CAIQ vs. CPNS
CAIQ (Calamos Nasdaq Autocallable Income ETF) and CPNS (Calamos Nasdaq-100 Structured Alt Protection ETF - September) are both exchange-traded funds - CAIQ is a Nasdaq-100 fund tracking the MerQube Nasdaq-100 Vol Advantage Autocallable Index, while CPNS is a Defined Outcome fund tracking the MerQube Cap Protect US Large Cap Tech PR Index - Sep. Both are passively managed. Their 0.79 correlation means they have sometimes moved together and sometimes differently. CAIQ charges 0.74%/yr vs 0.69%/yr for CPNS.
Performance
CAIQ vs. CPNS - Performance Comparison
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Returns By Period
In the year-to-date period, CAIQ achieves a 11.87% return, which is significantly higher than CPNS's 3.95% return.
CAIQ
- 1D
- -0.37%
- 1M
- 0.02%
- 6M
- 13.09%
- YTD
- 11.87%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
CPNS
- 1D
- 0.00%
- 1M
- 0.56%
- 6M
- 3.76%
- YTD
- 3.95%
- 1Y
- 6.56%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.85M | $5.71M | $5.27M | |
| $141.48K | $96.85K | $80.10K |
CAIQ vs. CPNS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CAIQ Calamos Nasdaq Autocallable Income ETF | 11.87% | 4.03% |
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September | 3.95% | 0.87% |
Correlation
The correlation between CAIQ and CPNS is 0.79, 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 Nov 20, 2025 | 0.79 |
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Return for Risk
CAIQ vs. CPNS — Risk / Return Rank
CAIQ
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CPNS
CAIQ vs. CPNS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Nasdaq Autocallable Income ETF (CAIQ) and Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS). 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 | CPNS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.65 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 5.01 | — |
| Martin ratioReturn relative to average drawdown | — | 26.77 | — |
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Drawdowns
CAIQ vs. CPNS - Drawdown Comparison
The maximum CAIQ drawdown since its inception was -9.06%, which is greater than CPNS's maximum drawdown of -3.99%. Use the drawdown chart below to compare losses from any high point for CAIQ and CPNS.
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Drawdown Indicators
| CAIQ | CPNS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.06% | -3.99% | -5.07% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.31% | — |
Current DrawdownCurrent decline from peak | -1.48% | 0.00% | -1.48% |
Average DrawdownAverage peak-to-trough decline | -1.84% | -0.34% | -1.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.25% | — |
Volatility
CAIQ vs. CPNS - Volatility Comparison
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Volatility by Period
| CAIQ | CPNS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.56% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.74% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 13.66% | 2.16% | +11.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.66% | 3.42% | +10.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.66% | 3.42% | +10.24% |
CAIQ vs. CPNS - Expense Ratio Comparison
CAIQ has a 0.74% expense ratio, which is higher than CPNS's 0.69% expense ratio.
Dividends
CAIQ vs. CPNS - Dividend Comparison
CAIQ's dividend yield for the trailing twelve months is around 11.77%, while CPNS has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CAIQ Calamos Nasdaq Autocallable Income ETF | 11.77% | 1.54% |
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September | 0.00% | 0.00% |
Frequently Asked Questions
CAIQ and CPNS have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CPNS is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CPNS is cheaper with a 0.69% expense ratio, compared with 0.74% for CAIQ.
CAIQ has the higher dividend yield at 11.77%, compared with 0.00% for CPNS.
CAIQ is categorized as Nasdaq-100, while CPNS is Defined Outcome. CAIQ tracks MerQube Nasdaq-100 Vol Advantage Autocallable Index, while CPNS tracks MerQube Cap Protect US Large Cap Tech PR Index - Sep. Their fees differ too: 0.74% for CAIQ and 0.69% for CPNS.
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