CAIE vs. CBOJ

Last updated Apr 2, 2026

Compare and contrast key facts about Calamos Autocallable Income ETF (CAIE) and Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ).

CAIE and CBOJ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CAIE is a passively managed fund by Calamos that tracks the performance of the MerQube US Large Cap Vol Advantage Autocallable Index. It was launched on Jun 25, 2025. CBOJ is a passively managed fund by Calamos that tracks the performance of the CBOE Bitcoin US ETF Index. It was launched on Jan 22, 2025. Both CAIE and CBOJ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

CAIE vs. CBOJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Autocallable Income ETF (CAIE) and Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ). The values are adjusted to include any dividend payments, if applicable.

CAIE vs. CBOJ - Yearly Performance Comparison

	2026 (YTD)	2025
CAIE Calamos Autocallable Income ETF	-3.27%	15.15%
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	-1.19%	-2.92%

Returns By Period

In the year-to-date period, CAIE achieves a -3.27% return, which is significantly lower than CBOJ's -1.19% return.

CAIE

• 1D: 0.43%
• 1M: -3.60%
• YTD: -3.27%
• 6M: -1.94%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOJ

• 1D: 0.07%
• 1M: 0.04%
• YTD: -1.19%
• 6M: -6.62%
• 1Y: -1.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CAIE vs. CBOJ - Expense Ratio Comparison

CAIE has a 0.74% expense ratio, which is higher than CBOJ's 0.69% expense ratio.

CAIE

Calamos Autocallable Income ETF

CBOJ

Calamos Bitcoin Structured Alt Protection ETF - January

Return for Risk

CAIE vs. CBOJ — Risk / Return Rank

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

CBOJ

CBOJ Risk / Return Rank: 8
CBOJ Sharpe Ratio Rank: 8
CBOJ Sortino Ratio Rank: 6
CBOJ Omega Ratio Rank: 6
CBOJ Calmar Ratio Rank: 9
CBOJ Martin Ratio Rank: 9

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. CBOJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Autocallable Income ETF (CAIE) and Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ). 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.

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

Sharpe Ratios by Period

	CAIE	CBOJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.24	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.23	-0.35	+1.58

Correlation

The correlation between CAIE and CBOJ is 0.37, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CAIE vs. CBOJ - Dividend Comparison

CAIE's dividend yield for the trailing twelve months is around 11.86%, more than CBOJ's 3.19% yield.

	TTM	2025
CAIE Calamos Autocallable Income ETF	11.86%	7.46%
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	3.19%	3.16%

Drawdowns

CAIE vs. CBOJ - Drawdown Comparison

The maximum CAIE drawdown since its inception was -7.73%, roughly equal to the maximum CBOJ drawdown of -8.13%. Use the drawdown chart below to compare losses from any high point for CAIE and CBOJ.

Drawdown Indicators

	CAIE	CBOJ	Difference
Max Drawdown Largest peak-to-trough decline	-7.73%	-8.13%	+0.40%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.13%	—
Current Drawdown Current decline from peak	-5.08%	-7.53%	+2.45%
Average Drawdown Average peak-to-trough decline	-1.14%	-2.62%	+1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.22%	—

Volatility

Volatility by Period

	CAIE	CBOJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.91%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.83%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.32%	5.05%	+7.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.32%	4.78%	+7.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.32%	4.78%	+7.54%