CAIE vs. UGA

Last updated Jun 14, 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 Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. At a correlation of -0.24, they often move in opposite directions. CAIE charges 0.74%/yr vs 0.75%/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 7.40% return, which is significantly lower than UGA's 70.32% return.

CAIE

• 1D: 0.22%
• 1M: -0.96%
• YTD: 7.40%
• 6M: 7.80%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

UGA

• 1D: -0.87%
• 1M: -12.30%
• YTD: 70.32%
• 6M: 66.23%
• 1Y: 64.18%
• 3Y*: 20.40%
• 5Y*: 24.61%
• 10Y*: 14.82%

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

CAIE vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025
CAIE Calamos Autocallable Income ETF	7.40%	15.12%
UGA United States Gasoline Fund LP	70.32%	1.97%

Correlation

The correlation between CAIE and UGA is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
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 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.

UGA

UGA Risk / Return Rank: 70
UGA Sharpe Ratio Rank: 71
UGA Sortino Ratio Rank: 59
UGA Omega Ratio Rank: 63
UGA Calmar Ratio Rank: 88
UGA Martin Ratio Rank: 66

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. 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	—	1.98	—
Sortino ratio: Return per unit of downside risk	—	2.46	—
Omega ratio: Gain probability vs. loss probability	—	1.33	—
Calmar ratio: Return relative to maximum drawdown	—	4.56	—
Martin ratio: Return relative to average drawdown	—	10.57	—

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	—	-15.31%	—
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	-1.92%	-14.94%	+13.02%
Average Drawdown Average peak-to-trough decline	-1.08%	-36.72%	+35.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.59%	—

Volatility

Volatility by Period

	CAIE	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.19%	—
Volatility (6M) Calculated over the trailing 6-month period	—	30.56%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.06%	35.20%	-23.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.06%	34.40%	-22.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.06%	37.25%	-25.19%

CAIE vs. UGA - Expense Ratio Comparison

CAIE has a 0.74% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

CAIE vs. UGA - Dividend Comparison

CAIE's dividend yield for the trailing twelve months is around 13.30%, while UGA has not paid dividends to shareholders.

Position	TTM	2025
CAIE Calamos Autocallable Income ETF	13.30%	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 -0.24, 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 UGA?

On fees, CAIE is cheaper at 0.74% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAIE or UGA?

CAIE is cheaper with a 0.74% expense ratio, compared with 0.75% for UGA.

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

CAIE has the higher dividend yield at 13.30%, 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 Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Calamos and Concierge Technologies. Their fees differ too: 0.74% for CAIE and 0.75% for UGA.