CAIQ vs. QBUF

Last updated Jun 6, 2026

CAIQ (Calamos Nasdaq Autocallable Income ETF) and QBUF (Innovator Nasdaq-100 10 Buffer ETF - Quarterly) are both Nasdaq-100 funds - CAIQ tracks the MerQube Nasdaq-100 Vol Advantage Autocallable Index while QBUF tracks the Invesco QQQ Trust. Both are passively managed. Their correlation of 0.83 suggests significant overlap in exposure. CAIQ charges 0.74%/yr vs 0.79%/yr for QBUF.

Performance

CAIQ vs. QBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Nasdaq Autocallable Income ETF (CAIQ) and Innovator Nasdaq-100 10 Buffer ETF - Quarterly (QBUF). 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 QBUF's 4.47% return.

CAIQ

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

QBUF

• 1D: -0.27%
• 1M: 0.48%
• YTD: 4.47%
• 6M: 4.22%
• 1Y: 11.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CAIQ vs. QBUF - Yearly Performance Comparison

	2026 (YTD)	2025
CAIQ Calamos Nasdaq Autocallable Income ETF	11.17%	4.03%
QBUF Innovator Nasdaq-100 10 Buffer ETF - Quarterly	4.47%	2.66%

Correlation

The correlation between CAIQ and QBUF is 0.83, 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	0.83

Return for Risk

CAIQ vs. QBUF — Risk / Return Rank

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

QBUF

QBUF Risk / Return Rank: 80
QBUF Sharpe Ratio Rank: 73
QBUF Sortino Ratio Rank: 74
QBUF Omega Ratio Rank: 81
QBUF Calmar Ratio Rank: 89
QBUF Martin Ratio Rank: 86

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. QBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Nasdaq Autocallable Income ETF (CAIQ) and Innovator Nasdaq-100 10 Buffer ETF - Quarterly (QBUF). 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	QBUF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.20	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.23	1.34	+0.89

Drawdowns

CAIQ vs. QBUF - Drawdown Comparison

The maximum CAIQ drawdown since its inception was -9.06%, roughly equal to the maximum QBUF drawdown of -8.84%. Use the drawdown chart below to compare losses from any high point for CAIQ and QBUF.

Drawdown Indicators

	CAIQ	QBUF	Difference
Max Drawdown Largest peak-to-trough decline	-9.06%	-8.84%	-0.22%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.31%	—
Current Drawdown Current decline from peak	-2.10%	-0.27%	-1.83%
Average Drawdown Average peak-to-trough decline	-1.72%	-0.82%	-0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.67%	—

Volatility

Volatility by Period

	CAIQ	QBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.37%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.88%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.15%	5.26%	+8.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.15%	8.45%	+5.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.15%	8.45%	+5.70%

CAIQ vs. QBUF - Expense Ratio Comparison

CAIQ has a 0.74% expense ratio, which is lower than QBUF's 0.79% expense ratio.

Dividends

CAIQ vs. QBUF - Dividend Comparison

CAIQ's dividend yield for the trailing twelve months is around 8.64%, while QBUF has not paid dividends to shareholders.

Position	TTM	2025
CAIQ Calamos Nasdaq Autocallable Income ETF	8.64%	1.54%
QBUF Innovator Nasdaq-100 10 Buffer ETF - Quarterly	0.00%	0.00%

Frequently Asked Questions

Can I hold both CAIQ and QBUF in my portfolio?

CAIQ and QBUF have a correlation of 0.83, 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 QBUF?

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 QBUF?

CAIQ is cheaper with a 0.74% expense ratio, compared with 0.79% for QBUF.

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

CAIQ has the higher dividend yield at 8.64%, compared with 0.00% for QBUF.

What is the main difference between CAIQ and QBUF?

CAIQ tracks MerQube Nasdaq-100 Vol Advantage Autocallable Index, while QBUF tracks Invesco QQQ Trust. They also come from different issuers: Calamos and Innovator. Their fees differ too: 0.74% for CAIQ and 0.79% for QBUF.