CAIE vs. CAGE

Last updated Aug 5, 2026

CAIE (Calamos Autocallable Income ETF) and CAGE (Calamos Autocallable Growth ETF) are both exchange-traded funds - CAIE is a Derivative Income fund tracking the MerQube US Large Cap Vol Advantage Autocallable Total Return Index, while CAGE is a Defined Outcome fund actively managed by Calamos. CAIE is passively managed, while CAGE is actively managed. Their correlation of 0.94 means they have usually moved in the same direction. CAIE charges 0.86%/yr vs 0.74%/yr for CAGE.

Performance

CAIE vs. CAGE - Performance Comparison

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

Returns By Period

CAIE

• 1D: 1.30%
• 1M: 2.49%
• 6M: 9.84%
• YTD: 10.88%
• 1Y: 20.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 24.63%

CAGE

• 1D: 3.40%
• 1M: 5.64%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAGE Calamos Autocallable Growth ETF	$2.54M	$3.19M	$2.74M
CAIE Calamos Autocallable Income ETF	$18.08M	$16.26M	$13.42M

CAIE vs. CAGE - Yearly Performance Comparison

	2026 (YTD)
CAIE Calamos Autocallable Income ETF	7.64%
CAGE Calamos Autocallable Growth ETF	16.75%

Correlation

The correlation between CAIE and CAGE is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 16, 2026	0.94

Return for Risk

CAIE vs. CAGE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CAIE

CAIE Risk / Return Rank: 70
CAIE Sharpe Ratio Rank: 68
CAIE Sortino Ratio Rank: 67
CAIE Omega Ratio Rank: 66
CAIE Calmar Ratio Rank: 69
CAIE Martin Ratio Rank: 79

CAGE

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CAIE vs. CAGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Autocallable Income ETF (CAIE) and Calamos Autocallable Growth ETF (CAGE). 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	CAGE	Difference
Sharpe ratio: Return per unit of total volatility	1.77	—	—
Sortino ratio: Return per unit of downside risk	2.46	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	2.70	—	—
Martin ratio: Return relative to average drawdown	11.39	—	—

Drawdowns

CAIE vs. CAGE - Drawdown Comparison

The maximum CAIE drawdown since its inception was -7.73%, which is greater than CAGE's maximum drawdown of -6.67%. Use the drawdown chart below to compare losses from any high point for CAIE and CAGE.

Drawdown Indicators

	CAIE	CAGE	Difference
Max Drawdown Largest peak-to-trough decline	-7.73%	-6.67%	-1.06%
Max Drawdown (1Y) Largest decline over 1 year	-7.73%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.13%	-2.00%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	—	—

Volatility

Volatility by Period

	CAIE	CAGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.57%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.94%	22.46%	-10.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.92%	22.46%	-10.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.92%	22.46%	-10.54%

CAIE vs. CAGE - Expense Ratio Comparison

CAIE has a 0.86% expense ratio, which is higher than CAGE's 0.74% expense ratio.

Dividends

CAIE vs. CAGE - Dividend Comparison

CAIE's dividend yield for the trailing twelve months is around 14.08%, while CAGE has not paid dividends to shareholders.

Position	TTM	2025
CAGE Calamos Autocallable Growth ETF	0.00%	0.00%
CAIE Calamos Autocallable Income ETF	14.08%	7.46%

Frequently Asked Questions

Can I hold both CAIE and CAGE in my portfolio?

With a correlation of 0.94, CAIE and CAGE 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 is better, CAIE or CAGE?

On fees, CAGE is cheaper at 0.74% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAIE or CAGE?

CAGE is cheaper with a 0.74% expense ratio, compared with 0.86% for CAIE.

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

CAIE has the higher dividend yield at 14.08%, compared with 0.00% for CAGE.

What is the main difference between CAIE and CAGE?

CAIE is categorized as Derivative Income, while CAGE is Defined Outcome. Their fees differ too: 0.86% for CAIE and 0.74% for CAGE.