CAGE vs. SPY

Last updated Jul 21, 2026

CAGE (Calamos Autocallable Growth ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - CAGE is a Derivative Income fund actively managed by Calamos, while SPY is a S&P 500 fund tracking the S&P 500 Index. CAGE is actively managed, while SPY is passively managed. With a 0.95 correlation, they move nearly in lockstep.

Performance

CAGE vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Autocallable Growth ETF (CAGE) and State Street SPDR S&P 500 ETF (SPY). 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*: —

SPY

• 1D: -0.16%
• 1M: -0.62%
• 6M: 7.86%
• YTD: 9.40%
• 1Y: 19.56%
• 3Y*: 19.43%
• 5Y*: 12.81%
• 10Y*: 14.90%
• ALL TIME*: 10.78%

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

CAGE vs. SPY - Yearly Performance Comparison

	2026 (YTD)
CAGE Calamos Autocallable Growth ETF	9.15%
SPY State Street SPDR S&P 500 ETF	6.30%

Correlation

The correlation between CAGE and SPY is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 16, 2026	0.95

Return for Risk

CAGE vs. SPY — 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.

SPY

SPY Risk / Return Rank: 63
SPY Sharpe Ratio Rank: 63
SPY Sortino Ratio Rank: 61
SPY Omega Ratio Rank: 62
SPY Calmar Ratio Rank: 59
SPY Martin Ratio Rank: 72

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Autocallable Growth ETF (CAGE) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.56	—
Sortino ratio: Return per unit of downside risk	—	2.17	—
Omega ratio: Gain probability vs. loss probability	—	1.28	—
Calmar ratio: Return relative to maximum drawdown	—	2.21	—
Martin ratio: Return relative to average drawdown	—	9.59	—

Drawdowns

CAGE vs. SPY - Drawdown Comparison

The maximum CAGE drawdown since its inception was -6.60%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CAGE and SPY.

Drawdown Indicators

	CAGE	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-6.60%	-55.19%	+48.59%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-4.11%	-2.05%	-2.06%
Average Drawdown Average peak-to-trough decline	-1.73%	-9.02%	+7.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.04%	—

Volatility

Volatility by Period

	CAGE	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.45%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.06%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.92%	12.64%	+8.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.92%	17.15%	+3.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.92%	17.94%	+2.98%

Dividends

CAGE vs. SPY - Dividend Comparison

CAGE has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAGE Calamos Autocallable Growth ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both CAGE and SPY in my portfolio?

With a correlation of 0.95, CAGE and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

SPY has the higher dividend yield at 1.01%, compared with 0.00% for CAGE.

What is the main difference between CAGE and SPY?

CAGE is categorized as Derivative Income, while SPY is S&P 500. They also come from different issuers: Calamos and State Street.