CAIE vs. WNTR

Last updated Jun 26, 2026

CAIE (Calamos Autocallable Income ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both Derivative Income funds. CAIE is passively managed, while WNTR is actively managed. Over the past year, CAIE returned 23.25% vs 115.98% for WNTR. At a correlation of -0.40, they often move in opposite directions. CAIE charges 0.74%/yr vs 1.01%/yr for WNTR.

Performance

CAIE vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Autocallable Income ETF (CAIE) and YieldMax Short MSTR Option Income Strategy ETF (WNTR). 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 WNTR's 17.65% return.

CAIE

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

WNTR

• 1D: 6.51%
• 1M: 45.64%
• YTD: 17.65%
• 6M: 21.49%
• 1Y: 115.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CAIE vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
CAIE Calamos Autocallable Income ETF	7.04%	15.12%
WNTR YieldMax Short MSTR Option Income Strategy ETF	17.65%	78.36%

Correlation

The correlation between CAIE and WNTR is -0.41, 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 (1Y) Calculated over the trailing 1-year period	-0.41
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	-0.40

Return for Risk

CAIE vs. WNTR — 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

WNTR

WNTR Risk / Return Rank: 63
WNTR Sharpe Ratio Rank: 80
WNTR Sortino Ratio Rank: 60
WNTR Omega Ratio Rank: 64
WNTR Calmar Ratio Rank: 64
WNTR Martin Ratio Rank: 47

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. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Autocallable Income ETF (CAIE) and YieldMax Short MSTR Option Income Strategy ETF (WNTR). 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	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.20	-0.25
Sortino ratio: Return per unit of downside risk	2.68	2.46	+0.22
Omega ratio: Gain probability vs. loss probability	1.35	1.33	+0.02
Calmar ratio: Return relative to maximum drawdown	3.02	2.73	+0.29
Martin ratio: Return relative to average drawdown	13.03	6.99	+6.04

CAIE vs. WNTR - Sharpe Ratio Comparison

The current CAIE Sharpe Ratio is 1.95, which is comparable to the WNTR Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of CAIE and WNTR, 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. WNTR - Drawdown Comparison

The maximum CAIE drawdown since its inception was -7.73%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for CAIE and WNTR.

Drawdown Indicators

	CAIE	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-7.73%	-42.65%	+34.92%
Max Drawdown (1Y) Largest decline over 1 year	-7.73%	-42.65%	+34.92%
Current Drawdown Current decline from peak	-2.25%	-4.02%	+1.77%
Average Drawdown Average peak-to-trough decline	-1.10%	-20.87%	+19.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	16.66%	-14.87%

Volatility

CAIE vs. WNTR - Volatility Comparison

The current volatility for Calamos Autocallable Income ETF (CAIE) is 3.37%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.14%. This indicates that CAIE experiences smaller price fluctuations and is considered to be less risky than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAIE	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	18.14%	-14.77%
Volatility (6M) Calculated over the trailing 6-month period	8.37%	46.41%	-38.04%
Volatility (1Y) Calculated over the trailing 1-year period	12.00%	53.16%	-41.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.00%	53.31%	-41.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.00%	53.31%	-41.31%

CAIE vs. WNTR - Expense Ratio Comparison

CAIE has a 0.74% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

CAIE vs. WNTR - Dividend Comparison

CAIE's dividend yield for the trailing twelve months is around 13.34%, less than WNTR's 94.34% yield.

Position	TTM	2025
CAIE Calamos Autocallable Income ETF	13.34%	7.46%
WNTR YieldMax Short MSTR Option Income Strategy ETF	94.34%	58.56%

Frequently Asked Questions

Can I hold both CAIE and WNTR in my portfolio?

CAIE and WNTR have a correlation of -0.41, 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 WNTR?

WNTR has higher volatility (18.14%) compared to CAIE (3.37%). In terms of maximum drawdown, CAIE dropped -7.73% vs WNTR's -42.65%.

Which ETF is better, CAIE or WNTR?

On 1-year performance, WNTR leads with 115.98% vs 23.25% for CAIE. On fees, CAIE is cheaper at 0.74% 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 WNTR?

Over the 1-year period, WNTR has performed better with a 115.98% return vs 23.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAIE or WNTR?

CAIE is cheaper with a 0.74% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 94.34%, compared with 13.34% for CAIE.

What is the main difference between CAIE and WNTR?

They also come from different issuers: Calamos and YieldMax. Their fees differ too: 0.74% for CAIE and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.20 vs 1.95), 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.