CBOY vs. CAGE

Last updated Aug 4, 2026

CBOY (Calamos Bitcoin Structured Alt Protection ETF - July) and CAGE (Calamos Autocallable Growth ETF) are both Defined Outcome funds from Calamos. CBOY is passively managed, while CAGE is actively managed. Their 0.35 correlation means their historical movements had little consistent relationship. CBOY charges 0.69%/yr vs 0.74%/yr for CAGE.

Performance

CBOY vs. CAGE - Performance Comparison

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

Returns By Period

CBOY

• 1D: 0.16%
• 1M: 0.10%
• 6M: 0.49%
• YTD: -0.20%
• 1Y: -1.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -0.58%

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
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	$82.72K	$66.50K	$36.54K

CBOY vs. CAGE - Yearly Performance Comparison

	2026 (YTD)
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	0.66%
CAGE Calamos Autocallable Growth ETF	12.91%

Correlation

The correlation between CBOY and CAGE is 0.35, 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	0.35

Return for Risk

CBOY vs. CAGE — Risk / Return Rank

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

CBOY

CBOY Risk / Return Rank: 6
CBOY Sharpe Ratio Rank: 5
CBOY Sortino Ratio Rank: 5
CBOY Omega Ratio Rank: 4
CBOY Calmar Ratio Rank: 6
CBOY Martin Ratio Rank: 7

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.

CBOY vs. CAGE - Risk-Adjusted Trends Comparison

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

	CBOY	CAGE	Difference
Sharpe ratio: Return per unit of total volatility	-0.46	—	—
Sortino ratio: Return per unit of downside risk	-0.62	—	—
Omega ratio: Gain probability vs. loss probability	0.92	—	—
Calmar ratio: Return relative to maximum drawdown	-0.36	—	—
Martin ratio: Return relative to average drawdown	-0.52	—	—

Drawdowns

CBOY vs. CAGE - Drawdown Comparison

The maximum CBOY drawdown since its inception was -3.99%, smaller than the maximum CAGE drawdown of -6.67%. Use the drawdown chart below to compare losses from any high point for CBOY and CAGE.

Drawdown Indicators

	CBOY	CAGE	Difference
Max Drawdown Largest peak-to-trough decline	-3.99%	-6.67%	+2.68%
Max Drawdown (1Y) Largest decline over 1 year	-3.99%	—	—
Current Drawdown Current decline from peak	-3.03%	-0.81%	-2.22%
Average Drawdown Average peak-to-trough decline	-2.33%	-2.03%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	—	—

Volatility

Volatility by Period

	CBOY	CAGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.33%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.15%	21.83%	-18.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.22%	21.83%	-18.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.22%	21.83%	-18.61%

CBOY vs. CAGE - Expense Ratio Comparison

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

Dividends

CBOY vs. CAGE - Dividend Comparison

CBOY's dividend yield for the trailing twelve months is around 1.37%, while CAGE has not paid dividends to shareholders.

Position	TTM	2025
CAGE Calamos Autocallable Growth ETF	0.00%	0.00%
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	1.37%	1.37%

Frequently Asked Questions

Can I hold both CBOY and CAGE in my portfolio?

CBOY and CAGE have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBOY or CAGE?

On fees, CBOY 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, CBOY or CAGE?

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

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

CBOY has the higher dividend yield at 1.37%, compared with 0.00% for CAGE.

What is the main difference between CBOY and CAGE?

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