CAIE vs. XYLD

Last updated Aug 5, 2026

CAIE (Calamos Autocallable Income ETF) and XYLD (Global X S&P 500 Covered Call ETF) are both Derivative Income funds - CAIE tracks the MerQube US Large Cap Vol Advantage Autocallable Total Return Index while XYLD tracks the Cboe S&P 500 BuyWrite Index. Both are passively managed. Over the past year, CAIE returned 20.78% vs 18.65% for XYLD. Their correlation of 0.81 means they have usually moved in the same direction. CAIE charges 0.86%/yr vs 0.60%/yr for XYLD.

Performance

CAIE vs. XYLD - Performance Comparison

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

Returns By Period

In the year-to-date period, CAIE achieves a 10.88% return, which is significantly higher than XYLD's 8.89% return.

CAIE

• 1D: 1.30%
• 1M: 2.49%
• 6M: 9.84%
• YTD: 10.88%
• 1Y: 20.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 24.63%

XYLD

• 1D: 0.24%
• 1M: 2.61%
• 6M: 7.72%
• YTD: 8.89%
• 1Y: 18.65%
• 3Y*: 12.21%
• 5Y*: 7.93%
• 10Y*: 8.30%
• ALL TIME*: 8.43%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAIE Calamos Autocallable Income ETF	$18.08M	$16.26M	$13.42M
XYLD Global X S&P 500 Covered Call ETF	$31.68M	$34.09M	$32.56M

CAIE vs. XYLD - Yearly Performance Comparison

	2026 (YTD)	2025
CAIE Calamos Autocallable Income ETF	10.88%	15.12%
XYLD Global X S&P 500 Covered Call ETF	8.89%	10.50%

Correlation

The correlation between CAIE and XYLD is 0.83, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.83
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.81

The correlation between CAIE and XYLD has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.

Return for Risk

CAIE vs. XYLD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CAIE

CAIE Risk / Return Rank: 70
CAIE Sharpe Ratio Rank: 68
CAIE Sortino Ratio Rank: 67
CAIE Omega Ratio Rank: 66
CAIE Calmar Ratio Rank: 69
CAIE Martin Ratio Rank: 79

XYLD

XYLD Risk / Return Rank: 92
XYLD Sharpe Ratio Rank: 93
XYLD Sortino Ratio Rank: 93
XYLD Omega Ratio Rank: 95
XYLD Calmar Ratio Rank: 85
XYLD Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CAIE vs. XYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Autocallable Income ETF (CAIE) and Global X S&P 500 Covered Call ETF (XYLD). 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	XYLD	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.67	-0.90
Sortino ratio: Return per unit of downside risk	2.46	3.79	-1.32
Omega ratio: Gain probability vs. loss probability	1.32	1.60	-0.28
Calmar ratio: Return relative to maximum drawdown	2.70	3.54	-0.84
Martin ratio: Return relative to average drawdown	11.39	18.41	-7.02

CAIE vs. XYLD - Sharpe Ratio Comparison

The current CAIE Sharpe Ratio is 1.77, which is lower than the XYLD Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of CAIE and XYLD, 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. XYLD - Drawdown Comparison

The maximum CAIE drawdown since its inception was -7.73%, smaller than the maximum XYLD drawdown of -33.46%. Use the drawdown chart below to compare losses from any high point for CAIE and XYLD.

Drawdown Indicators

	CAIE	XYLD	Difference
Max Drawdown Largest peak-to-trough decline	-7.73%	-33.46%	+25.73%
Max Drawdown (1Y) Largest decline over 1 year	-7.73%	-5.29%	-2.44%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.53%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.46%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.13%	-3.67%	+2.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	1.02%	+0.81%

Volatility

CAIE vs. XYLD - Volatility Comparison

Calamos Autocallable Income ETF (CAIE) has a higher volatility of 3.60% compared to Global X S&P 500 Covered Call ETF (XYLD) at 1.93%. This indicates that CAIE's price experiences larger fluctuations and is considered to be riskier than XYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAIE	XYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	1.93%	+1.67%
Volatility (6M) Calculated over the trailing 6-month period	8.57%	5.98%	+2.59%
Volatility (1Y) Calculated over the trailing 1-year period	11.94%	7.09%	+4.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.92%	11.27%	+0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.92%	14.16%	-2.24%

CAIE vs. XYLD - Expense Ratio Comparison

CAIE has a 0.86% expense ratio, which is higher than XYLD's 0.60% expense ratio.

Dividends

CAIE vs. XYLD - Dividend Comparison

CAIE's dividend yield for the trailing twelve months is around 14.08%, more than XYLD's 10.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAIE Calamos Autocallable Income ETF	14.08%	7.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XYLD Global X S&P 500 Covered Call ETF	10.45%	10.51%	11.54%	10.51%	13.43%	9.07%	7.93%	5.76%	7.12%	5.18%	3.23%	4.65%

Frequently Asked Questions

Can I hold both CAIE and XYLD in my portfolio?

CAIE and XYLD have a correlation of 0.83, 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 XYLD?

CAIE has higher volatility (3.60%) compared to XYLD (1.93%). In terms of maximum drawdown, CAIE dropped -7.73% vs XYLD's -33.46%.

Which ETF is better, CAIE or XYLD?

On 1-year performance, CAIE leads with 20.78% vs 18.65% for XYLD. On fees, XYLD is cheaper at 0.60% per year. On volatility, XYLD has been the lower-risk option at 1.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAIE or XYLD?

Over the 1-year period, CAIE has performed better with a 20.78% return vs 18.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAIE or XYLD?

XYLD is cheaper with a 0.60% expense ratio, compared with 0.86% for CAIE.

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

CAIE has the higher dividend yield at 14.08%, compared with 10.45% for XYLD.

What is the main difference between CAIE and XYLD?

CAIE tracks MerQube US Large Cap Vol Advantage Autocallable Total Return Index, while XYLD tracks Cboe S&P 500 BuyWrite Index. They also come from different issuers: Calamos and Global X. Their fees differ too: 0.86% for CAIE and 0.60% for XYLD.

Which has better risk-adjusted returns?

XYLD currently has the higher Sharpe Ratio (2.67 vs 1.77), 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.