CAIQ vs. PBQQ

Last updated Jun 6, 2026

CAIQ (Calamos Nasdaq Autocallable Income ETF) and PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) are both exchange-traded funds - CAIQ is a Nasdaq-100 fund tracking the MerQube Nasdaq-100 Vol Advantage Autocallable Index, while PBQQ is a Defined Outcome fund actively managed by PGIM. CAIQ is passively managed, while PBQQ is actively managed. Their correlation of 0.94 suggests significant overlap in exposure. CAIQ charges 0.74%/yr vs 0.50%/yr for PBQQ.

Performance

CAIQ vs. PBQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Nasdaq Autocallable Income ETF (CAIQ) and PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAIQ achieves a 11.17% return, which is significantly higher than PBQQ's 7.85% return.

CAIQ

• 1D: -1.66%
• 1M: 0.36%
• YTD: 11.17%
• 6M: 10.46%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBQQ

• 1D: -1.15%
• 1M: 0.53%
• YTD: 7.85%
• 6M: 8.32%
• 1Y: 20.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CAIQ vs. PBQQ - Yearly Performance Comparison

	2026 (YTD)	2025
CAIQ Calamos Nasdaq Autocallable Income ETF	11.17%	4.03%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	7.85%	3.81%

Correlation

The correlation between CAIQ and PBQQ is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	0.94

Return for Risk

CAIQ vs. PBQQ — Risk / Return Rank

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

PBQQ

PBQQ Risk / Return Rank: 89
PBQQ Sharpe Ratio Rank: 88
PBQQ Sortino Ratio Rank: 91
PBQQ Omega Ratio Rank: 91
PBQQ Calmar Ratio Rank: 84
PBQQ Martin Ratio Rank: 91

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. PBQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Nasdaq Autocallable Income ETF (CAIQ) and PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ). 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.

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

Sharpe Ratios by Period

	CAIQ	PBQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.23	1.41	+0.82

Drawdowns

CAIQ vs. PBQQ - Drawdown Comparison

The maximum CAIQ drawdown since its inception was -9.06%, smaller than the maximum PBQQ drawdown of -12.92%. Use the drawdown chart below to compare losses from any high point for CAIQ and PBQQ.

Drawdown Indicators

	CAIQ	PBQQ	Difference
Max Drawdown Largest peak-to-trough decline	-9.06%	-12.92%	+3.86%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.71%	—
Current Drawdown Current decline from peak	-2.10%	-1.35%	-0.75%
Average Drawdown Average peak-to-trough decline	-1.72%	-1.25%	-0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.99%	—

Volatility

Volatility by Period

	CAIQ	PBQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.56%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.64%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.15%	7.28%	+6.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.15%	11.89%	+2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.15%	11.89%	+2.26%

CAIQ vs. PBQQ - Expense Ratio Comparison

CAIQ has a 0.74% expense ratio, which is higher than PBQQ's 0.50% expense ratio.

Dividends

CAIQ vs. PBQQ - Dividend Comparison

CAIQ's dividend yield for the trailing twelve months is around 8.64%, more than PBQQ's 0.01% yield.

Position	TTM	2025
CAIQ Calamos Nasdaq Autocallable Income ETF	8.64%	1.54%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	0.01%	0.01%

Frequently Asked Questions

Can I hold both CAIQ and PBQQ in my portfolio?

With a correlation of 0.94, CAIQ and PBQQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, CAIQ or PBQQ?

On fees, PBQQ is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAIQ or PBQQ?

PBQQ is cheaper with a 0.50% expense ratio, compared with 0.74% for CAIQ.

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

CAIQ has the higher dividend yield at 8.64%, compared with 0.01% for PBQQ.

What is the main difference between CAIQ and PBQQ?

CAIQ is categorized as Nasdaq-100, while PBQQ is Defined Outcome. They also come from different issuers: Calamos and PGIM. Their fees differ too: 0.74% for CAIQ and 0.50% for PBQQ.