CAIQ vs. QQQ

Last updated Jun 23, 2026

CAIQ (Calamos Nasdaq Autocallable Income ETF) and QQQ (Invesco QQQ ETF) are both Nasdaq-100 funds - CAIQ tracks the MerQube Nasdaq-100 Vol Advantage Autocallable Index while QQQ tracks the NASDAQ-100 Index. Both are passively managed. Their correlation of 0.91 suggests significant overlap in exposure. CAIQ charges 0.74%/yr vs 0.18%/yr for QQQ.

Performance

CAIQ vs. QQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, CAIQ achieves a 12.63% return, which is significantly lower than QQQ's 20.41% return.

CAIQ

• 1D: -0.15%
• 1M: 0.21%
• YTD: 12.63%
• 6M: 12.38%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QQQ

• 1D: -0.25%
• 1M: 2.96%
• YTD: 20.41%
• 6M: 19.46%
• 1Y: 40.91%
• 3Y*: 27.47%
• 5Y*: 16.94%
• 10Y*: 22.48%

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

CAIQ vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025
CAIQ Calamos Nasdaq Autocallable Income ETF	12.63%	4.03%
QQQ Invesco QQQ ETF	20.41%	2.54%

Correlation

The correlation between CAIQ and QQQ is 0.91, 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 20, 2025	0.91

Return for Risk

CAIQ vs. QQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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.

QQQ

QQQ Risk / Return Rank: 72
QQQ Sharpe Ratio Rank: 76
QQQ Sortino Ratio Rank: 70
QQQ Omega Ratio Rank: 72
QQQ Calmar Ratio Rank: 70
QQQ Martin Ratio Rank: 71

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. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Nasdaq Autocallable Income ETF (CAIQ) and Invesco QQQ ETF (QQQ). 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	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	—	2.33	—
Sortino ratio: Return per unit of downside risk	—	3.03	—
Omega ratio: Gain probability vs. loss probability	—	1.41	—
Calmar ratio: Return relative to maximum drawdown	—	3.44	—
Martin ratio: Return relative to average drawdown	—	12.79	—

Drawdowns

CAIQ vs. QQQ - Drawdown Comparison

The maximum CAIQ drawdown since its inception was -9.06%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for CAIQ and QQQ.

Drawdown Indicators

	CAIQ	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-9.06%	-82.97%	+73.91%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.96%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-22.77%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.12%	—
Current Drawdown Current decline from peak	-0.81%	-0.99%	+0.18%
Average Drawdown Average peak-to-trough decline	-1.68%	-32.73%	+31.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.21%	—

Volatility

Volatility by Period

	CAIQ	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.47%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.20%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.75%	17.67%	-3.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.75%	22.64%	-8.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.75%	22.43%	-8.68%

CAIQ vs. QQQ - Expense Ratio Comparison

CAIQ has a 0.74% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

CAIQ vs. QQQ - Dividend Comparison

CAIQ's dividend yield for the trailing twelve months is around 8.53%, more than QQQ's 0.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAIQ Calamos Nasdaq Autocallable Income ETF	8.53%	1.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QQQ Invesco QQQ ETF	0.49%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Frequently Asked Questions

Can I hold both CAIQ and QQQ in my portfolio?

With a correlation of 0.91, CAIQ and QQQ 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 QQQ?

On fees, QQQ is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAIQ or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.74% for CAIQ.

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

CAIQ has the higher dividend yield at 8.53%, compared with 0.49% for QQQ.

What is the main difference between CAIQ and QQQ?

CAIQ tracks MerQube Nasdaq-100 Vol Advantage Autocallable Index, while QQQ tracks NASDAQ-100 Index. They also come from different issuers: Calamos and Invesco. Their fees differ too: 0.74% for CAIQ and 0.18% for QQQ.