CBOY vs. CAIQ

Last updated Jun 4, 2026

CBOY (Calamos Bitcoin Structured Alt Protection ETF - July) and CAIQ (Calamos Nasdaq Autocallable Income ETF) are both exchange-traded funds - CBOY is a Defined Outcome fund tracking the CBOE Bitcoin US ETF Index, while CAIQ is a Nasdaq-100 fund tracking the MerQube Nasdaq-100 Vol Advantage Autocallable Index. Both are passively managed. At a 0.22 correlation, their price movements are largely independent. CBOY charges 0.69%/yr vs 0.74%/yr for CAIQ.

Performance

CBOY vs. CAIQ - 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 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, CBOY achieves a -0.57% return, which is significantly lower than CAIQ's 13.25% return.

CBOY

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

CBOY vs. CAIQ - Yearly Performance Comparison

	2026 (YTD)	2025
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	-0.57%	0.06%
CAIQ Calamos Nasdaq Autocallable Income ETF	13.25%	4.03%

Correlation

The correlation between CBOY and CAIQ is 0.22, 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	0.22

Return for Risk

CBOY vs. CAIQ - 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 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

	CBOY	CAIQ	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.32	2.63	-2.95

Drawdowns

CBOY vs. CAIQ - Drawdown Comparison

The maximum CBOY drawdown since its inception was -3.99%, smaller than the maximum CAIQ drawdown of -9.06%. Use the drawdown chart below to compare losses from any high point for CBOY and CAIQ.

Drawdown Indicators

	CBOY	CAIQ	Difference
Max Drawdown Largest peak-to-trough decline	-3.99%	-9.06%	+5.07%
Current Drawdown Current decline from peak	-3.38%	-0.27%	-3.11%
Average Drawdown Average peak-to-trough decline	-2.18%	-1.72%	-0.46%

Volatility

Volatility by Period

	CBOY	CAIQ	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.32%	14.03%	-10.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.32%	14.03%	-10.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.32%	14.03%	-10.71%

CBOY vs. CAIQ - Expense Ratio Comparison

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

Dividends

CBOY vs. CAIQ - Dividend Comparison

CBOY's dividend yield for the trailing twelve months is around 1.38%, less than CAIQ's 8.48% yield.

Position	TTM	2025
CAIQ Calamos Nasdaq Autocallable Income ETF	8.48%	1.54%
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	1.38%	1.37%

Frequently Asked Questions

Can I hold both CBOY and CAIQ in my portfolio?

CBOY and CAIQ have a correlation of 0.22, 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 CAIQ?

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 CAIQ?

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

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

CAIQ has the higher dividend yield at 8.48%, compared with 1.38% for CBOY.

What is the main difference between CBOY and CAIQ?

CBOY is categorized as Defined Outcome, while CAIQ is Nasdaq-100. CBOY tracks CBOE Bitcoin US ETF Index, while CAIQ tracks MerQube Nasdaq-100 Vol Advantage Autocallable Index. Their fees differ too: 0.69% for CBOY and 0.74% for CAIQ.