CAIE vs. ISPY

Last updated Jun 5, 2026

CAIE (Calamos Autocallable Income ETF) and ISPY (ProShares S&P 500 High Income ETF) are both Derivative Income funds - CAIE tracks the MerQube US Large Cap Vol Advantage Autocallable Index while ISPY tracks the S&P 500 Daily Covered Call Index. Both are passively managed. Their correlation of 0.88 suggests significant overlap in exposure. CAIE charges 0.74%/yr vs 0.55%/yr for ISPY.

Performance

CAIE vs. ISPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Autocallable Income ETF (CAIE) and ProShares S&P 500 High Income ETF (ISPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAIE achieves a 9.42% return, which is significantly lower than ISPY's 10.14% return.

CAIE

• 1D: 0.33%
• 1M: 3.38%
• YTD: 9.42%
• 6M: 9.31%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ISPY

• 1D: 0.49%
• 1M: 4.92%
• YTD: 10.14%
• 6M: 9.87%
• 1Y: 25.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CAIE vs. ISPY - Yearly Performance Comparison

	2026 (YTD)	2025
CAIE Calamos Autocallable Income ETF	9.42%	15.15%
ISPY ProShares S&P 500 High Income ETF	10.14%	11.69%

Correlation

The correlation between CAIE and ISPY is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.88

CAIE vs. ISPY - Sectors Allocation Comparison

Sectors	CAIE	ISPY
Basic Materials	13.4%	1.5%
Communication Services	-	9.0%
Consumer Cyclical	-	8.4%
Consumer Defensive	-	4.0%
Energy	-	2.9%
Financial Services	-	19.8%
Healthcare	-	7.2%
Industrials	-	6.4%
Real Estate	-	1.6%
Technology	-	32.3%
Utilities	-	2.2%

Return for Risk

CAIE vs. ISPY — Risk / Return Rank

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

ISPY

ISPY Risk / Return Rank: 68
ISPY Sharpe Ratio Rank: 71
ISPY Sortino Ratio Rank: 66
ISPY Omega Ratio Rank: 68
ISPY Calmar Ratio Rank: 63
ISPY Martin Ratio Rank: 72

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. ISPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Autocallable Income ETF (CAIE) and ProShares S&P 500 High Income ETF (ISPY). 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	ISPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.34	1.42	+0.92

Drawdowns

CAIE vs. ISPY - Drawdown Comparison

The maximum CAIE drawdown since its inception was -7.73%, smaller than the maximum ISPY drawdown of -16.88%. Use the drawdown chart below to compare losses from any high point for CAIE and ISPY.

Drawdown Indicators

	CAIE	ISPY	Difference
Max Drawdown Largest peak-to-trough decline	-7.73%	-16.88%	+9.15%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.43%	—
Current Drawdown Current decline from peak	-0.07%	-0.22%	+0.15%
Average Drawdown Average peak-to-trough decline	-1.05%	-2.08%	+1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.97%	—

Volatility

Volatility by Period

	CAIE	ISPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.62%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.62%	—
Volatility (1Y) Calculated over the trailing 1-year period	11.91%	11.47%	+0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.91%	13.55%	-1.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.91%	13.55%	-1.64%

CAIE vs. ISPY - Expense Ratio Comparison

CAIE has a 0.74% expense ratio, which is higher than ISPY's 0.55% expense ratio.

Dividends

CAIE vs. ISPY - Dividend Comparison

CAIE's dividend yield for the trailing twelve months is around 13.05%, more than ISPY's 4.39% yield.

Position	TTM	2025	2024
CAIE Calamos Autocallable Income ETF	13.05%	7.46%	0.00%
ISPY ProShares S&P 500 High Income ETF	4.39%	8.56%	9.84%

Frequently Asked Questions

Can I hold both CAIE and ISPY in my portfolio?

CAIE and ISPY have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CAIE or ISPY?

On fees, ISPY is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAIE or ISPY?

ISPY is cheaper with a 0.55% expense ratio, compared with 0.74% for CAIE.

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

CAIE has the higher dividend yield at 13.05%, compared with 4.39% for ISPY.

What is the main difference between CAIE and ISPY?

CAIE tracks MerQube US Large Cap Vol Advantage Autocallable Index, while ISPY tracks S&P 500 Daily Covered Call Index. They also come from different issuers: Calamos and ProShares. Their fees differ too: 0.74% for CAIE and 0.55% for ISPY.