CBOJ vs. CAIE

Last updated Apr 2, 2026

Compare and contrast key facts about Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) and Calamos Autocallable Income ETF (CAIE).

CBOJ and CAIE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CBOJ is a passively managed fund by Calamos that tracks the performance of the CBOE Bitcoin US ETF Index. It was launched on Jan 22, 2025. CAIE is a passively managed fund by Calamos that tracks the performance of the MerQube US Large Cap Vol Advantage Autocallable Index. It was launched on Jun 25, 2025. Both CBOJ and CAIE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

CBOJ vs. CAIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) and Calamos Autocallable Income ETF (CAIE). The values are adjusted to include any dividend payments, if applicable.

CBOJ vs. CAIE - Yearly Performance Comparison

	2026 (YTD)	2025
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	-1.19%	-2.92%
CAIE Calamos Autocallable Income ETF	-3.27%	15.15%

Returns By Period

In the year-to-date period, CBOJ achieves a -1.19% return, which is significantly higher than CAIE's -3.27% return.

CBOJ

• 1D: 0.07%
• 1M: 0.04%
• YTD: -1.19%
• 6M: -6.62%
• 1Y: -1.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAIE

• 1D: 0.43%
• 1M: -3.60%
• YTD: -3.27%
• 6M: -1.94%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOJ vs. CAIE - Expense Ratio Comparison

CBOJ has a 0.69% expense ratio, which is lower than CAIE's 0.74% expense ratio.

CAIE

Calamos Autocallable Income ETF

CBOJ

Calamos Bitcoin Structured Alt Protection ETF - January

Return for Risk

CBOJ vs. CAIE — Risk / Return Rank

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

CBOJ

CBOJ Risk / Return Rank: 8
CBOJ Sharpe Ratio Rank: 8
CBOJ Sortino Ratio Rank: 6
CBOJ Omega Ratio Rank: 6
CBOJ Calmar Ratio Rank: 9
CBOJ Martin Ratio Rank: 9

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.

CBOJ vs. CAIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) and Calamos Autocallable Income ETF (CAIE). 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.

	CBOJ	CAIE	Difference
Sharpe ratio Return per unit of total volatility	-0.24	—	—
Sortino ratio Return per unit of downside risk	-0.30	—	—
Omega ratio Gain probability vs. loss probability	0.97	—	—
Calmar ratio Return relative to maximum drawdown	-0.12	—	—
Martin ratio Return relative to average drawdown	-0.24	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CBOJ	CAIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.24	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	1.23	-1.58

Correlation

The correlation between CBOJ and CAIE is 0.37, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CBOJ vs. CAIE - Dividend Comparison

CBOJ's dividend yield for the trailing twelve months is around 3.19%, less than CAIE's 11.86% yield.

	TTM	2025
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	3.19%	3.16%
CAIE Calamos Autocallable Income ETF	11.86%	7.46%

Drawdowns

CBOJ vs. CAIE - Drawdown Comparison

The maximum CBOJ drawdown since its inception was -8.13%, which is greater than CAIE's maximum drawdown of -7.73%. Use the drawdown chart below to compare losses from any high point for CBOJ and CAIE.

Drawdown Indicators

	CBOJ	CAIE	Difference
Max Drawdown Largest peak-to-trough decline	-8.13%	-7.73%	-0.40%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	—	—
Current Drawdown Current decline from peak	-7.53%	-5.08%	-2.45%
Average Drawdown Average peak-to-trough decline	-2.62%	-1.14%	-1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.22%	—	—

Volatility

Volatility by Period

	CBOJ	CAIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.83%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.05%	12.32%	-7.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.78%	12.32%	-7.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.78%	12.32%	-7.54%