CBTA vs. CAGE

Last updated Aug 4, 2026

CBTA (Calamos Bitcoin 80 Series Structured Alt Protection ETF - April) and CAGE (Calamos Autocallable Growth ETF) are both Defined Outcome funds from Calamos. CBTA is passively managed, while CAGE is actively managed. Their 0.43 correlation means their historical movements had little consistent relationship. CBTA charges 0.69%/yr vs 0.74%/yr for CAGE.

Performance

CBTA vs. CAGE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) and Calamos Autocallable Growth ETF (CAGE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CBTA

• 1D: 0.83%
• 1M: 2.26%
• 6M: -16.28%
• YTD: -24.45%
• 1Y: -33.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -11.98%

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
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April	$19.28K	$37.33K	$32.42K

CBTA vs. CAGE - Yearly Performance Comparison

	2026 (YTD)
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April	-6.95%
CAGE Calamos Autocallable Growth ETF	12.91%

Correlation

The correlation between CBTA and CAGE is 0.43, 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	0.43

Return for Risk

CBTA vs. CAGE — Risk / Return Rank

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

CBTA

CBTA Risk / Return Rank: 2
CBTA Sharpe Ratio Rank: 1
CBTA Sortino Ratio Rank: 1
CBTA Omega Ratio Rank: 1
CBTA Calmar Ratio Rank: 2
CBTA Martin Ratio Rank: 2

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.

CBTA vs. CAGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) 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.

	CBTA	CAGE	Difference
Sharpe ratio: Return per unit of total volatility	-1.13	—	—
Sortino ratio: Return per unit of downside risk	-1.61	—	—
Omega ratio: Gain probability vs. loss probability	0.81	—	—
Calmar ratio: Return relative to maximum drawdown	-0.83	—	—
Martin ratio: Return relative to average drawdown	-1.32	—	—

Drawdowns

CBTA vs. CAGE - Drawdown Comparison

The maximum CBTA drawdown since its inception was -39.83%, which is greater than CAGE's maximum drawdown of -6.67%. Use the drawdown chart below to compare losses from any high point for CBTA and CAGE.

Drawdown Indicators

	CBTA	CAGE	Difference
Max Drawdown Largest peak-to-trough decline	-39.83%	-6.67%	-33.16%
Max Drawdown (1Y) Largest decline over 1 year	-39.83%	—	—
Current Drawdown Current decline from peak	-36.91%	-0.81%	-36.10%
Average Drawdown Average peak-to-trough decline	-15.96%	-2.03%	-13.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.05%	—	—

Volatility

Volatility by Period

	CBTA	CAGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	—	—
Volatility (6M) Calculated over the trailing 6-month period	21.40%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	29.44%	21.83%	+7.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.78%	21.83%	+4.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.78%	21.83%	+4.95%

CBTA vs. CAGE - Expense Ratio Comparison

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

Dividends

CBTA vs. CAGE - Dividend Comparison

CBTA's dividend yield for the trailing twelve months is around 1.18%, while CAGE has not paid dividends to shareholders.

Position	TTM	2025
CAGE Calamos Autocallable Growth ETF	0.00%	0.00%
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April	1.18%	0.89%

Frequently Asked Questions

Can I hold both CBTA and CAGE in my portfolio?

CBTA and CAGE have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBTA or CAGE?

On fees, CBTA 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, CBTA or CAGE?

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

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

CBTA has the higher dividend yield at 1.18%, compared with 0.00% for CAGE.

What is the main difference between CBTA and CAGE?

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