CAGE vs. PAPI

Last updated Jul 21, 2026

CAGE (Calamos Autocallable Growth ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a correlation of -0.13, they often move in opposite directions.

Performance

CAGE vs. PAPI - Performance Comparison

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

Returns By Period

CAGE

• 1D: -0.76%
• 1M: -1.51%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

PAPI

• 1D: -0.43%
• 1M: 4.56%
• 6M: 6.05%
• YTD: 10.97%
• 1Y: 15.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.32%

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

CAGE vs. PAPI - Yearly Performance Comparison

	2026 (YTD)
CAGE Calamos Autocallable Growth ETF	9.15%
PAPI Parametric Equity Premium Income ETF	5.07%

Correlation

The correlation between CAGE and PAPI is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 16, 2026	-0.13

Return for Risk

CAGE vs. PAPI — 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.

PAPI

PAPI Risk / Return Rank: 59
PAPI Sharpe Ratio Rank: 62
PAPI Sortino Ratio Rank: 67
PAPI Omega Ratio Rank: 56
PAPI Calmar Ratio Rank: 63
PAPI Martin Ratio Rank: 47

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. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Autocallable Growth ETF (CAGE) and Parametric Equity Premium Income ETF (PAPI). 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	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.53	—
Sortino ratio: Return per unit of downside risk	—	2.30	—
Omega ratio: Gain probability vs. loss probability	—	1.26	—
Calmar ratio: Return relative to maximum drawdown	—	2.34	—
Martin ratio: Return relative to average drawdown	—	5.78	—

Drawdowns

CAGE vs. PAPI - Drawdown Comparison

The maximum CAGE drawdown since its inception was -6.60%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for CAGE and PAPI.

Drawdown Indicators

	CAGE	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-6.60%	-14.27%	+7.67%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-4.11%	-0.69%	-3.42%
Average Drawdown Average peak-to-trough decline	-1.73%	-2.75%	+1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.77%	—

Volatility

Volatility by Period

	CAGE	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.12%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.18%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.92%	10.50%	+10.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.92%	11.73%	+9.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.92%	11.73%	+9.19%

Dividends

CAGE vs. PAPI - Dividend Comparison

CAGE has not paid dividends to shareholders, while PAPI's dividend yield for the trailing twelve months is around 7.38%.

Position	TTM	2025	2024	2023
CAGE Calamos Autocallable Growth ETF	0.00%	0.00%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.38%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both CAGE and PAPI in my portfolio?

CAGE and PAPI have a correlation of -0.13, 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 PAPI?

PAPI has the higher dividend yield at 7.38%, compared with 0.00% for CAGE.

What is the main difference between CAGE and PAPI?

They also come from different issuers: Calamos and Morgan Stanley.