CBOO vs. CAGE

Last updated Aug 5, 2026

CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) and CAGE (Calamos Autocallable Growth ETF) are both Defined Outcome funds from Calamos. Both are actively managed. Their 0.31 correlation means their historical movements had little consistent relationship. CBOO charges 0.69%/yr vs 0.74%/yr for CAGE.

Performance

CBOO vs. CAGE - Performance Comparison

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

Returns By Period

CBOO

• 1D: 0.00%
• 1M: 0.27%
• 6M: 0.71%
• YTD: 0.43%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

CAGE

• 1D: 3.40%
• 1M: 5.64%
• 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	$2.54M	$3.19M	$2.74M
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	$37.37K	$26.33K	$18.92K

CBOO vs. CAGE - Yearly Performance Comparison

	2026 (YTD)
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.62%
CAGE Calamos Autocallable Growth ETF	16.75%

Correlation

The correlation between CBOO and CAGE is 0.31, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 16, 2026	0.31

Return for Risk

CBOO vs. CAGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - October (CBOO) 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.

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

Drawdowns

CBOO vs. CAGE - Drawdown Comparison

The maximum CBOO drawdown since its inception was -2.34%, smaller than the maximum CAGE drawdown of -6.67%. Use the drawdown chart below to compare losses from any high point for CBOO and CAGE.

Drawdown Indicators

	CBOO	CAGE	Difference
Max Drawdown Largest peak-to-trough decline	-2.34%	-6.67%	+4.33%
Current Drawdown Current decline from peak	-1.26%	0.00%	-1.26%
Average Drawdown Average peak-to-trough decline	-1.58%	-2.00%	+0.42%

Volatility

Volatility by Period

	CBOO	CAGE	Difference
Volatility (1Y) Calculated over the trailing 1-year period	1.95%	22.46%	-20.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.95%	22.46%	-20.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.95%	22.46%	-20.51%

CBOO vs. CAGE - Expense Ratio Comparison

CBOO has a 0.69% expense ratio, which is lower than CAGE's 0.74% expense ratio.

Dividends

CBOO vs. CAGE - Dividend Comparison

CBOO's dividend yield for the trailing twelve months is around 0.57%, while CAGE has not paid dividends to shareholders.

Position	TTM	2025
CAGE Calamos Autocallable Growth ETF	0.00%	0.00%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%

Frequently Asked Questions

Can I hold both CBOO and CAGE in my portfolio?

CBOO and CAGE have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBOO or CAGE?

On fees, CBOO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBOO or CAGE?

CBOO is cheaper with a 0.69% expense ratio, compared with 0.74% for CAGE.

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

CBOO has the higher dividend yield at 0.57%, compared with 0.00% for CAGE.

What is the main difference between CBOO and CAGE?

Their fees differ too: 0.69% for CBOO and 0.74% for CAGE.