CBTL vs. CAIQ
CBTL (Calamos Laddered Bitcoin Structured Alt Protection ETF) and CAIQ (Calamos Nasdaq Autocallable Income ETF) are both exchange-traded funds - CBTL is a Defined Outcome fund actively managed by Calamos, while CAIQ is a Nasdaq-100 fund tracking the MerQube Nasdaq-100 Vol Advantage Autocallable Index. CBTL is actively managed, while CAIQ is passively managed. At a 0.41 correlation, their price movements are largely independent. CBTL charges 0.79%/yr vs 0.74%/yr for CAIQ.
Performance
CBTL vs. CAIQ - 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 CAIQ's 13.25% return.
CBTL
- 1D
- -0.65%
- 1M
- -6.10%
- YTD
- -14.75%
- 6M
- -18.34%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CAIQ
- 1D
- -0.17%
- 1M
- 4.04%
- YTD
- 13.25%
- 6M
- 12.74%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBTL vs. CAIQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF | -14.75% | -0.57% |
CAIQ Calamos Nasdaq Autocallable Income ETF | 13.25% | 4.03% |
Correlation
The correlation between CBTL and CAIQ is 0.41, 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 | 0.41 |
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Return for Risk
CBTL vs. CAIQ - 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 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.
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Sharpe Ratios by Period
| CBTL | CAIQ | Difference | |
|---|---|---|---|
Sharpe Ratio (All Time)Calculated using the full available price history | -1.76 | 2.63 | -4.39 |
Drawdowns
CBTL vs. CAIQ - Drawdown Comparison
The maximum CBTL drawdown since its inception was -27.80%, which is greater than CAIQ's maximum drawdown of -9.06%. Use the drawdown chart below to compare losses from any high point for CBTL and CAIQ.
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Drawdown Indicators
| CBTL | CAIQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.80% | -9.06% | -18.74% |
Current DrawdownCurrent decline from peak | -27.80% | -0.27% | -27.53% |
Average DrawdownAverage peak-to-trough decline | -18.27% | -1.72% | -16.55% |
Volatility
CBTL vs. CAIQ - Volatility Comparison
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Volatility by Period
| CBTL | CAIQ | Difference | |
|---|---|---|---|
Volatility (1Y)Calculated over the trailing 1-year period | 22.41% | 14.03% | +8.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.41% | 14.03% | +8.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.41% | 14.03% | +8.38% |
CBTL vs. CAIQ - Expense Ratio Comparison
CBTL has a 0.79% expense ratio, which is higher than CAIQ's 0.74% expense ratio.
Dividends
CBTL vs. CAIQ - Dividend Comparison
CBTL's dividend yield for the trailing twelve months is around 1.15%, less than CAIQ's 8.48% yield.
| Position | TTM | 2025 |
|---|---|---|
CAIQ Calamos Nasdaq Autocallable Income ETF | 8.48% | 1.54% |
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF | 1.15% | 0.98% |
Frequently Asked Questions
CBTL and CAIQ have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CAIQ is cheaper at 0.74% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CAIQ is cheaper with a 0.74% expense ratio, compared with 0.79% for CBTL.
CAIQ has the higher dividend yield at 8.48%, compared with 1.15% for CBTL.
CBTL is categorized as Defined Outcome, while CAIQ is Nasdaq-100. Their fees differ too: 0.79% for CBTL and 0.74% for CAIQ.
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