CAIQ vs. QNDX

Last updated Jul 17, 2026

CAIQ (Calamos Nasdaq Autocallable Income ETF) and QNDX (SPDR Portfolio Nasdaq 100 ETF) are both Nasdaq-100 funds - CAIQ tracks the MerQube Nasdaq-100 Vol Advantage Autocallable Index while QNDX tracks the Nasdaq-100 Index. Both are passively managed. Their correlation of 0.82 suggests significant overlap in exposure. CAIQ charges 0.74%/yr vs 0.10%/yr for QNDX.

Performance

CAIQ vs. QNDX - Performance Comparison

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

Returns By Period

CAIQ

• 1D: -0.88%
• 1M: -1.64%
• 6M: 9.78%
• YTD: 10.57%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QNDX

• 1D: -1.56%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CAIQ vs. QNDX - Yearly Performance Comparison

	2026 (YTD)
CAIQ Calamos Nasdaq Autocallable Income ETF	-1.16%
QNDX SPDR Portfolio Nasdaq 100 ETF	-1.16%

Correlation

The correlation between CAIQ and QNDX is 0.82, 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 Jun 24, 2026	0.82

Return for Risk

CAIQ vs. QNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Nasdaq Autocallable Income ETF (CAIQ) and SPDR Portfolio Nasdaq 100 ETF (QNDX). 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. QNDX - Drawdown Comparison

The maximum CAIQ drawdown since its inception was -9.06%, which is greater than QNDX's maximum drawdown of -4.09%. Use the drawdown chart below to compare losses from any high point for CAIQ and QNDX.

Drawdown Indicators

	CAIQ	QNDX	Difference
Max Drawdown Largest peak-to-trough decline	-9.06%	-4.09%	-4.97%
Current Drawdown Current decline from peak	-2.63%	-4.09%	+1.46%
Average Drawdown Average peak-to-trough decline	-1.67%	-1.91%	+0.24%

Volatility

Volatility by Period

	CAIQ	QNDX	Difference
Volatility (1Y) Calculated over the trailing 1-year period	13.43%	22.37%	-8.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.43%	22.37%	-8.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.43%	22.37%	-8.94%

CAIQ vs. QNDX - Expense Ratio Comparison

CAIQ has a 0.74% expense ratio, which is higher than QNDX's 0.10% expense ratio.

Dividends

CAIQ vs. QNDX - Dividend Comparison

CAIQ's dividend yield for the trailing twelve months is around 10.27%, while QNDX has not paid dividends to shareholders.

Position	TTM	2025
CAIQ Calamos Nasdaq Autocallable Income ETF	10.27%	1.54%
QNDX SPDR Portfolio Nasdaq 100 ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both CAIQ and QNDX in my portfolio?

CAIQ and QNDX have a correlation of 0.82, 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 QNDX?

On fees, QNDX is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAIQ or QNDX?

QNDX is cheaper with a 0.10% expense ratio, compared with 0.74% for CAIQ.

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

CAIQ has the higher dividend yield at 10.27%, compared with 0.00% for QNDX.

What is the main difference between CAIQ and QNDX?

CAIQ tracks MerQube Nasdaq-100 Vol Advantage Autocallable Index, while QNDX tracks Nasdaq-100 Index. They also come from different issuers: Calamos and State Street. Their fees differ too: 0.74% for CAIQ and 0.10% for QNDX.