CAIE vs. BITI

Last updated Jul 18, 2026

CAIE (Calamos Autocallable Income ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - CAIE is a Derivative Income fund tracking the MerQube US Large Cap Vol Advantage Autocallable Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past year, CAIE returned 17.74% vs 64.56% for BITI. At a correlation of -0.43, they often move in opposite directions. CAIE charges 0.74%/yr vs 1.03%/yr for BITI.

Performance

CAIE vs. BITI - Performance Comparison

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

Returns By Period

In the year-to-date period, CAIE achieves a 7.62% return, which is significantly lower than BITI's 24.73% return.

CAIE

• 1D: -1.00%
• 1M: 0.06%
• 6M: 6.39%
• YTD: 7.62%
• 1Y: 17.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: 0.20%
• 1M: -0.52%
• 6M: 36.51%
• YTD: 24.73%
• 1Y: 64.56%
• 3Y*: -31.71%
• 5Y*: —
• 10Y*: —

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

CAIE vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025
CAIE Calamos Autocallable Income ETF	7.62%	15.12%
BITI ProShares Short Bitcoin ETF	24.73%	17.04%

Correlation

The correlation between CAIE and BITI is -0.44, 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 (1Y) Calculated over the trailing 1-year period	-0.44
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	-0.43

Return for Risk

CAIE vs. BITI — Risk / Return Rank

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

CAIE

CAIE Risk / Return Rank: 58
CAIE Sharpe Ratio Rank: 56
CAIE Sortino Ratio Rank: 54
CAIE Omega Ratio Rank: 55
CAIE Calmar Ratio Rank: 58
CAIE Martin Ratio Rank: 69

BITI

BITI Risk / Return Rank: 53
BITI Sharpe Ratio Rank: 54
BITI Sortino Ratio Rank: 51
BITI Omega Ratio Rank: 47
BITI Calmar Ratio Rank: 65
BITI Martin Ratio Rank: 48

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.

CAIE vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Autocallable Income ETF (CAIE) and ProShares Short Bitcoin ETF (BITI). 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.

	CAIE	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.47	+0.03
Sortino ratio: Return per unit of downside risk	2.10	2.04	+0.06
Omega ratio: Gain probability vs. loss probability	1.27	1.25	+0.03
Calmar ratio: Return relative to maximum drawdown	2.31	2.57	-0.26
Martin ratio: Return relative to average drawdown	9.83	6.36	+3.46

CAIE vs. BITI - Sharpe Ratio Comparison

The current CAIE Sharpe Ratio is 1.50, which is comparable to the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of CAIE and BITI, 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

CAIE vs. BITI - Drawdown Comparison

The maximum CAIE drawdown since its inception was -7.73%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for CAIE and BITI.

Drawdown Indicators

	CAIE	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-7.73%	-92.16%	+84.43%
Max Drawdown (1Y) Largest decline over 1 year	-7.73%	-25.28%	+17.55%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-1.72%	-86.38%	+84.66%
Average Drawdown Average peak-to-trough decline	-1.10%	-68.42%	+67.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	10.18%	-8.37%

Volatility

CAIE vs. BITI - Volatility Comparison

The current volatility for Calamos Autocallable Income ETF (CAIE) is 2.41%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.69%. This indicates that CAIE experiences smaller price fluctuations and is considered to be less risky than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAIE	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.41%	10.69%	-8.28%
Volatility (6M) Calculated over the trailing 6-month period	8.37%	34.09%	-25.72%
Volatility (1Y) Calculated over the trailing 1-year period	11.92%	44.07%	-32.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.81%	52.21%	-40.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.81%	52.21%	-40.40%

CAIE vs. BITI - Expense Ratio Comparison

CAIE has a 0.74% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

CAIE vs. BITI - Dividend Comparison

CAIE's dividend yield for the trailing twelve months is around 14.61%, less than BITI's 15.59% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.59%	1.60%	3.91%	3.33%	0.06%
CAIE Calamos Autocallable Income ETF	14.61%	7.46%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CAIE and BITI in my portfolio?

CAIE and BITI have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAIE or BITI?

BITI has higher volatility (10.69%) compared to CAIE (2.41%). In terms of maximum drawdown, CAIE dropped -7.73% vs BITI's -92.16%.

Which ETF is better, CAIE or BITI?

On 1-year performance, BITI leads with 64.56% vs 17.74% for CAIE. On fees, CAIE is cheaper at 0.74% per year. On volatility, CAIE has been the lower-risk option at 2.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAIE or BITI?

Over the 1-year period, BITI has performed better with a 64.56% return vs 17.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAIE or BITI?

CAIE is cheaper with a 0.74% expense ratio, compared with 1.03% for BITI.

Which ETF pays a higher dividend yield, CAIE or BITI?

BITI has the higher dividend yield at 15.59%, compared with 14.61% for CAIE.

What is the main difference between CAIE and BITI?

CAIE is categorized as Derivative Income, while BITI is Cryptocurrency. CAIE tracks MerQube US Large Cap Vol Advantage Autocallable Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Calamos and ProShares. Their fees differ too: 0.74% for CAIE and 1.03% for BITI.

Which has better risk-adjusted returns?

CAIE currently has the higher Sharpe Ratio (1.50 vs 1.47), 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.