CAIE vs. VTES

Last updated Jun 5, 2026

CAIE (Calamos Autocallable Income ETF) and VTES (Vanguard Short-Term Tax-Exempt Bond ETF Shares) are both exchange-traded funds - CAIE is a Derivative Income fund tracking the MerQube US Large Cap Vol Advantage Autocallable Index, while VTES is a Municipal Bonds fund tracking the S&P 0-7 Yr National AMT-Free Municipal Bond Index - Benchmark TR Gross. Both are passively managed. At a 0.12 correlation, their price movements are largely independent. CAIE charges 0.74%/yr vs 0.07%/yr for VTES.

Performance

CAIE vs. VTES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Autocallable Income ETF (CAIE) and Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAIE achieves a 9.42% return, which is significantly higher than VTES's 0.71% return.

CAIE

• 1D: 0.33%
• 1M: 3.38%
• YTD: 9.42%
• 6M: 9.31%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VTES

• 1D: 0.05%
• 1M: 0.37%
• YTD: 0.71%
• 6M: 1.05%
• 1Y: 3.63%
• 3Y*: 3.21%
• 5Y*: —
• 10Y*: —

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

CAIE vs. VTES - Yearly Performance Comparison

	2026 (YTD)	2025
CAIE Calamos Autocallable Income ETF	9.42%	15.15%
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares	0.71%	2.41%

Correlation

The correlation between CAIE and VTES is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.12

Return for Risk

CAIE vs. VTES — Risk / Return Rank

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

VTES

VTES Risk / Return Rank: 74
VTES Sharpe Ratio Rank: 88
VTES Sortino Ratio Rank: 91
VTES Omega Ratio Rank: 94
VTES Calmar Ratio Rank: 51
VTES Martin Ratio Rank: 45

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. VTES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Autocallable Income ETF (CAIE) and Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	CAIE	VTES	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.94	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.34	1.82	+0.53

Drawdowns

CAIE vs. VTES - Drawdown Comparison

The maximum CAIE drawdown since its inception was -7.73%, which is greater than VTES's maximum drawdown of -2.42%. Use the drawdown chart below to compare losses from any high point for CAIE and VTES.

Drawdown Indicators

	CAIE	VTES	Difference
Max Drawdown Largest peak-to-trough decline	-7.73%	-2.42%	-5.31%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.47%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-1.80%	—
Current Drawdown Current decline from peak	-0.07%	-0.57%	+0.50%
Average Drawdown Average peak-to-trough decline	-1.05%	-0.50%	-0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.50%	—

Volatility

Volatility by Period

	CAIE	VTES	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.35%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.97%	—
Volatility (1Y) Calculated over the trailing 1-year period	11.91%	1.24%	+10.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.91%	1.72%	+10.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.91%	1.72%	+10.19%

CAIE vs. VTES - Expense Ratio Comparison

CAIE has a 0.74% expense ratio, which is higher than VTES's 0.07% expense ratio.

Dividends

CAIE vs. VTES - Dividend Comparison

CAIE's dividend yield for the trailing twelve months is around 13.05%, more than VTES's 2.75% yield.

Position	TTM	2025	2024	2023
CAIE Calamos Autocallable Income ETF	13.05%	7.46%	0.00%	0.00%
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares	2.75%	2.77%	2.99%	2.03%

Frequently Asked Questions

Can I hold both CAIE and VTES in my portfolio?

CAIE and VTES have a correlation of 0.12, 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 VTES?

On fees, VTES is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAIE or VTES?

VTES is cheaper with a 0.07% expense ratio, compared with 0.74% for CAIE.

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

CAIE has the higher dividend yield at 13.05%, compared with 2.75% for VTES.

What is the main difference between CAIE and VTES?

CAIE is categorized as Derivative Income, while VTES is Municipal Bonds. CAIE tracks MerQube US Large Cap Vol Advantage Autocallable Index, while VTES tracks S&P 0-7 Yr National AMT-Free Municipal Bond Index - Benchmark TR Gross. They also come from different issuers: Calamos and Vanguard. Their fees differ too: 0.74% for CAIE and 0.07% for VTES.