CAIQ vs. CAGE

Last updated Aug 6, 2026

CAIQ (Calamos Nasdaq Autocallable Income ETF) and CAGE (Calamos Autocallable Growth ETF) are both exchange-traded funds - CAIQ is a Nasdaq-100 fund tracking the MerQube Nasdaq-100 Vol Advantage Autocallable Index, while CAGE is a Defined Outcome fund actively managed by Calamos. CAIQ is passively managed, while CAGE is actively managed. Their 0.80 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.74% expense ratio.

Performance

CAIQ vs. CAGE - Performance Comparison

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

Returns By Period

CAIQ

• 1D: -0.37%
• 1M: 0.02%
• 6M: 13.09%
• YTD: 11.87%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

CAGE

• 1D: 0.10%
• 1M: 2.81%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
CAGE Calamos Autocallable Growth ETF	$2.66M	$2.88M	$2.74M
CAIQ Calamos Nasdaq Autocallable Income ETF	$5.85M	$5.71M	$5.27M

CAIQ vs. CAGE - Yearly Performance Comparison

	2026 (YTD)
CAIQ Calamos Nasdaq Autocallable Income ETF	6.34%
CAGE Calamos Autocallable Growth ETF	16.87%

Correlation

The correlation between CAIQ and CAGE is 0.80, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 16, 2026	0.80

Return for Risk

CAIQ vs. CAGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Nasdaq Autocallable Income ETF (CAIQ) and Calamos Autocallable Growth ETF (CAGE). 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.

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

Drawdowns

CAIQ vs. CAGE - Drawdown Comparison

The maximum CAIQ drawdown since its inception was -9.06%, which is greater than CAGE's maximum drawdown of -6.67%. Use the drawdown chart below to compare losses from any high point for CAIQ and CAGE.

Drawdown Indicators

	CAIQ	CAGE	Difference
Max Drawdown Largest peak-to-trough decline	-9.06%	-6.67%	-2.39%
Current Drawdown Current decline from peak	-1.48%	0.00%	-1.48%
Average Drawdown Average peak-to-trough decline	-1.84%	-1.98%	+0.14%

Volatility

Volatility by Period

	CAIQ	CAGE	Difference
Volatility (1Y) Calculated over the trailing 1-year period	13.66%	22.31%	-8.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.66%	22.31%	-8.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.66%	22.31%	-8.65%

CAIQ vs. CAGE - Expense Ratio Comparison

Both CAIQ and CAGE have an expense ratio of 0.74%.

Dividends

CAIQ vs. CAGE - Dividend Comparison

CAIQ's dividend yield for the trailing twelve months is around 11.77%, while CAGE has not paid dividends to shareholders.

Position	TTM	2025
CAGE Calamos Autocallable Growth ETF	0.00%	0.00%
CAIQ Calamos Nasdaq Autocallable Income ETF	11.77%	1.54%

Frequently Asked Questions

Can I hold both CAIQ and CAGE in my portfolio?

CAIQ and CAGE have a correlation of 0.80, 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 CAGE?

Both ETFs have the same 0.74% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAIQ or CAGE?

CAIQ and CAGE have the same expense ratio: 0.74% per year.

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

CAIQ has the higher dividend yield at 11.77%, compared with 0.00% for CAGE.

What is the main difference between CAIQ and CAGE?

CAIQ is categorized as Nasdaq-100, while CAGE is Defined Outcome.