CAIE vs. TLTX

Last updated Aug 5, 2026

CAIE (Calamos Autocallable Income ETF) and TLTX (Global X Treasury Bond Enhanced Income 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 TLTX is a Government Bonds fund actively managed by Global X. CAIE is passively managed, while TLTX is actively managed. Over the past year, CAIE returned 20.78% vs -0.71% for TLTX. Their 0.26 correlation means their historical movements had little consistent relationship. CAIE charges 0.86%/yr vs 0.29%/yr for TLTX.

Performance

CAIE vs. TLTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Autocallable Income ETF (CAIE) and Global X Treasury Bond Enhanced Income ETF (TLTX). 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 TLTX's -2.60% return.

CAIE

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

TLTX

• 1D: 0.43%
• 1M: -3.00%
• 6M: -2.25%
• YTD: -2.60%
• 1Y: -0.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.11%

*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
TLTX Global X Treasury Bond Enhanced Income ETF	$161.97K	$191.43K	$332.84K

CAIE vs. TLTX - Yearly Performance Comparison

	2026 (YTD)	2025
CAIE Calamos Autocallable Income ETF	10.88%	10.78%
TLTX Global X Treasury Bond Enhanced Income ETF	-2.60%	6.02%

Correlation

The correlation between CAIE and TLTX is 0.28, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.28
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.26

Return for Risk

CAIE vs. TLTX — 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

TLTX

TLTX Risk / Return Rank: 9
TLTX Sharpe Ratio Rank: 9
TLTX Sortino Ratio Rank: 8
TLTX Omega Ratio Rank: 8
TLTX Calmar Ratio Rank: 9
TLTX Martin Ratio Rank: 9

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. TLTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Autocallable Income ETF (CAIE) and Global X Treasury Bond Enhanced Income ETF (TLTX). 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	TLTX	Difference
Sharpe ratio: Return per unit of total volatility	1.77	-0.08	+1.84
Sortino ratio: Return per unit of downside risk	2.46	-0.04	+2.50
Omega ratio: Gain probability vs. loss probability	1.32	1.00	+0.32
Calmar ratio: Return relative to maximum drawdown	2.70	-0.11	+2.81
Martin ratio: Return relative to average drawdown	11.39	-0.23	+11.62

CAIE vs. TLTX - Sharpe Ratio Comparison

The current CAIE Sharpe Ratio is 1.77, which is higher than the TLTX Sharpe Ratio of -0.08. The chart below compares the historical Sharpe Ratios of CAIE and TLTX, 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. TLTX - Drawdown Comparison

The maximum CAIE drawdown since its inception was -7.73%, which is greater than TLTX's maximum drawdown of -6.70%. Use the drawdown chart below to compare losses from any high point for CAIE and TLTX.

Drawdown Indicators

	CAIE	TLTX	Difference
Max Drawdown Largest peak-to-trough decline	-7.73%	-6.70%	-1.03%
Max Drawdown (1Y) Largest decline over 1 year	-7.73%	-6.70%	-1.03%
Current Drawdown Current decline from peak	0.00%	-6.20%	+6.20%
Average Drawdown Average peak-to-trough decline	-1.13%	-2.52%	+1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	3.08%	-1.25%

Volatility

CAIE vs. TLTX - Volatility Comparison

Calamos Autocallable Income ETF (CAIE) has a higher volatility of 3.60% compared to Global X Treasury Bond Enhanced Income ETF (TLTX) at 2.96%. This indicates that CAIE's price experiences larger fluctuations and is considered to be riskier than TLTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAIE	TLTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	2.96%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	8.57%	7.30%	+1.27%
Volatility (1Y) Calculated over the trailing 1-year period	11.94%	9.45%	+2.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.92%	9.41%	+2.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.92%	9.41%	+2.51%

CAIE vs. TLTX - Expense Ratio Comparison

CAIE has a 0.86% expense ratio, which is higher than TLTX's 0.29% expense ratio.

Dividends

CAIE vs. TLTX - Dividend Comparison

CAIE's dividend yield for the trailing twelve months is around 14.08%, less than TLTX's 19.20% yield.

Position	TTM	2025
CAIE Calamos Autocallable Income ETF	14.08%	7.46%
TLTX Global X Treasury Bond Enhanced Income ETF	19.20%	7.54%

Frequently Asked Questions

Can I hold both CAIE and TLTX in my portfolio?

CAIE and TLTX have a correlation of 0.28, 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 TLTX?

CAIE has higher volatility (3.60%) compared to TLTX (2.96%). In terms of maximum drawdown, CAIE dropped -7.73% vs TLTX's -6.70%.

Which ETF is better, CAIE or TLTX?

On 1-year performance, CAIE leads with 20.78% vs -0.71% for TLTX. On fees, TLTX is cheaper at 0.29% per year. On volatility, TLTX has been the lower-risk option at 2.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAIE or TLTX?

Over the 1-year period, CAIE has performed better with a 20.78% return vs -0.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAIE or TLTX?

TLTX is cheaper with a 0.29% expense ratio, compared with 0.86% for CAIE.

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

TLTX has the higher dividend yield at 19.20%, compared with 14.08% for CAIE.

What is the main difference between CAIE and TLTX?

CAIE is categorized as Derivative Income, while TLTX is Government Bonds. They also come from different issuers: Calamos and Global X. Their fees differ too: 0.86% for CAIE and 0.29% for TLTX.

Which has better risk-adjusted returns?

CAIE currently has the higher Sharpe Ratio (1.77 vs -0.08), 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.