CANQ vs. CAGE

Last updated Aug 4, 2026

CANQ (Calamos Alternative Nasdaq & Bond ETF) and CAGE (Calamos Autocallable Growth ETF) are both exchange-traded funds - CANQ is a Nasdaq-100 fund actively managed by Calamos, while CAGE is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Their correlation of 0.91 means they have usually moved in the same direction. CANQ charges 0.90%/yr vs 0.74%/yr for CAGE.

Performance

CANQ vs. CAGE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Alternative Nasdaq & Bond ETF (CANQ) and Calamos Autocallable Growth ETF (CAGE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CANQ

• 1D: 1.17%
• 1M: -0.45%
• 6M: 3.32%
• YTD: 4.05%
• 1Y: 10.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.02%

CAGE

• 1D: 2.24%
• 1M: 2.17%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAGE Calamos Autocallable Growth ETF	$2.43M	$3.21M	$2.76M
CANQ Calamos Alternative Nasdaq & Bond ETF	$35.73K	$69.54K	$123.34K

CANQ vs. CAGE - Yearly Performance Comparison

	2026 (YTD)
CANQ Calamos Alternative Nasdaq & Bond ETF	4.52%
CAGE Calamos Autocallable Growth ETF	12.91%

Correlation

The correlation between CANQ and CAGE is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 16, 2026	0.91

Return for Risk

CANQ vs. CAGE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CANQ

CANQ Risk / Return Rank: 32
CANQ Sharpe Ratio Rank: 35
CANQ Sortino Ratio Rank: 33
CANQ Omega Ratio Rank: 32
CANQ Calmar Ratio Rank: 29
CANQ Martin Ratio Rank: 30

CAGE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CANQ vs. CAGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Alternative Nasdaq & Bond ETF (CANQ) and Calamos Autocallable Growth ETF (CAGE). 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.

	CANQ	CAGE	Difference
Sharpe ratio: Return per unit of total volatility	0.88	—	—
Sortino ratio: Return per unit of downside risk	1.28	—	—
Omega ratio: Gain probability vs. loss probability	1.15	—	—
Calmar ratio: Return relative to maximum drawdown	0.95	—	—
Martin ratio: Return relative to average drawdown	2.70	—	—

Drawdowns

CANQ vs. CAGE - Drawdown Comparison

The maximum CANQ drawdown since its inception was -12.79%, which is greater than CAGE's maximum drawdown of -6.67%. Use the drawdown chart below to compare losses from any high point for CANQ and CAGE.

Drawdown Indicators

	CANQ	CAGE	Difference
Max Drawdown Largest peak-to-trough decline	-12.79%	-6.67%	-6.12%
Max Drawdown (1Y) Largest decline over 1 year	-10.77%	—	—
Current Drawdown Current decline from peak	-3.66%	-0.81%	-2.85%
Average Drawdown Average peak-to-trough decline	-2.99%	-2.03%	-0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.77%	—	—

Volatility

Volatility by Period

	CANQ	CAGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.82%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.67%	21.83%	-10.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.76%	21.83%	-9.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.76%	21.83%	-9.07%

CANQ vs. CAGE - Expense Ratio Comparison

CANQ has a 0.90% expense ratio, which is higher than CAGE's 0.74% expense ratio.

Dividends

CANQ vs. CAGE - Dividend Comparison

CANQ's dividend yield for the trailing twelve months is around 4.55%, while CAGE has not paid dividends to shareholders.

Position	TTM	2025	2024
CAGE Calamos Autocallable Growth ETF	0.00%	0.00%	0.00%
CANQ Calamos Alternative Nasdaq & Bond ETF	4.55%	5.02%	4.19%

Frequently Asked Questions

Can I hold both CANQ and CAGE in my portfolio?

With a correlation of 0.91, CANQ and CAGE 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, CANQ or CAGE?

On fees, CAGE 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, CANQ or CAGE?

CAGE is cheaper with a 0.74% expense ratio, compared with 0.90% for CANQ.

Which ETF pays a higher dividend yield, CANQ or CAGE?

CANQ has the higher dividend yield at 4.55%, compared with 0.00% for CAGE.

What is the main difference between CANQ and CAGE?

CANQ is categorized as Nasdaq-100, while CAGE is Defined Outcome. Their fees differ too: 0.90% for CANQ and 0.74% for CAGE.