CAIE vs. IVVW

Last updated Jun 5, 2026

CAIE (Calamos Autocallable Income ETF) and IVVW (iShares S&P 500 BuyWrite ETF) are both Derivative Income funds - CAIE tracks the MerQube US Large Cap Vol Advantage Autocallable Index while IVVW tracks the Cboe S&P 500 Enhanced 1% OTM BuyWrite Index. Both are passively managed. A 0.78 correlation means they provide meaningful diversification when combined. CAIE charges 0.74%/yr vs 0.25%/yr for IVVW.

Performance

CAIE vs. IVVW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Autocallable Income ETF (CAIE) and iShares S&P 500 BuyWrite ETF (IVVW). 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 higher than IVVW's 5.13% return.

CAIE

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

IVVW

• 1D: 0.27%
• 1M: 1.98%
• YTD: 5.13%
• 6M: 6.73%
• 1Y: 20.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CAIE vs. IVVW - Yearly Performance Comparison

	2026 (YTD)	2025
CAIE Calamos Autocallable Income ETF	9.42%	15.15%
IVVW iShares S&P 500 BuyWrite ETF	5.13%	11.99%

Correlation

The correlation between CAIE and IVVW is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.78

CAIE vs. IVVW - Sectors Allocation Comparison

Sectors	CAIE	IVVW
Basic Materials	13.4%	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Financial Services	-	11.8%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.6%
Utilities	-	2.4%

Return for Risk

CAIE vs. IVVW — Risk / Return Rank

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

IVVW

IVVW Risk / Return Rank: 85
IVVW Sharpe Ratio Rank: 85
IVVW Sortino Ratio Rank: 86
IVVW Omega Ratio Rank: 92
IVVW Calmar Ratio Rank: 72
IVVW Martin Ratio Rank: 88

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. IVVW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Autocallable Income ETF (CAIE) and iShares S&P 500 BuyWrite ETF (IVVW). 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	IVVW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.76	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.34	1.08	+1.27

Drawdowns

CAIE vs. IVVW - Drawdown Comparison

The maximum CAIE drawdown since its inception was -7.73%, smaller than the maximum IVVW drawdown of -16.79%. Use the drawdown chart below to compare losses from any high point for CAIE and IVVW.

Drawdown Indicators

	CAIE	IVVW	Difference
Max Drawdown Largest peak-to-trough decline	-7.73%	-16.79%	+9.06%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.81%	—
Current Drawdown Current decline from peak	-0.07%	0.00%	-0.07%
Average Drawdown Average peak-to-trough decline	-1.05%	-1.75%	+0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.05%	—

Volatility

Volatility by Period

	CAIE	IVVW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.14%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.07%	—
Volatility (1Y) Calculated over the trailing 1-year period	11.91%	7.40%	+4.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.91%	12.65%	-0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.91%	12.65%	-0.74%

CAIE vs. IVVW - Expense Ratio Comparison

CAIE has a 0.74% expense ratio, which is higher than IVVW's 0.25% expense ratio.

Dividends

CAIE vs. IVVW - Dividend Comparison

CAIE's dividend yield for the trailing twelve months is around 13.05%, less than IVVW's 19.65% yield.

Position	TTM	2025	2024
CAIE Calamos Autocallable Income ETF	13.05%	7.46%	0.00%
IVVW iShares S&P 500 BuyWrite ETF	19.65%	18.55%	13.72%

Frequently Asked Questions

Can I hold both CAIE and IVVW in my portfolio?

CAIE and IVVW have a correlation of 0.78, 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 IVVW?

On fees, IVVW is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAIE or IVVW?

IVVW is cheaper with a 0.25% expense ratio, compared with 0.74% for CAIE.

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

IVVW has the higher dividend yield at 19.65%, compared with 13.05% for CAIE.

What is the main difference between CAIE and IVVW?

CAIE tracks MerQube US Large Cap Vol Advantage Autocallable Index, while IVVW tracks Cboe S&P 500 Enhanced 1% OTM BuyWrite Index. They also come from different issuers: Calamos and iShares. Their fees differ too: 0.74% for CAIE and 0.25% for IVVW.