAIE is passively managed. Over the past year, AVK returned 13.71% vs 19.60% for CAIE. Their 0.61 correlation means they have sometimes moved together and sometimes differently. AVK charges 0.75%/yr vs 0.86%/yr for CAIE.

Performance

AVK vs. CAIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Advent Convertible and Income Fund (AVK) and Calamos Autocallable Income ETF (CAIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVK achieves a 5.36% return, which is significantly lower than CAIE's 7.94% return.

AVK

• 1D: 0.57%
• 1M: -3.45%
• 6M: 3.25%
• YTD: 5.36%
• 1Y: 13.71%
• 3Y*: 14.79%
• 5Y*: 4.53%
• 10Y*: 10.05%
• ALL TIME*: 6.90%

CAIE

• 1D: 0.56%
• 1M: -0.22%
• 6M: 6.59%
• YTD: 7.94%
• 1Y: 19.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.88%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AVK Advent Convertible and Income Fund	$1.84M	$1.78M	$1.84M
CAIE Calamos Autocallable Income ETF	$17.59M	$16.27M	$13.26M

AVK vs. CAIE - Yearly Performance Comparison

	2026 (YTD)	2025
AVK Advent Convertible and Income Fund	5.36%	12.67%
CAIE Calamos Autocallable Income ETF	7.94%	15.12%

Correlation

The correlation between AVK and CAIE is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.63
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.61

The correlation between AVK and CAIE has been stable across timeframes, ranging from 0.61 to 0.63 - a consistent structural relationship.

Return for Risk

AVK vs. CAIE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AVK

AVK Risk / Return Rank: 23
AVK Sharpe Ratio Rank: 23
AVK Sortino Ratio Rank: 22
AVK Omega Ratio Rank: 23
AVK Calmar Ratio Rank: 18
AVK Martin Ratio Rank: 27

CAIE

CAIE Risk / Return Rank: 63
CAIE Sharpe Ratio Rank: 60
CAIE Sortino Ratio Rank: 58
CAIE Omega Ratio Rank: 59
CAIE Calmar Ratio Rank: 63
CAIE Martin Ratio Rank: 75

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AVK vs. CAIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Advent Convertible and Income Fund (AVK) and Calamos Autocallable Income ETF (CAIE). 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.

	AVK	CAIE	Difference
Sharpe ratio: Return per unit of total volatility	0.83	1.41	-0.58
Sortino ratio: Return per unit of downside risk	1.22	1.98	-0.75
Omega ratio: Gain probability vs. loss probability	1.15	1.26	-0.10
Calmar ratio: Return relative to maximum drawdown	0.88	2.19	-1.31
Martin ratio: Return relative to average drawdown	4.02	9.25	-5.23

AVK vs. CAIE - Sharpe Ratio Comparison

The current AVK Sharpe Ratio is 0.83, which is lower than the CAIE Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of AVK and CAIE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AVK vs. CAIE - Drawdown Comparison

The maximum AVK drawdown since its inception was -67.49%, which is greater than CAIE's maximum drawdown of -7.73%. Use the drawdown chart below to compare losses from any high point for AVK and CAIE.

Drawdown Indicators

	AVK	CAIE	Difference
Max Drawdown Largest peak-to-trough decline	-67.49%	-7.73%	-59.76%
Max Drawdown (1Y) Largest decline over 1 year	-14.25%	-7.73%	-6.52%
Max Drawdown (3Y) Largest decline over 3 years	-19.70%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-38.50%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-49.82%	—	—
Current Drawdown Current decline from peak	-4.63%	-1.42%	-3.21%
Average Drawdown Average peak-to-trough decline	-11.64%	-1.13%	-10.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	1.84%	+1.28%

Volatility

AVK vs. CAIE - Volatility Comparison

Advent Convertible and Income Fund (AVK) has a higher volatility of 5.06% compared to Calamos Autocallable Income ETF (CAIE) at 3.11%. This indicates that AVK's price experiences larger fluctuations and is considered to be riskier than CAIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVK	CAIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	3.11%	+1.95%
Volatility (6M) Calculated over the trailing 6-month period	13.21%	8.39%	+4.82%
Volatility (1Y) Calculated over the trailing 1-year period	15.11%	12.04%	+3.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.75%	11.84%	+7.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.65%	11.84%	+10.81%

AVK vs. CAIE - Expense Ratio Comparison

AVK has a 0.75% expense ratio, which is lower than CAIE's 0.86% expense ratio.

Dividends

AVK vs. CAIE - Dividend Comparison

AVK's dividend yield for the trailing twelve months is around 11.36%, less than CAIE's 14.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVK Advent Convertible and Income Fund	11.36%	11.22%	11.71%	12.36%	12.90%	15.13%	8.51%	9.04%	11.21%	8.10%	7.68%	8.33%
CAIE Calamos Autocallable Income ETF	13.13%	7.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AVK and CAIE in my portfolio?

AVK and CAIE have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVK or CAIE?

AVK has higher volatility (5.06%) compared to CAIE (3.11%). In terms of maximum drawdown, AVK dropped -67.49% vs CAIE's -7.73%.

Which has better risk-adjusted returns?

CAIE currently has the higher Sharpe Ratio (1.41 vs 0.83), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.