CAIE vs. SPYI

Last updated Jun 23, 2026

CAIE (Calamos Autocallable Income ETF) and SPYI (NEOS S&P 500 High Income ETF) are both Derivative Income funds. CAIE is passively managed, while SPYI is actively managed. Their correlation of 0.90 suggests significant overlap in exposure. CAIE charges 0.74%/yr vs 0.68%/yr for SPYI.

Performance

CAIE vs. SPYI - Performance Comparison

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

Returns By Period

In the year-to-date period, CAIE achieves a 7.91% return, which is significantly higher than SPYI's 6.95% return.

CAIE

• 1D: -0.07%
• 1M: -0.31%
• YTD: 7.91%
• 6M: 7.33%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYI

• 1D: -0.30%
• 1M: 0.07%
• YTD: 6.95%
• 6M: 6.74%
• 1Y: 21.49%
• 3Y*: 15.66%
• 5Y*: —
• 10Y*: —

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

CAIE vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025
CAIE Calamos Autocallable Income ETF	7.91%	15.12%
SPYI NEOS S&P 500 High Income ETF	6.95%	11.95%

Correlation

The correlation between CAIE and SPYI is 0.90, 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 25, 2025	0.90

CAIE vs. SPYI - Sectors Allocation Comparison

Sectors	CAIE	SPYI
Basic Materials	13.5%	1.7%
Communication Services	-	10.7%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Financial Services	-	11.1%
Healthcare	-	8.3%
Industrials	-	7.8%
Real Estate	-	1.8%
Technology	-	39.1%
Utilities	-	2.1%

Return for Risk

CAIE vs. SPYI — Risk / Return Rank

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

CAIE

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

SPYI

SPYI Risk / Return Rank: 68
SPYI Sharpe Ratio Rank: 67
SPYI Sortino Ratio Rank: 64
SPYI Omega Ratio Rank: 73
SPYI Calmar Ratio Rank: 58
SPYI Martin Ratio Rank: 76

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. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Autocallable Income ETF (CAIE) and NEOS S&P 500 High Income ETF (SPYI). 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	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	—	2.11	—
Sortino ratio: Return per unit of downside risk	—	2.86	—
Omega ratio: Gain probability vs. loss probability	—	1.41	—
Calmar ratio: Return relative to maximum drawdown	—	2.80	—
Martin ratio: Return relative to average drawdown	—	14.03	—

Drawdowns

CAIE vs. SPYI - Drawdown Comparison

The maximum CAIE drawdown since its inception was -7.73%, smaller than the maximum SPYI drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for CAIE and SPYI.

Drawdown Indicators

	CAIE	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-7.73%	-16.47%	+8.74%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.72%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-16.47%	—
Current Drawdown Current decline from peak	-1.45%	-1.21%	-0.24%
Average Drawdown Average peak-to-trough decline	-1.09%	-1.81%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.54%	—

Volatility

Volatility by Period

	CAIE	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.23%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.02%	10.27%	+1.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.02%	13.01%	-0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.02%	13.01%	-0.99%

CAIE vs. SPYI - Expense Ratio Comparison

CAIE has a 0.74% expense ratio, which is higher than SPYI's 0.68% expense ratio.

Dividends

CAIE vs. SPYI - Dividend Comparison

CAIE's dividend yield for the trailing twelve months is around 13.23%, more than SPYI's 12.85% yield.

Position	TTM	2025	2024	2023	2022
CAIE Calamos Autocallable Income ETF	13.23%	7.46%	0.00%	0.00%	0.00%
SPYI NEOS S&P 500 High Income ETF	12.85%	11.70%	12.04%	12.01%	4.10%

Frequently Asked Questions

Can I hold both CAIE and SPYI in my portfolio?

With a correlation of 0.90, CAIE and SPYI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, CAIE or SPYI?

On fees, SPYI is cheaper at 0.68% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAIE or SPYI?

SPYI is cheaper with a 0.68% expense ratio, compared with 0.74% for CAIE.

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

CAIE has the higher dividend yield at 13.23%, compared with 12.85% for SPYI.

What is the main difference between CAIE and SPYI?

They also come from different issuers: Calamos and Neos. Their fees differ too: 0.74% for CAIE and 0.68% for SPYI.