CAIE vs. VOO

Last updated Jun 26, 2026

CAIE (Calamos Autocallable Income ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - CAIE is a Derivative Income fund tracking the MerQube US Large Cap Vol Advantage Autocallable Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, CAIE returned 23.25% vs 22.17% for VOO. Their correlation of 0.92 suggests significant overlap in exposure. CAIE charges 0.74%/yr vs 0.03%/yr for VOO.

Performance

CAIE vs. VOO - Performance Comparison

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

Returns By Period

In the year-to-date period, CAIE achieves a 7.04% return, which is significantly lower than VOO's 8.09% return.

CAIE

• 1D: 0.30%
• 1M: -1.33%
• YTD: 7.04%
• 6M: 5.77%
• 1Y: 23.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VOO

• 1D: 0.00%
• 1M: -2.07%
• YTD: 8.09%
• 6M: 6.78%
• 1Y: 22.17%
• 3Y*: 20.91%
• 5Y*: 13.02%
• 10Y*: 15.82%

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

CAIE vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025
CAIE Calamos Autocallable Income ETF	7.04%	15.12%
VOO Vanguard S&P 500 ETF	8.09%	13.09%

Correlation

The correlation between CAIE and VOO is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.92

The correlation between CAIE and VOO has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

CAIE vs. VOO - Sectors Allocation Comparison

Sectors	CAIE	VOO
Basic Materials	13.5%	1.7%
Communication Services	-	10.5%
Consumer Cyclical	-	9.8%
Consumer Defensive	-	4.5%
Energy	-	3.2%
Financial Services	-	10.9%
Healthcare	-	8.3%
Industrials	-	7.6%
Real Estate	-	1.8%
Technology	-	39.1%
Utilities	-	2.5%

Return for Risk

CAIE vs. VOO — Risk / Return Rank

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

CAIE

CAIE Risk / Return Rank: 71
CAIE Sharpe Ratio Rank: 69
CAIE Sortino Ratio Rank: 68
CAIE Omega Ratio Rank: 68
CAIE Calmar Ratio Rank: 70
CAIE Martin Ratio Rank: 78

VOO

VOO Risk / Return Rank: 63
VOO Sharpe Ratio Rank: 63
VOO Sortino Ratio Rank: 61
VOO Omega Ratio Rank: 62
VOO Calmar Ratio Rank: 59
VOO Martin Ratio Rank: 69

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Autocallable Income ETF (CAIE) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.80	+0.15
Sortino ratio: Return per unit of downside risk	2.68	2.45	+0.22
Omega ratio: Gain probability vs. loss probability	1.35	1.33	+0.02
Calmar ratio: Return relative to maximum drawdown	3.02	2.50	+0.52
Martin ratio: Return relative to average drawdown	13.03	11.08	+1.96

CAIE vs. VOO - Sharpe Ratio Comparison

The current CAIE Sharpe Ratio is 1.95, which is comparable to the VOO Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of CAIE and VOO, 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. VOO - Drawdown Comparison

The maximum CAIE drawdown since its inception was -7.73%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for CAIE and VOO.

Drawdown Indicators

	CAIE	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-7.73%	-33.99%	+26.26%
Max Drawdown (1Y) Largest decline over 1 year	-7.73%	-8.90%	+1.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-2.25%	-3.23%	+0.98%
Average Drawdown Average peak-to-trough decline	-1.10%	-3.68%	+2.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	2.01%	-0.22%

Volatility

CAIE vs. VOO - Volatility Comparison

The current volatility for Calamos Autocallable Income ETF (CAIE) is 3.37%, while Vanguard S&P 500 ETF (VOO) has a volatility of 4.75%. This indicates that CAIE experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAIE	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	4.75%	-1.38%
Volatility (6M) Calculated over the trailing 6-month period	8.37%	9.77%	-1.40%
Volatility (1Y) Calculated over the trailing 1-year period	12.00%	12.39%	-0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.00%	16.91%	-4.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.00%	18.02%	-6.02%

CAIE vs. VOO - Expense Ratio Comparison

CAIE has a 0.74% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

CAIE vs. VOO - Dividend Comparison

CAIE's dividend yield for the trailing twelve months is around 13.34%, more than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAIE Calamos Autocallable Income ETF	13.34%	7.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both CAIE and VOO in my portfolio?

With a correlation of 0.92, CAIE and VOO 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 is riskier, CAIE or VOO?

VOO has higher volatility (4.75%) compared to CAIE (3.37%). In terms of maximum drawdown, CAIE dropped -7.73% vs VOO's -33.99%.

Which ETF is better, CAIE or VOO?

On 1-year performance, CAIE leads with 23.25% vs 22.17% for VOO. On fees, VOO is cheaper at 0.03% per year. On volatility, CAIE has been the lower-risk option at 3.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAIE or VOO?

Over the 1-year period, CAIE has performed better with a 23.25% return vs 22.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAIE or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.74% for CAIE.

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

CAIE has the higher dividend yield at 13.34%, compared with 1.05% for VOO.

What is the main difference between CAIE and VOO?

CAIE is categorized as Derivative Income, while VOO is S&P 500. CAIE tracks MerQube US Large Cap Vol Advantage Autocallable Index, while VOO tracks S&P 500 Index. They also come from different issuers: Calamos and Vanguard. Their fees differ too: 0.74% for CAIE and 0.03% for VOO.

Which has better risk-adjusted returns?

CAIE currently has the higher Sharpe Ratio (1.95 vs 1.80), 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.