CBTL vs. CAIE
CBTL (Calamos Laddered Bitcoin Structured Alt Protection ETF) and CAIE (Calamos Autocallable Income ETF) are both exchange-traded funds - CBTL is a Defined Outcome fund actively managed by Calamos, while CAIE is a Derivative Income fund tracking the MerQube US Large Cap Vol Advantage Autocallable Index. CBTL is actively managed, while CAIE is passively managed. At a 0.44 correlation, their price movements are largely independent. CBTL charges 0.79%/yr vs 0.74%/yr for CAIE.
Performance
CBTL vs. CAIE - Performance Comparison
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Returns By Period
In the year-to-date period, CBTL achieves a -14.75% return, which is significantly lower than CAIE's 9.06% return.
CBTL
- 1D
- -0.65%
- 1M
- -6.10%
- YTD
- -14.75%
- 6M
- -18.34%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CAIE
- 1D
- -0.40%
- 1M
- 3.61%
- YTD
- 9.06%
- 6M
- 9.11%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBTL vs. CAIE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF | -14.75% | -14.41% |
CAIE Calamos Autocallable Income ETF | 9.06% | 3.46% |
Correlation
The correlation between CBTL and CAIE is 0.44, 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 Oct 15, 2025 | 0.44 |
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Return for Risk
CBTL vs. CAIE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Laddered Bitcoin Structured Alt Protection ETF (CBTL) 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.
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Sharpe Ratios by Period
| CBTL | CAIE | Difference | |
|---|---|---|---|
Sharpe Ratio (All Time)Calculated using the full available price history | -1.76 | 2.31 | -4.07 |
Drawdowns
CBTL vs. CAIE - Drawdown Comparison
The maximum CBTL drawdown since its inception was -27.80%, which is greater than CAIE's maximum drawdown of -7.73%. Use the drawdown chart below to compare losses from any high point for CBTL and CAIE.
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Drawdown Indicators
| CBTL | CAIE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.80% | -7.73% | -20.07% |
Current DrawdownCurrent decline from peak | -27.80% | -0.40% | -27.40% |
Average DrawdownAverage peak-to-trough decline | -18.27% | -1.06% | -17.21% |
Volatility
CBTL vs. CAIE - Volatility Comparison
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Volatility by Period
| CBTL | CAIE | Difference | |
|---|---|---|---|
Volatility (1Y)Calculated over the trailing 1-year period | 22.41% | 11.93% | +10.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.41% | 11.93% | +10.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.41% | 11.93% | +10.48% |
CBTL vs. CAIE - Expense Ratio Comparison
CBTL has a 0.79% expense ratio, which is higher than CAIE's 0.74% expense ratio.
Dividends
CBTL vs. CAIE - Dividend Comparison
CBTL's dividend yield for the trailing twelve months is around 1.15%, less than CAIE's 13.09% yield.
| Position | TTM | 2025 |
|---|---|---|
CAIE Calamos Autocallable Income ETF | 13.09% | 7.46% |
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF | 1.15% | 0.98% |
Frequently Asked Questions
CBTL and CAIE have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CAIE is cheaper at 0.74% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CAIE is cheaper with a 0.74% expense ratio, compared with 0.79% for CBTL.
CAIE has the higher dividend yield at 13.09%, compared with 1.15% for CBTL.
CBTL is categorized as Defined Outcome, while CAIE is Derivative Income. Their fees differ too: 0.79% for CBTL and 0.74% for CAIE.
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