CAIE vs. UGA

Last updated Aug 5, 2026

CAIE (Calamos Autocallable Income ETF) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - CAIE is a Derivative Income fund tracking the MerQube US Large Cap Vol Advantage Autocallable Total Return Index, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. Both are passively managed. Over the past year, CAIE returned 20.78% vs 71.86% for UGA. Their -0.24 correlation means they have often moved in opposite directions in the past. CAIE charges 0.86%/yr vs 1.02%/yr for UGA.

Performance

CAIE vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Autocallable Income ETF (CAIE) and United States Gasoline Fund, LP (UGA). 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 lower than UGA's 73.74% return.

CAIE

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

UGA

• 1D: -4.00%
• 1M: 4.18%
• 6M: 57.40%
• YTD: 73.74%
• 1Y: 71.86%
• 3Y*: 15.08%
• 5Y*: 23.69%
• 10Y*: 16.34%
• ALL TIME*: 4.28%

*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
UGA United States Gasoline Fund, LP	$8.76M	$6.07M	$5.03M

CAIE vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025
CAIE Calamos Autocallable Income ETF	10.88%	15.12%
UGA United States Gasoline Fund, LP	73.74%	1.97%

Correlation

The correlation between CAIE and UGA is -0.25, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.25
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	-0.24

Return for Risk

CAIE vs. UGA — 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

UGA

UGA Risk / Return Rank: 74
UGA Sharpe Ratio Rank: 77
UGA Sortino Ratio Rank: 67
UGA Omega Ratio Rank: 68
UGA Calmar Ratio Rank: 85
UGA Martin Ratio Rank: 71

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. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Autocallable Income ETF (CAIE) and United States Gasoline Fund, LP (UGA). 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	UGA	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.97	-0.21
Sortino ratio: Return per unit of downside risk	2.46	2.48	-0.02
Omega ratio: Gain probability vs. loss probability	1.32	1.32	0.00
Calmar ratio: Return relative to maximum drawdown	2.70	3.56	-0.85
Martin ratio: Return relative to average drawdown	11.39	9.88	+1.51

CAIE vs. UGA - Sharpe Ratio Comparison

The current CAIE Sharpe Ratio is 1.77, which is comparable to the UGA Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of CAIE and UGA, 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. UGA - Drawdown Comparison

The maximum CAIE drawdown since its inception was -7.73%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for CAIE and UGA.

Drawdown Indicators

	CAIE	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-7.73%	-86.59%	+78.86%
Max Drawdown (1Y) Largest decline over 1 year	-7.73%	-20.32%	+12.59%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.68%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	0.00%	-14.19%	+14.19%
Average Drawdown Average peak-to-trough decline	-1.13%	-36.52%	+35.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	7.30%	-5.47%

Volatility

CAIE vs. UGA - Volatility Comparison

The current volatility for Calamos Autocallable Income ETF (CAIE) is 3.60%, while United States Gasoline Fund, LP (UGA) has a volatility of 13.00%. This indicates that CAIE experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAIE	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	13.00%	-9.40%
Volatility (6M) Calculated over the trailing 6-month period	8.57%	32.31%	-23.74%
Volatility (1Y) Calculated over the trailing 1-year period	11.94%	36.60%	-24.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.92%	34.73%	-22.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.92%	37.32%	-25.40%

CAIE vs. UGA - Expense Ratio Comparison

CAIE has a 0.86% expense ratio, which is lower than UGA's 1.02% expense ratio.

Dividends

CAIE vs. UGA - Dividend Comparison

CAIE's dividend yield for the trailing twelve months is around 14.08%, while UGA has not paid dividends to shareholders.

Position	TTM	2025
CAIE Calamos Autocallable Income ETF	14.08%	7.46%
UGA United States Gasoline Fund, LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both CAIE and UGA in my portfolio?

CAIE and UGA have a correlation of -0.25, 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 UGA?

UGA has higher volatility (13.00%) compared to CAIE (3.60%). In terms of maximum drawdown, CAIE dropped -7.73% vs UGA's -86.59%.

Which ETF is better, CAIE or UGA?

On 1-year performance, UGA leads with 71.86% vs 20.78% for CAIE. On fees, CAIE is cheaper at 0.86% per year. On volatility, CAIE has been the lower-risk option at 3.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAIE or UGA?

Over the 1-year period, UGA has performed better with a 71.86% return vs 20.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAIE or UGA?

CAIE is cheaper with a 0.86% expense ratio, compared with 1.02% for UGA.

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

CAIE has the higher dividend yield at 14.08%, compared with 0.00% for UGA.

What is the main difference between CAIE and UGA?

CAIE is categorized as Derivative Income, while UGA is Oil & Gas. CAIE tracks MerQube US Large Cap Vol Advantage Autocallable Total Return Index, while UGA tracks Near-Month NYMEX RBOB Gasoline Futures Contract. They also come from different issuers: Calamos and USCF. Their fees differ too: 0.86% for CAIE and 1.02% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (1.97 vs 1.77), 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.