CBTO vs. CAIE

Last updated Aug 1, 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 Total Return Index. CBTO is actively managed, while CAIE is passively managed. Their 0.38 correlation means their historical movements had little consistent relationship. CBTO charges 0.69%/yr vs 0.86%/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 -8.21% return, which is significantly lower than CAIE's 7.94% return.

CBTO

• 1D: 0.02%
• 1M: 0.10%
• 6M: -6.76%
• YTD: -8.21%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

CAIE

• 1D: 0.56%
• 1M: -0.22%
• 6M: 6.59%
• YTD: 7.94%
• 1Y: 19.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.88%

*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)
CAIE Calamos Autocallable Income ETF	$17.59M	$16.27M	$13.26M
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	$159.82K	$137.82K	$229.26K

CBTO vs. CAIE - Yearly Performance Comparison

	2026 (YTD)	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.21%	-13.82%
CAIE Calamos Autocallable Income ETF	7.94%	1.56%

Correlation

The correlation between CBTO and CAIE is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025	0.38

Return for Risk

CBTO vs. CAIE — Risk / Return Rank

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

CBTO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

CAIE

CAIE Risk / Return Rank: 63
CAIE Sharpe Ratio Rank: 60
CAIE Sortino Ratio Rank: 58
CAIE Omega Ratio Rank: 59
CAIE Calmar Ratio Rank: 63
CAIE Martin Ratio Rank: 75

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.

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.

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.

	CBTO	CAIE	Difference
Sharpe ratio: Return per unit of total volatility	—	1.41	—
Sortino ratio: Return per unit of downside risk	—	1.98	—
Omega ratio: Gain probability vs. loss probability	—	1.26	—
Calmar ratio: Return relative to maximum drawdown	—	2.19	—
Martin ratio: Return relative to average drawdown	—	9.25	—

Drawdowns

CBTO vs. CAIE - Drawdown Comparison

The maximum CBTO drawdown since its inception was -21.27%, 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	-21.27%	-7.73%	-13.54%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.73%	—
Current Drawdown Current decline from peak	-21.06%	-1.42%	-19.64%
Average Drawdown Average peak-to-trough decline	-16.07%	-1.13%	-14.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.84%	—

Volatility

Volatility by Period

	CBTO	CAIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.11%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.39%	—
Volatility (1Y) Calculated over the trailing 1-year period	11.56%	12.04%	-0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.56%	11.84%	-0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.56%	11.84%	-0.28%

CBTO vs. CAIE - Expense Ratio Comparison

CBTO has a 0.69% expense ratio, which is lower than CAIE's 0.86% 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 14.57% yield.

Position	TTM	2025
CAIE Calamos Autocallable Income ETF	13.13%	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 0.38, 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 0.86% for CAIE.

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

CAIE has the higher dividend yield at 13.13%, 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 0.86% for CAIE.