CBOL vs. CAIQ

Last updated Jun 4, 2026

CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) and CAIQ (Calamos Nasdaq Autocallable Income ETF) are both exchange-traded funds - CBOL is a Defined Outcome fund actively managed by Calamos, while CAIQ is a Nasdaq-100 fund tracking the MerQube Nasdaq-100 Vol Advantage Autocallable Index. CBOL is actively managed, while CAIQ is passively managed. At a 0.40 correlation, their price movements are largely independent. CBOL charges 0.79%/yr vs 0.74%/yr for CAIQ.

Performance

CBOL vs. CAIQ - 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 Nasdaq Autocallable Income ETF (CAIQ). 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 CAIQ's 13.25% return.

CBOL

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

CAIQ

• 1D: -0.17%
• 1M: 4.04%
• YTD: 13.25%
• 6M: 12.74%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOL vs. CAIQ - Yearly Performance Comparison

	2026 (YTD)	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.03%	0.11%
CAIQ Calamos Nasdaq Autocallable Income ETF	13.25%	4.03%

Correlation

The correlation between CBOL and CAIQ is 0.40, 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 Nov 21, 2025	0.40

Return for Risk

CBOL vs. CAIQ - 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 Nasdaq Autocallable Income ETF (CAIQ). 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	CAIQ	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.80	2.63	-4.43

Drawdowns

CBOL vs. CAIQ - Drawdown Comparison

The maximum CBOL drawdown since its inception was -4.91%, smaller than the maximum CAIQ drawdown of -9.06%. Use the drawdown chart below to compare losses from any high point for CBOL and CAIQ.

Drawdown Indicators

	CBOL	CAIQ	Difference
Max Drawdown Largest peak-to-trough decline	-4.91%	-9.06%	+4.15%
Current Drawdown Current decline from peak	-4.64%	-0.27%	-4.37%
Average Drawdown Average peak-to-trough decline	-3.21%	-1.72%	-1.49%

Volatility

Volatility by Period

	CBOL	CAIQ	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.88%	14.03%	-10.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.88%	14.03%	-10.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.88%	14.03%	-10.15%

CBOL vs. CAIQ - Expense Ratio Comparison

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

Dividends

CBOL vs. CAIQ - Dividend Comparison

CBOL's dividend yield for the trailing twelve months is around 1.83%, less than CAIQ's 8.48% yield.

Position	TTM	2025
CAIQ Calamos Nasdaq Autocallable Income ETF	8.48%	1.54%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%

Frequently Asked Questions

Can I hold both CBOL and CAIQ in my portfolio?

CBOL and CAIQ have a correlation of 0.40, 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 CAIQ?

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, CBOL or CAIQ?

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

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

CAIQ has the higher dividend yield at 8.48%, compared with 1.83% for CBOL.

What is the main difference between CBOL and CAIQ?

CBOL is categorized as Defined Outcome, while CAIQ is Nasdaq-100. Their fees differ too: 0.79% for CBOL and 0.74% for CAIQ.