CAIE vs. CCEF

Last updated Aug 5, 2026

CAIE (Calamos Autocallable Income ETF) and CCEF (Calamos CEF Income & Arbitrage 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 CCEF is a Dividend fund actively managed by Calamos. CAIE is passively managed, while CCEF is actively managed. Over the past year, CAIE returned 20.78% vs 13.29% for CCEF. Their 0.72 correlation means they have sometimes moved together and sometimes differently. CAIE charges 0.86%/yr vs 2.74%/yr for CCEF.

Performance

CAIE vs. CCEF - Performance Comparison

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

Returns By Period

In the year-to-date period, CAIE achieves a 10.88% return, which is significantly higher than CCEF's 7.54% return.

CAIE

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

CCEF

• 1D: 0.24%
• 1M: 0.63%
• 6M: 4.29%
• YTD: 7.54%
• 1Y: 13.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.30%

*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)
CAIE Calamos Autocallable Income ETF	$18.08M	$16.26M	$13.42M
CCEF Calamos CEF Income & Arbitrage ETF	$87.71K	$109.22K	$102.46K

CAIE vs. CCEF - Yearly Performance Comparison

	2026 (YTD)	2025
CAIE Calamos Autocallable Income ETF	10.88%	15.12%
CCEF Calamos CEF Income & Arbitrage ETF	7.54%	7.83%

Correlation

The correlation between CAIE and CCEF is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.73
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.72

The correlation between CAIE and CCEF has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.

Return for Risk

CAIE vs. CCEF — 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

CCEF

CCEF Risk / Return Rank: 55
CCEF Sharpe Ratio Rank: 58
CCEF Sortino Ratio Rank: 57
CCEF Omega Ratio Rank: 60
CCEF Calmar Ratio Rank: 43
CCEF Martin Ratio Rank: 56

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. CCEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Autocallable Income ETF (CAIE) and Calamos CEF Income & Arbitrage ETF (CCEF). 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	CCEF	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.59	+0.18
Sortino ratio: Return per unit of downside risk	2.46	2.22	+0.24
Omega ratio: Gain probability vs. loss probability	1.32	1.29	+0.02
Calmar ratio: Return relative to maximum drawdown	2.70	1.72	+0.98
Martin ratio: Return relative to average drawdown	11.39	7.36	+4.04

CAIE vs. CCEF - Sharpe Ratio Comparison

The current CAIE Sharpe Ratio is 1.77, which is comparable to the CCEF Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of CAIE and CCEF, 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. CCEF - Drawdown Comparison

The maximum CAIE drawdown since its inception was -7.73%, smaller than the maximum CCEF drawdown of -13.25%. Use the drawdown chart below to compare losses from any high point for CAIE and CCEF.

Drawdown Indicators

	CAIE	CCEF	Difference
Max Drawdown Largest peak-to-trough decline	-7.73%	-13.25%	+5.52%
Max Drawdown (1Y) Largest decline over 1 year	-7.73%	-7.75%	+0.02%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.13%	-1.32%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	1.81%	+0.02%

Volatility

CAIE vs. CCEF - Volatility Comparison

Calamos Autocallable Income ETF (CAIE) has a higher volatility of 3.60% compared to Calamos CEF Income & Arbitrage ETF (CCEF) at 2.15%. This indicates that CAIE's price experiences larger fluctuations and is considered to be riskier than CCEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAIE	CCEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	2.15%	+1.45%
Volatility (6M) Calculated over the trailing 6-month period	8.57%	7.18%	+1.39%
Volatility (1Y) Calculated over the trailing 1-year period	11.94%	8.42%	+3.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.92%	10.66%	+1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.92%	10.66%	+1.26%

CAIE vs. CCEF - Expense Ratio Comparison

CAIE has a 0.86% expense ratio, which is lower than CCEF's 2.74% expense ratio.

Dividends

CAIE vs. CCEF - Dividend Comparison

CAIE's dividend yield for the trailing twelve months is around 14.08%, more than CCEF's 8.00% yield.

Position	TTM	2025	2024
CAIE Calamos Autocallable Income ETF	14.08%	7.46%	0.00%
CCEF Calamos CEF Income & Arbitrage ETF	8.00%	8.08%	6.55%

Frequently Asked Questions

Can I hold both CAIE and CCEF in my portfolio?

CAIE and CCEF have a correlation of 0.73, 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 CCEF?

CAIE has higher volatility (3.60%) compared to CCEF (2.15%). In terms of maximum drawdown, CAIE dropped -7.73% vs CCEF's -13.25%.

Which ETF is better, CAIE or CCEF?

On 1-year performance, CAIE leads with 20.78% vs 13.29% for CCEF. On fees, CAIE is cheaper at 0.86% per year. On volatility, CCEF has been the lower-risk option at 2.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAIE or CCEF?

Over the 1-year period, CAIE has performed better with a 20.78% return vs 13.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAIE or CCEF?

CAIE is cheaper with a 0.86% expense ratio, compared with 2.74% for CCEF.

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

CAIE has the higher dividend yield at 14.08%, compared with 8.00% for CCEF.

What is the main difference between CAIE and CCEF?

CAIE is categorized as Derivative Income, while CCEF is Dividend. Their fees differ too: 0.86% for CAIE and 2.74% for CCEF.

Which has better risk-adjusted returns?

CAIE currently has the higher Sharpe Ratio (1.77 vs 1.59), 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.