CBTO vs. CAIE

Last updated Jun 4, 2026

CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) and CAIE (Calamos Autocallable Income ETF) are both exchange-traded funds - CBTO 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. CBTO is actively managed, while CAIE is passively managed. At a 0.43 correlation, their price movements are largely independent. CBTO charges 0.69%/yr vs 0.74%/yr for CAIE.

Performance

CBTO 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 - October (CBTO) 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, CBTO achieves a -8.23% return, which is significantly lower than CAIE's 9.06% return.

CBTO

• 1D: -0.16%
• 1M: -2.76%
• YTD: -8.23%
• 6M: -11.17%
• 1Y: —
• 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)

CBTO vs. CAIE - Yearly Performance Comparison

	2026 (YTD)	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.23%	-13.81%
CAIE Calamos Autocallable Income ETF	9.06%	1.34%

Correlation

The correlation between CBTO and CAIE is 0.43, 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 8, 2025	0.43

Return for Risk

CBTO 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 - October (CBTO) 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.

Sharpe Ratios by Period

	CBTO	CAIE	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-2.36	2.31	-4.67

Drawdowns

CBTO vs. CAIE - Drawdown Comparison

The maximum CBTO drawdown since its inception was -21.08%, which is greater than CAIE's maximum drawdown of -7.73%. Use the drawdown chart below to compare losses from any high point for CBTO and CAIE.

Drawdown Indicators

	CBTO	CAIE	Difference
Max Drawdown Largest peak-to-trough decline	-21.08%	-7.73%	-13.35%
Current Drawdown Current decline from peak	-21.08%	-0.40%	-20.68%
Average Drawdown Average peak-to-trough decline	-14.93%	-1.06%	-13.87%

Volatility

Volatility by Period

	CBTO	CAIE	Difference
Volatility (1Y) Calculated over the trailing 1-year period	12.88%	11.93%	+0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.88%	11.93%	+0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.88%	11.93%	+0.95%

CBTO vs. CAIE - Expense Ratio Comparison

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

Dividends

CBTO vs. CAIE - Dividend Comparison

CBTO's dividend yield for the trailing twelve months is around 0.24%, less than CAIE's 13.09% yield.

Position	TTM	2025
CAIE Calamos Autocallable Income ETF	13.09%	7.46%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%

Frequently Asked Questions

Can I hold both CBTO and CAIE in my portfolio?

CBTO and CAIE 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, CBTO or CAIE?

On fees, CBTO 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, CBTO or CAIE?

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

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

CAIE has the higher dividend yield at 13.09%, compared with 0.24% for CBTO.

What is the main difference between CBTO and CAIE?

CBTO is categorized as Defined Outcome, while CAIE is Derivative Income. Their fees differ too: 0.69% for CBTO and 0.74% for CAIE.