CAGE vs. BUCK

Last updated Jul 1, 2026

CAGE (Calamos Autocallable Growth ETF) and BUCK (Simplify Treasury Option Income ETF) are both exchange-traded funds - CAGE is a Derivative Income fund actively managed by Calamos, while BUCK is a Government Bonds fund actively managed by Simplify. Both are actively managed. At a 0.16 correlation, their price movements are largely independent.

Performance

CAGE vs. BUCK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Autocallable Growth ETF (CAGE) and Simplify Treasury Option Income ETF (BUCK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CAGE

• 1D: 1.13%
• 1M: -2.33%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUCK

• 1D: 0.00%
• 1M: 0.47%
• YTD: 2.25%
• 6M: 2.36%
• 1Y: 6.48%
• 3Y*: 5.25%
• 5Y*: —
• 10Y*: —

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

CAGE vs. BUCK - Yearly Performance Comparison

	2026 (YTD)
CAGE Calamos Autocallable Growth ETF	10.75%
BUCK Simplify Treasury Option Income ETF	0.90%

Correlation

The correlation between CAGE and BUCK is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 16, 2026	0.16

Return for Risk

CAGE vs. BUCK — Risk / Return Rank

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

CAGE

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

BUCK

BUCK Risk / Return Rank: 89
BUCK Sharpe Ratio Rank: 82
BUCK Sortino Ratio Rank: 85
BUCK Omega Ratio Rank: 89
BUCK Calmar Ratio Rank: 91
BUCK Martin Ratio Rank: 96

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.

CAGE vs. BUCK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Autocallable Growth ETF (CAGE) and Simplify Treasury Option Income ETF (BUCK). 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.

	CAGE	BUCK	Difference
Sharpe ratio: Return per unit of total volatility	—	2.22	—
Sortino ratio: Return per unit of downside risk	—	3.25	—
Omega ratio: Gain probability vs. loss probability	—	1.47	—
Calmar ratio: Return relative to maximum drawdown	—	4.97	—
Martin ratio: Return relative to average drawdown	—	26.93	—

Drawdowns

CAGE vs. BUCK - Drawdown Comparison

The maximum CAGE drawdown since its inception was -6.60%, which is greater than BUCK's maximum drawdown of -5.43%. Use the drawdown chart below to compare losses from any high point for CAGE and BUCK.

Drawdown Indicators

	CAGE	BUCK	Difference
Max Drawdown Largest peak-to-trough decline	-6.60%	-5.43%	-1.17%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.31%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-5.43%	—
Current Drawdown Current decline from peak	-2.70%	-0.04%	-2.66%
Average Drawdown Average peak-to-trough decline	-1.64%	-0.48%	-1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.24%	—

Volatility

Volatility by Period

	CAGE	BUCK	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.37%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.35%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.47%	2.93%	+17.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.47%	3.46%	+17.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.47%	3.46%	+17.01%

Dividends

CAGE vs. BUCK - Dividend Comparison

CAGE has not paid dividends to shareholders, while BUCK's dividend yield for the trailing twelve months is around 7.30%.

Position	TTM	2025	2024	2023	2022
BUCK Simplify Treasury Option Income ETF	7.30%	7.59%	8.84%	4.84%	0.59%
CAGE Calamos Autocallable Growth ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CAGE and BUCK in my portfolio?

CAGE and BUCK have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF pays a higher dividend yield, CAGE or BUCK?

BUCK has the higher dividend yield at 7.30%, compared with 0.00% for CAGE.

What is the main difference between CAGE and BUCK?

CAGE is categorized as Derivative Income, while BUCK is Government Bonds. They also come from different issuers: Calamos and Simplify.