CAIQ vs. USOY

Last updated Jun 6, 2026

CAIQ (Calamos Nasdaq Autocallable Income ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - CAIQ is a Nasdaq-100 fund tracking the MerQube Nasdaq-100 Vol Advantage Autocallable Index, while USOY is a Derivative Income fund actively managed by Defiance. CAIQ is passively managed, while USOY is actively managed. At a correlation of -0.37, they often move in opposite directions. CAIQ charges 0.74%/yr vs 1.22%/yr for USOY.

Performance

CAIQ vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Nasdaq Autocallable Income ETF (CAIQ) and Defiance Oil Enhanced Options Income ETF (USOY). 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 USOY's 56.61% return.

CAIQ

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

USOY

• 1D: -1.67%
• 1M: 1.06%
• YTD: 56.61%
• 6M: 52.27%
• 1Y: 51.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CAIQ vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
CAIQ Calamos Nasdaq Autocallable Income ETF	11.17%	4.03%
USOY Defiance Oil Enhanced Options Income ETF	56.61%	0.01%

Correlation

The correlation between CAIQ and USOY is -0.37, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	-0.37

Return for Risk

CAIQ vs. USOY — Risk / Return Rank

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

USOY

USOY Risk / Return Rank: 53
USOY Sharpe Ratio Rank: 51
USOY Sortino Ratio Rank: 44
USOY Omega Ratio Rank: 53
USOY Calmar Ratio Rank: 75
USOY Martin Ratio Rank: 44

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. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Nasdaq Autocallable Income ETF (CAIQ) and Defiance Oil Enhanced Options Income ETF (USOY). 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	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.23	0.91	+1.33

Drawdowns

CAIQ vs. USOY - Drawdown Comparison

The maximum CAIQ drawdown since its inception was -9.06%, smaller than the maximum USOY drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for CAIQ and USOY.

Drawdown Indicators

	CAIQ	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-9.06%	-17.46%	+8.40%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.29%	—
Current Drawdown Current decline from peak	-2.10%	-8.37%	+6.27%
Average Drawdown Average peak-to-trough decline	-1.72%	-6.47%	+4.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.45%	—

Volatility

Volatility by Period

	CAIQ	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.70%	—
Volatility (6M) Calculated over the trailing 6-month period	—	27.33%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.15%	30.56%	-16.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.15%	26.14%	-11.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.15%	26.14%	-11.99%

CAIQ vs. USOY - Expense Ratio Comparison

CAIQ has a 0.74% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

CAIQ vs. USOY - Dividend Comparison

CAIQ's dividend yield for the trailing twelve months is around 8.64%, less than USOY's 57.61% yield.

Position	TTM	2025	2024
CAIQ Calamos Nasdaq Autocallable Income ETF	8.64%	1.54%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	57.61%	104.32%	48.60%

Frequently Asked Questions

Can I hold both CAIQ and USOY in my portfolio?

CAIQ and USOY have a correlation of -0.37, 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 USOY?

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 USOY?

CAIQ is cheaper with a 0.74% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 57.61%, compared with 8.64% for CAIQ.

What is the main difference between CAIQ and USOY?

CAIQ is categorized as Nasdaq-100, while USOY is Derivative Income. They also come from different issuers: Calamos and Defiance. Their fees differ too: 0.74% for CAIQ and 1.22% for USOY.