CAGE vs. CAIQ

Last updated Jul 1, 2026

CAGE (Calamos Autocallable Growth ETF) and CAIQ (Calamos Nasdaq Autocallable Income ETF) are both exchange-traded funds - CAGE is a Derivative Income fund actively managed by Calamos, while CAIQ is a Nasdaq-100 fund tracking the MerQube Nasdaq-100 Vol Advantage Autocallable Index. CAGE is actively managed, while CAIQ is passively managed. A 0.79 correlation means they provide meaningful diversification when combined.

Performance

CAGE vs. CAIQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Autocallable Growth ETF (CAGE) and Calamos Nasdaq Autocallable Income ETF (CAIQ). 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*: —

CAIQ

• 1D: 1.01%
• 1M: -0.52%
• YTD: 12.84%
• 6M: 12.09%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CAGE vs. CAIQ - Yearly Performance Comparison

	2026 (YTD)
CAGE Calamos Autocallable Growth ETF	10.75%
CAIQ Calamos Nasdaq Autocallable Income ETF	7.26%

Correlation

The correlation between CAGE and CAIQ is 0.79, 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 Apr 16, 2026	0.79

Return for Risk

CAGE vs. CAIQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Autocallable Growth ETF (CAGE) and Calamos Nasdaq Autocallable Income ETF (CAIQ). 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.

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

Drawdowns

CAGE vs. CAIQ - Drawdown Comparison

The maximum CAGE drawdown since its inception was -6.60%, smaller than the maximum CAIQ drawdown of -9.06%. Use the drawdown chart below to compare losses from any high point for CAGE and CAIQ.

Drawdown Indicators

	CAGE	CAIQ	Difference
Max Drawdown Largest peak-to-trough decline	-6.60%	-9.06%	+2.46%
Current Drawdown Current decline from peak	-2.70%	-0.63%	-2.07%
Average Drawdown Average peak-to-trough decline	-1.64%	-1.67%	+0.03%

Volatility

Volatility by Period

	CAGE	CAIQ	Difference
Volatility (1Y) Calculated over the trailing 1-year period	20.47%	13.59%	+6.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.47%	13.59%	+6.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.47%	13.59%	+6.88%

Dividends

CAGE vs. CAIQ - Dividend Comparison

CAGE has not paid dividends to shareholders, while CAIQ's dividend yield for the trailing twelve months is around 8.51%.

Position	TTM	2025
CAGE Calamos Autocallable Growth ETF	0.00%	0.00%
CAIQ Calamos Nasdaq Autocallable Income ETF	8.51%	1.54%

Frequently Asked Questions

Can I hold both CAGE and CAIQ in my portfolio?

CAGE and CAIQ have a correlation of 0.79, 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 CAIQ?

CAIQ has the higher dividend yield at 8.51%, compared with 0.00% for CAGE.

What is the main difference between CAGE and CAIQ?

CAGE is categorized as Derivative Income, while CAIQ is Nasdaq-100.