CAIQ vs. CPSA

Last updated Aug 6, 2026

CAIQ (Calamos Nasdaq Autocallable Income ETF) and CPSA (Calamos S&P 500 Structured Alt Protection ETF - August) are both exchange-traded funds - CAIQ is a Nasdaq-100 fund tracking the MerQube Nasdaq-100 Vol Advantage Autocallable Index, while CPSA is a Defined Outcome fund tracking the MerQube Cap Protect US Lrg Cap PR Index - Aug. Both are passively managed. Their 0.72 correlation means they have sometimes moved together and sometimes differently. CAIQ charges 0.74%/yr vs 0.69%/yr for CPSA.

Performance

CAIQ vs. CPSA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Nasdaq Autocallable Income ETF (CAIQ) and Calamos S&P 500 Structured Alt Protection ETF - August (CPSA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAIQ achieves a 11.87% return, which is significantly higher than CPSA's 4.21% return.

CAIQ

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

CPSA

• 1D: 0.13%
• 1M: 0.94%
• 6M: 3.83%
• YTD: 4.21%
• 1Y: 6.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.39%

*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)
CAIQ Calamos Nasdaq Autocallable Income ETF	$5.85M	$5.71M	$5.27M
CPSA Calamos S&P 500 Structured Alt Protection ETF - August	$797.93K	$406.93K	$207.26K

CAIQ vs. CPSA - Yearly Performance Comparison

	2026 (YTD)	2025
CAIQ Calamos Nasdaq Autocallable Income ETF	11.87%	4.03%
CPSA Calamos S&P 500 Structured Alt Protection ETF - August	4.21%	1.13%

Correlation

The correlation between CAIQ and CPSA is 0.72, 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	0.72

Return for Risk

CAIQ vs. CPSA — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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.

CPSA

CPSA Risk / Return Rank: 96
CPSA Sharpe Ratio Rank: 96
CPSA Sortino Ratio Rank: 97
CPSA Omega Ratio Rank: 96
CPSA Calmar Ratio Rank: 92
CPSA Martin Ratio Rank: 96

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.

CAIQ vs. CPSA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Nasdaq Autocallable Income ETF (CAIQ) and Calamos S&P 500 Structured Alt Protection ETF - August (CPSA). 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	CPSA	Difference
Sharpe ratio: Return per unit of total volatility	—	3.24	—
Sortino ratio: Return per unit of downside risk	—	5.21	—
Omega ratio: Gain probability vs. loss probability	—	1.70	—
Calmar ratio: Return relative to maximum drawdown	—	4.68	—
Martin ratio: Return relative to average drawdown	—	26.73	—

Drawdowns

CAIQ vs. CPSA - Drawdown Comparison

The maximum CAIQ drawdown since its inception was -9.06%, which is greater than CPSA's maximum drawdown of -4.72%. Use the drawdown chart below to compare losses from any high point for CAIQ and CPSA.

Drawdown Indicators

	CAIQ	CPSA	Difference
Max Drawdown Largest peak-to-trough decline	-9.06%	-4.72%	-4.34%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.47%	—
Current Drawdown Current decline from peak	-1.48%	0.00%	-1.48%
Average Drawdown Average peak-to-trough decline	-1.84%	-0.36%	-1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.26%	—

Volatility

Volatility by Period

	CAIQ	CPSA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.38%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.66%	2.14%	+11.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.66%	3.98%	+9.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.66%	3.98%	+9.68%

CAIQ vs. CPSA - Expense Ratio Comparison

CAIQ has a 0.74% expense ratio, which is higher than CPSA's 0.69% expense ratio.

Dividends

CAIQ vs. CPSA - Dividend Comparison

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

Position	TTM	2025
CAIQ Calamos Nasdaq Autocallable Income ETF	11.77%	1.54%
CPSA Calamos S&P 500 Structured Alt Protection ETF - August	0.00%	0.00%

Frequently Asked Questions

Can I hold both CAIQ and CPSA in my portfolio?

CAIQ and CPSA have a correlation of 0.72, 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 CPSA?

On fees, CPSA is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAIQ or CPSA?

CPSA is cheaper with a 0.69% expense ratio, compared with 0.74% for CAIQ.

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

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

What is the main difference between CAIQ and CPSA?

CAIQ is categorized as Nasdaq-100, while CPSA is Defined Outcome. CAIQ tracks MerQube Nasdaq-100 Vol Advantage Autocallable Index, while CPSA tracks MerQube Cap Protect US Lrg Cap PR Index - Aug. Their fees differ too: 0.74% for CAIQ and 0.69% for CPSA.