CAIE vs. CBOJ

Last updated Jun 26, 2026

CAIE (Calamos Autocallable Income ETF) and CBOJ (Calamos Bitcoin Structured Alt Protection ETF - January) are both exchange-traded funds - CAIE is a Derivative Income fund tracking the MerQube US Large Cap Vol Advantage Autocallable Index, while CBOJ is a Defined Outcome fund tracking the CBOE Bitcoin US ETF Index. Both are passively managed. Over the past year, CAIE returned 23.25% vs -4.88% for CBOJ. At a 0.40 correlation, their price movements are largely independent. CAIE charges 0.74%/yr vs 0.69%/yr for CBOJ.

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.

Returns By Period

In the year-to-date period, CAIE achieves a 7.04% return, which is significantly higher than CBOJ's -2.02% return.

CAIE

• 1D: 0.30%
• 1M: -1.33%
• YTD: 7.04%
• 6M: 5.77%
• 1Y: 23.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOJ

• 1D: -0.02%
• 1M: -1.79%
• YTD: -2.02%
• 6M: -2.12%
• 1Y: -4.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CAIE vs. CBOJ - Yearly Performance Comparison

	2026 (YTD)	2025
CAIE Calamos Autocallable Income ETF	7.04%	15.12%
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	-2.02%	-2.75%

Correlation

The correlation between CAIE and CBOJ is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.40

Return for Risk

CAIE vs. CBOJ — Risk / Return Rank

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

CAIE

CAIE Risk / Return Rank: 71
CAIE Sharpe Ratio Rank: 69
CAIE Sortino Ratio Rank: 68
CAIE Omega Ratio Rank: 68
CAIE Calmar Ratio Rank: 70
CAIE Martin Ratio Rank: 78

CBOJ

CBOJ Risk / Return Rank: 3
CBOJ Sharpe Ratio Rank: 2
CBOJ Sortino Ratio Rank: 3
CBOJ Omega Ratio Rank: 3
CBOJ Calmar Ratio Rank: 5
CBOJ Martin Ratio Rank: 5

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.

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	CBOJ	Difference
Sharpe ratio: Return per unit of total volatility	1.95	-1.00	+2.95
Sortino ratio: Return per unit of downside risk	2.68	-1.35	+4.03
Omega ratio: Gain probability vs. loss probability	1.35	0.85	+0.50
Calmar ratio: Return relative to maximum drawdown	3.02	-0.59	+3.61
Martin ratio: Return relative to average drawdown	13.03	-0.91	+13.94

CAIE vs. CBOJ - Sharpe Ratio Comparison

The current CAIE Sharpe Ratio is 1.95, which is higher than the CBOJ Sharpe Ratio of -1.00. The chart below compares the historical Sharpe Ratios of CAIE and CBOJ, 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. CBOJ - Drawdown Comparison

The maximum CAIE drawdown since its inception was -7.73%, smaller than the maximum CBOJ drawdown of -8.31%. 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%	-8.31%	+0.58%
Max Drawdown (1Y) Largest decline over 1 year	-7.73%	-8.31%	+0.58%
Current Drawdown Current decline from peak	-2.25%	-8.31%	+6.06%
Average Drawdown Average peak-to-trough decline	-1.10%	-3.33%	+2.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	5.40%	-3.61%

Volatility

CAIE vs. CBOJ - Volatility Comparison

Calamos Autocallable Income ETF (CAIE) has a higher volatility of 3.37% compared to Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) at 0.83%. This indicates that CAIE's price experiences larger fluctuations and is considered to be riskier than CBOJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAIE	CBOJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	0.83%	+2.54%
Volatility (6M) Calculated over the trailing 6-month period	8.37%	2.35%	+6.02%
Volatility (1Y) Calculated over the trailing 1-year period	12.00%	4.89%	+7.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.00%	4.51%	+7.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.00%	4.51%	+7.49%

CAIE vs. CBOJ - Expense Ratio Comparison

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

Dividends

CAIE vs. CBOJ - Dividend Comparison

CAIE's dividend yield for the trailing twelve months is around 13.34%, more than CBOJ's 3.22% yield.

Position	TTM	2025
CAIE Calamos Autocallable Income ETF	13.34%	7.46%
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	3.22%	3.16%

Frequently Asked Questions

Can I hold both CAIE and CBOJ in my portfolio?

CAIE and CBOJ have a correlation of 0.40, 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 CBOJ?

CAIE has higher volatility (3.37%) compared to CBOJ (0.83%). In terms of maximum drawdown, CAIE dropped -7.73% vs CBOJ's -8.31%.

Which ETF is better, CAIE or CBOJ?

On 1-year performance, CAIE leads with 23.25% vs -4.88% for CBOJ. On fees, CBOJ is cheaper at 0.69% per year. On volatility, CBOJ has been the lower-risk option at 0.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAIE or CBOJ?

Over the 1-year period, CAIE has performed better with a 23.25% return vs -4.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAIE or CBOJ?

CBOJ is cheaper with a 0.69% expense ratio, compared with 0.74% for CAIE.

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

CAIE has the higher dividend yield at 13.34%, compared with 3.22% for CBOJ.

What is the main difference between CAIE and CBOJ?

CAIE is categorized as Derivative Income, while CBOJ is Defined Outcome. CAIE tracks MerQube US Large Cap Vol Advantage Autocallable Index, while CBOJ tracks CBOE Bitcoin US ETF Index. Their fees differ too: 0.74% for CAIE and 0.69% for CBOJ.

Which has better risk-adjusted returns?

CAIE currently has the higher Sharpe Ratio (1.95 vs -1.00), 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.