CBOL vs. CAIE

Last updated Jun 4, 2026

CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) and CAIE (Calamos Autocallable Income ETF) are both exchange-traded funds - CBOL is a Defined Outcome fund actively managed by Calamos, while CAIE is a Derivative Income fund tracking the MerQube US Large Cap Vol Advantage Autocallable Index. CBOL is actively managed, while CAIE is passively managed. At a 0.43 correlation, their price movements are largely independent. CBOL charges 0.79%/yr vs 0.74%/yr for CAIE.

Performance

CBOL vs. CAIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL) and Calamos Autocallable Income ETF (CAIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOL achieves a -2.03% return, which is significantly lower than CAIE's 9.06% return.

CBOL

• 1D: -0.13%
• 1M: -0.78%
• YTD: -2.03%
• 6M: -2.60%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAIE

• 1D: -0.40%
• 1M: 3.61%
• YTD: 9.06%
• 6M: 9.11%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOL vs. CAIE - Yearly Performance Comparison

	2026 (YTD)	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.03%	-2.47%
CAIE Calamos Autocallable Income ETF	9.06%	3.46%

Correlation

The correlation between CBOL and CAIE is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 15, 2025	0.43

Return for Risk

CBOL vs. CAIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL) 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.

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

Sharpe Ratios by Period

	CBOL	CAIE	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.80	2.31	-4.11

Drawdowns

CBOL vs. CAIE - Drawdown Comparison

The maximum CBOL drawdown since its inception was -4.91%, smaller than the maximum CAIE drawdown of -7.73%. Use the drawdown chart below to compare losses from any high point for CBOL and CAIE.

Drawdown Indicators

	CBOL	CAIE	Difference
Max Drawdown Largest peak-to-trough decline	-4.91%	-7.73%	+2.82%
Current Drawdown Current decline from peak	-4.64%	-0.40%	-4.24%
Average Drawdown Average peak-to-trough decline	-3.21%	-1.06%	-2.15%

Volatility

Volatility by Period

	CBOL	CAIE	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.88%	11.93%	-8.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.88%	11.93%	-8.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.88%	11.93%	-8.05%

CBOL vs. CAIE - Expense Ratio Comparison

CBOL has a 0.79% expense ratio, which is higher than CAIE's 0.74% expense ratio.

Dividends

CBOL vs. CAIE - Dividend Comparison

CBOL's dividend yield for the trailing twelve months is around 1.83%, less than CAIE's 13.09% yield.

Position	TTM	2025
CAIE Calamos Autocallable Income ETF	13.09%	7.46%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%

Frequently Asked Questions

Can I hold both CBOL and CAIE in my portfolio?

CBOL and CAIE have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBOL or CAIE?

On fees, CAIE 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, CBOL or CAIE?

CAIE is cheaper with a 0.74% expense ratio, compared with 0.79% for CBOL.

Which ETF pays a higher dividend yield, CBOL or CAIE?

CAIE has the higher dividend yield at 13.09%, compared with 1.83% for CBOL.

What is the main difference between CBOL and CAIE?

CBOL is categorized as Defined Outcome, while CAIE is Derivative Income. Their fees differ too: 0.79% for CBOL and 0.74% for CAIE.