CAIE vs. VMFXX

Last updated Jun 16, 2026

CAIE (Calamos Autocallable Income ETF) and VMFXX (Vanguard Federal Money Market Fund) are both funds - CAIE is a Derivative Income fund tracking the MerQube US Large Cap Vol Advantage Autocallable Index, while VMFXX is a Money Market fund managed by Vanguard. At a 0.02 correlation, their price movements are largely independent. CAIE charges 0.74%/yr vs 0.11%/yr for VMFXX.

Performance

CAIE vs. VMFXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Autocallable Income ETF (CAIE) and Vanguard Federal Money Market Fund (VMFXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAIE achieves a 8.63% return, which is significantly higher than VMFXX's 1.50% return.

CAIE

• 1D: 1.15%
• 1M: 1.01%
• YTD: 8.63%
• 6M: 9.20%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VMFXX

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.50%
• 6M: 1.82%
• 1Y: 3.95%
• 3Y*: 3.35%
• 5Y*: 2.39%
• 10Y*: —

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

CAIE vs. VMFXX - Yearly Performance Comparison

	2026 (YTD)	2025
CAIE Calamos Autocallable Income ETF	8.63%	15.12%
VMFXX Vanguard Federal Money Market Fund	1.50%	2.42%

Correlation

The correlation between CAIE and VMFXX is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.02

Return for Risk

CAIE vs. VMFXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Autocallable Income ETF (CAIE) and Vanguard Federal Money Market Fund (VMFXX). 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	VMFXX	Difference
Sharpe ratio: Return per unit of total volatility	—	3.67	—
Sortino ratio: Return per unit of downside risk	—	—	—
Omega ratio: Gain probability vs. loss probability	—	—	—
Calmar ratio: Return relative to maximum drawdown	—	—	—
Martin ratio: Return relative to average drawdown	—	—	—

Drawdowns

CAIE vs. VMFXX - Drawdown Comparison

The maximum CAIE drawdown since its inception was -7.73%, which is greater than VMFXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for CAIE and VMFXX.

Drawdown Indicators

	CAIE	VMFXX	Difference
Max Drawdown Largest peak-to-trough decline	-7.73%	0.00%	-7.73%
Max Drawdown (1Y) Largest decline over 1 year	—	0.00%	—
Max Drawdown (3Y) Largest decline over 3 years	—	0.00%	—
Max Drawdown (5Y) Largest decline over 5 years	—	0.00%	—
Current Drawdown Current decline from peak	-0.80%	0.00%	-0.80%
Average Drawdown Average peak-to-trough decline	-1.08%	0.00%	-1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	CAIE	VMFXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.30%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.72%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.08%	1.12%	+10.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.08%	0.94%	+11.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.08%	0.94%	+11.14%

CAIE vs. VMFXX - Expense Ratio Comparison

CAIE has a 0.74% expense ratio, which is higher than VMFXX's 0.11% expense ratio.

Dividends

CAIE vs. VMFXX - Dividend Comparison

CAIE's dividend yield for the trailing twelve months is around 13.15%, more than VMFXX's 3.87% yield.

Position	TTM	2025	2024	2023
CAIE Calamos Autocallable Income ETF	13.15%	7.46%	0.00%	0.00%
VMFXX Vanguard Federal Money Market Fund	3.87%	4.14%	1.63%	4.53%

Frequently Asked Questions

Can I hold both CAIE and VMFXX in my portfolio?

CAIE and VMFXX have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.