CAIQ vs. BITI

Last updated Jul 17, 2026

CAIQ (Calamos Nasdaq Autocallable Income ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - CAIQ is a Nasdaq-100 fund tracking the MerQube Nasdaq-100 Vol Advantage Autocallable Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. At a correlation of -0.45, they often move in opposite directions. CAIQ charges 0.74%/yr vs 1.03%/yr for BITI.

Performance

CAIQ vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Nasdaq Autocallable Income ETF (CAIQ) and ProShares Short Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAIQ achieves a 10.57% return, which is significantly lower than BITI's 24.48% return.

CAIQ

• 1D: -0.88%
• 1M: -1.64%
• 6M: 9.78%
• YTD: 10.57%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: 1.13%
• 1M: 1.49%
• 6M: 35.86%
• YTD: 24.48%
• 1Y: 64.61%
• 3Y*: -31.62%
• 5Y*: —
• 10Y*: —

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

CAIQ vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025
CAIQ Calamos Nasdaq Autocallable Income ETF	10.57%	4.03%
BITI ProShares Short Bitcoin ETF	24.48%	0.83%

Correlation

The correlation between CAIQ and BITI is -0.45, 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 (All Time) Calculated using the full available price history since Nov 20, 2025	-0.45

Return for Risk

CAIQ vs. BITI — Risk / Return Rank

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

CAIQ

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

BITI

BITI Risk / Return Rank: 52
BITI Sharpe Ratio Rank: 53
BITI Sortino Ratio Rank: 50
BITI Omega Ratio Rank: 46
BITI Calmar Ratio Rank: 64
BITI Martin Ratio Rank: 48

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.

CAIQ vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Nasdaq Autocallable Income ETF (CAIQ) and ProShares Short Bitcoin ETF (BITI). 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.

	CAIQ	BITI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.47	—
Sortino ratio: Return per unit of downside risk	—	2.04	—
Omega ratio: Gain probability vs. loss probability	—	1.25	—
Calmar ratio: Return relative to maximum drawdown	—	2.57	—
Martin ratio: Return relative to average drawdown	—	6.38	—

Drawdowns

CAIQ vs. BITI - Drawdown Comparison

The maximum CAIQ drawdown since its inception was -9.06%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for CAIQ and BITI.

Drawdown Indicators

	CAIQ	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-9.06%	-92.16%	+83.10%
Max Drawdown (1Y) Largest decline over 1 year	—	-25.28%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-2.63%	-86.41%	+83.78%
Average Drawdown Average peak-to-trough decline	-1.67%	-68.40%	+66.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.16%	—

Volatility

Volatility by Period

	CAIQ	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.76%	—
Volatility (6M) Calculated over the trailing 6-month period	—	34.28%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.43%	44.15%	-30.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.43%	52.24%	-38.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.43%	52.24%	-38.81%

CAIQ vs. BITI - Expense Ratio Comparison

CAIQ has a 0.74% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

CAIQ vs. BITI - Dividend Comparison

CAIQ's dividend yield for the trailing twelve months is around 10.27%, less than BITI's 15.62% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.62%	1.60%	3.91%	3.33%	0.06%
CAIQ Calamos Nasdaq Autocallable Income ETF	10.27%	1.54%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CAIQ and BITI in my portfolio?

CAIQ and BITI have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CAIQ or BITI?

On fees, CAIQ is cheaper at 0.74% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAIQ or BITI?

CAIQ is cheaper with a 0.74% expense ratio, compared with 1.03% for BITI.

Which ETF pays a higher dividend yield, CAIQ or BITI?

BITI has the higher dividend yield at 15.62%, compared with 10.27% for CAIQ.

What is the main difference between CAIQ and BITI?

CAIQ is categorized as Nasdaq-100, while BITI is Cryptocurrency. CAIQ tracks MerQube Nasdaq-100 Vol Advantage Autocallable Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Calamos and ProShares. Their fees differ too: 0.74% for CAIQ and 1.03% for BITI.