CBTA vs. CAIE

Last updated Jun 4, 2026

CBTA (Calamos Bitcoin 80 Series Structured Alt Protection ETF - April) and CAIE (Calamos Autocallable Income ETF) are both exchange-traded funds - CBTA 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 0.42 correlation, their price movements are largely independent. CBTA charges 0.69%/yr vs 0.74%/yr for CAIE.

Performance

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

Returns By Period

In the year-to-date period, CBTA achieves a -23.76% return, which is significantly lower than CAIE's 9.06% return.

CBTA

• 1D: -1.31%
• 1M: -9.26%
• YTD: -23.76%
• 6M: -26.89%
• 1Y: -28.38%
• 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)

CBTA vs. CAIE - Yearly Performance Comparison

	2026 (YTD)	2025
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April	-23.76%	-8.36%
CAIE Calamos Autocallable Income ETF	9.06%	15.15%

Correlation

The correlation between CBTA and CAIE is 0.42, 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 Jun 26, 2025	0.42

Return for Risk

CBTA vs. CAIE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CBTA

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

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CBTA vs. CAIE - 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 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.

	CBTA	CAIE	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	—	—
Sortino ratio: Return per unit of downside risk	-1.33	—	—
Omega ratio: Gain probability vs. loss probability	0.84	—	—
Calmar ratio: Return relative to maximum drawdown	-0.78	—	—
Martin ratio: Return relative to average drawdown	-1.42	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CBTA	CAIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.98	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.47	2.31	-2.78

Drawdowns

CBTA vs. CAIE - Drawdown Comparison

The maximum CBTA drawdown since its inception was -36.74%, which is greater than CAIE's maximum drawdown of -7.73%. Use the drawdown chart below to compare losses from any high point for CBTA and CAIE.

Drawdown Indicators

	CBTA	CAIE	Difference
Max Drawdown Largest peak-to-trough decline	-36.74%	-7.73%	-29.01%
Max Drawdown (1Y) Largest decline over 1 year	-36.74%	—	—
Current Drawdown Current decline from peak	-36.33%	-0.40%	-35.93%
Average Drawdown Average peak-to-trough decline	-12.99%	-1.06%	-11.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.01%	—	—

Volatility

Volatility by Period

	CBTA	CAIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	—	—
Volatility (6M) Calculated over the trailing 6-month period	24.83%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	28.99%	11.93%	+17.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.68%	11.93%	+15.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.68%	11.93%	+15.75%

CBTA vs. CAIE - Expense Ratio Comparison

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

Dividends

CBTA vs. CAIE - Dividend Comparison

CBTA's dividend yield for the trailing twelve months is around 1.17%, less than CAIE's 13.09% yield.

Position	TTM	2025
CAIE Calamos Autocallable Income ETF	13.09%	7.46%
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April	1.17%	0.89%

Frequently Asked Questions

Can I hold both CBTA and CAIE in my portfolio?

CBTA and CAIE have a correlation of 0.42, 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 CAIE?

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 CAIE?

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

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

CAIE has the higher dividend yield at 13.09%, compared with 1.17% for CBTA.

What is the main difference between CBTA and CAIE?

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