CBOY vs. CAIE

Last updated Jun 4, 2026

CBOY (Calamos Bitcoin Structured Alt Protection ETF - July) and CAIE (Calamos Autocallable Income ETF) are both exchange-traded funds - CBOY is a Defined Outcome fund tracking the CBOE Bitcoin US ETF Index, while CAIE is a Derivative Income fund tracking the MerQube US Large Cap Vol Advantage Autocallable Index. Both are passively managed. At a 0.31 correlation, their price movements are largely independent. CBOY charges 0.69%/yr vs 0.74%/yr for CAIE.

Performance

CBOY vs. CAIE - 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 Income ETF (CAIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOY achieves a -0.57% return, which is significantly lower than CAIE's 9.06% return.

CBOY

• 1D: -0.02%
• 1M: 0.10%
• YTD: -0.57%
• 6M: -1.12%
• 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)

CBOY vs. CAIE - Yearly Performance Comparison

	2026 (YTD)	2025
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	-0.57%	-0.40%
CAIE Calamos Autocallable Income ETF	9.06%	11.86%

Correlation

The correlation between CBOY and CAIE is 0.31, 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 Jul 9, 2025	0.31

Return for Risk

CBOY vs. CAIE - 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 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

	CBOY	CAIE	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.32	2.31	-2.64

Drawdowns

CBOY vs. CAIE - Drawdown Comparison

The maximum CBOY drawdown since its inception was -3.99%, smaller than the maximum CAIE drawdown of -7.73%. Use the drawdown chart below to compare losses from any high point for CBOY and CAIE.

Drawdown Indicators

	CBOY	CAIE	Difference
Max Drawdown Largest peak-to-trough decline	-3.99%	-7.73%	+3.74%
Current Drawdown Current decline from peak	-3.38%	-0.40%	-2.98%
Average Drawdown Average peak-to-trough decline	-2.18%	-1.06%	-1.12%

Volatility

Volatility by Period

	CBOY	CAIE	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.32%	11.93%	-8.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.32%	11.93%	-8.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.32%	11.93%	-8.61%

CBOY vs. CAIE - Expense Ratio Comparison

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

Dividends

CBOY vs. CAIE - Dividend Comparison

CBOY's dividend yield for the trailing twelve months is around 1.38%, less than CAIE's 13.09% yield.

Position	TTM	2025
CAIE Calamos Autocallable Income ETF	13.09%	7.46%
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	1.38%	1.37%

Frequently Asked Questions

Can I hold both CBOY and CAIE in my portfolio?

CBOY and CAIE 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, CBOY or CAIE?

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 CAIE?

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

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

CAIE has the higher dividend yield at 13.09%, compared with 1.38% for CBOY.

What is the main difference between CBOY and CAIE?

CBOY is categorized as Defined Outcome, while CAIE is Derivative Income. CBOY tracks CBOE Bitcoin US ETF Index, while CAIE tracks MerQube US Large Cap Vol Advantage Autocallable Index. Their fees differ too: 0.69% for CBOY and 0.74% for CAIE.