CAIQ vs. QQQA

Last updated Jun 6, 2026

CAIQ (Calamos Nasdaq Autocallable Income ETF) and QQQA (ProShares Nasdaq-100 Dorsey Wright Momentum ETF) are both Nasdaq-100 funds - CAIQ tracks the MerQube Nasdaq-100 Vol Advantage Autocallable Index while QQQA tracks the NASDAQ-100 Dorsey Wright Momentum Index - Benchmark TR Gross. Both are passively managed. A 0.77 correlation means they provide meaningful diversification when combined. CAIQ charges 0.74%/yr vs 0.58%/yr for QQQA.

Performance

CAIQ vs. QQQA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Nasdaq Autocallable Income ETF (CAIQ) and ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA). 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 lower than QQQA's 50.73% return.

CAIQ

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

QQQA

• 1D: -8.16%
• 1M: 4.93%
• YTD: 50.73%
• 6M: 51.41%
• 1Y: 73.96%
• 3Y*: 30.35%
• 5Y*: 12.63%
• 10Y*: —

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

CAIQ vs. QQQA - Yearly Performance Comparison

	2026 (YTD)	2025
CAIQ Calamos Nasdaq Autocallable Income ETF	11.17%	4.03%
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF	50.73%	11.81%

Correlation

The correlation between CAIQ and QQQA is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	0.77

Return for Risk

CAIQ vs. QQQA — Risk / Return Rank

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

QQQA

QQQA Risk / Return Rank: 83
QQQA Sharpe Ratio Rank: 85
QQQA Sortino Ratio Rank: 73
QQQA Omega Ratio Rank: 79
QQQA Calmar Ratio Rank: 89
QQQA Martin Ratio Rank: 88

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. QQQA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Nasdaq Autocallable Income ETF (CAIQ) and ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA). 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	QQQA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.72	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.23	0.50	+1.73

Drawdowns

CAIQ vs. QQQA - Drawdown Comparison

The maximum CAIQ drawdown since its inception was -9.06%, smaller than the maximum QQQA drawdown of -38.44%. Use the drawdown chart below to compare losses from any high point for CAIQ and QQQA.

Drawdown Indicators

	CAIQ	QQQA	Difference
Max Drawdown Largest peak-to-trough decline	-9.06%	-38.44%	+29.38%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.54%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-30.84%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.44%	—
Current Drawdown Current decline from peak	-2.10%	-8.86%	+6.76%
Average Drawdown Average peak-to-trough decline	-1.72%	-15.66%	+13.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.92%	—

Volatility

Volatility by Period

	CAIQ	QQQA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.23%	—
Volatility (6M) Calculated over the trailing 6-month period	—	23.90%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.15%	27.39%	-13.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.15%	26.08%	-11.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.15%	26.01%	-11.86%

CAIQ vs. QQQA - Expense Ratio Comparison

CAIQ has a 0.74% expense ratio, which is higher than QQQA's 0.58% expense ratio.

Dividends

CAIQ vs. QQQA - Dividend Comparison

CAIQ's dividend yield for the trailing twelve months is around 8.64%, more than QQQA's 0.07% yield.

Position	TTM	2025	2024	2023	2022	2021
CAIQ Calamos Nasdaq Autocallable Income ETF	8.64%	1.54%	0.00%	0.00%	0.00%	0.00%
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF	0.07%	0.10%	0.09%	0.34%	0.28%	0.10%

Frequently Asked Questions

Can I hold both CAIQ and QQQA in my portfolio?

CAIQ and QQQA have a correlation of 0.77, 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 QQQA?

On fees, QQQA is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAIQ or QQQA?

QQQA is cheaper with a 0.58% expense ratio, compared with 0.74% for CAIQ.

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

CAIQ has the higher dividend yield at 8.64%, compared with 0.07% for QQQA.

What is the main difference between CAIQ and QQQA?

CAIQ tracks MerQube Nasdaq-100 Vol Advantage Autocallable Index, while QQQA tracks NASDAQ-100 Dorsey Wright Momentum Index - Benchmark TR Gross. They also come from different issuers: Calamos and ProShares. Their fees differ too: 0.74% for CAIQ and 0.58% for QQQA.