CBTY vs. CAIE

Last updated Jun 4, 2026

CBTY (Calamos Bitcoin 80 Series Structured Alt Protection ETF - July) and CAIE (Calamos Autocallable Income ETF) are both exchange-traded funds - CBTY 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 0.36 correlation, their price movements are largely independent. CBTY charges 0.69%/yr vs 0.74%/yr for CAIE.

Performance

CBTY 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 - July (CBTY) 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, CBTY achieves a -11.11% return, which is significantly lower than CAIE's 9.06% return.

CBTY

• 1D: -0.03%
• 1M: -2.89%
• YTD: -11.11%
• 6M: -14.47%
• 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)

CBTY vs. CAIE - Yearly Performance Comparison

	2026 (YTD)	2025
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July	-11.11%	-10.93%
CAIE Calamos Autocallable Income ETF	9.06%	11.86%

Correlation

The correlation between CBTY and CAIE is 0.36, 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 Jul 9, 2025	0.36

Return for Risk

CBTY 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 - July (CBTY) 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

	CBTY	CAIE	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.33	2.31	-3.65

Drawdowns

CBTY vs. CAIE - Drawdown Comparison

The maximum CBTY drawdown since its inception was -26.68%, which is greater than CAIE's maximum drawdown of -7.73%. Use the drawdown chart below to compare losses from any high point for CBTY and CAIE.

Drawdown Indicators

	CBTY	CAIE	Difference
Max Drawdown Largest peak-to-trough decline	-26.68%	-7.73%	-18.95%
Current Drawdown Current decline from peak	-26.68%	-0.40%	-26.28%
Average Drawdown Average peak-to-trough decline	-14.52%	-1.06%	-13.46%

Volatility

Volatility by Period

	CBTY	CAIE	Difference
Volatility (1Y) Calculated over the trailing 1-year period	17.11%	11.93%	+5.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.11%	11.93%	+5.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.11%	11.93%	+5.18%

CBTY vs. CAIE - Expense Ratio Comparison

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

Dividends

CBTY vs. CAIE - Dividend Comparison

CBTY's dividend yield for the trailing twelve months is around 1.65%, less than CAIE's 13.09% yield.

Position	TTM	2025
CAIE Calamos Autocallable Income ETF	13.09%	7.46%
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July	1.65%	1.47%

Frequently Asked Questions

Can I hold both CBTY and CAIE in my portfolio?

CBTY and CAIE have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBTY or CAIE?

On fees, CBTY 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, CBTY or CAIE?

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

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

CAIE has the higher dividend yield at 13.09%, compared with 1.65% for CBTY.

What is the main difference between CBTY and CAIE?

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