CBTY vs. CAIQ

Last updated Jul 14, 2026

CBTY (Calamos Bitcoin 80 Series Structured Alt Protection ETF - July) and CAIQ (Calamos Nasdaq Autocallable Income ETF) are both exchange-traded funds - CBTY is a Defined Outcome fund tracking the CBOE Bitcoin US ETF Index, while CAIQ is a Nasdaq-100 fund tracking the MerQube Nasdaq-100 Vol Advantage Autocallable Index. Both are passively managed. At a 0.34 correlation, their price movements are largely independent. CBTY charges 0.69%/yr vs 0.74%/yr for CAIQ.

Performance

CBTY vs. CAIQ - 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 Nasdaq Autocallable Income ETF (CAIQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBTY achieves a -11.95% return, which is significantly lower than CAIQ's 10.78% return.

CBTY

• 1D: -1.35%
• 1M: -1.00%
• 6M: -13.64%
• YTD: -11.95%
• 1Y: -24.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAIQ

• 1D: -1.44%
• 1M: -1.12%
• 6M: 9.08%
• YTD: 10.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CBTY vs. CAIQ - Yearly Performance Comparison

	2026 (YTD)	2025
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July	-11.95%	-2.27%
CAIQ Calamos Nasdaq Autocallable Income ETF	10.78%	4.03%

Correlation

The correlation between CBTY and CAIQ is 0.34, 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 20, 2025	0.34

Return for Risk

CBTY vs. CAIQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CBTY

CBTY Risk / Return Rank: 1
CBTY Sharpe Ratio Rank: 0
CBTY Sortino Ratio Rank: 0
CBTY Omega Ratio Rank: 0
CBTY Calmar Ratio Rank: 2
CBTY Martin Ratio Rank: 2

CAIQ

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

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CBTY vs. CAIQ - 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 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.

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.

	CBTY	CAIQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.51	—	—
Sortino ratio: Return per unit of downside risk	-2.14	—	—
Omega ratio: Gain probability vs. loss probability	0.75	—	—
Calmar ratio: Return relative to maximum drawdown	-0.89	—	—
Martin ratio: Return relative to average drawdown	-1.31	—	—

Drawdowns

CBTY vs. CAIQ - Drawdown Comparison

The maximum CBTY drawdown since its inception was -27.79%, which is greater than CAIQ's maximum drawdown of -9.06%. Use the drawdown chart below to compare losses from any high point for CBTY and CAIQ.

Drawdown Indicators

	CBTY	CAIQ	Difference
Max Drawdown Largest peak-to-trough decline	-27.79%	-9.06%	-18.73%
Max Drawdown (1Y) Largest decline over 1 year	-27.79%	—	—
Current Drawdown Current decline from peak	-27.38%	-2.44%	-24.94%
Average Drawdown Average peak-to-trough decline	-15.71%	-1.67%	-14.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.71%	—	—

Volatility

Volatility by Period

	CBTY	CAIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.91%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.29%	13.47%	+2.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.39%	13.47%	+2.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.39%	13.47%	+2.92%

CBTY vs. CAIQ - Expense Ratio Comparison

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

Dividends

CBTY vs. CAIQ - Dividend Comparison

CBTY's dividend yield for the trailing twelve months is around 1.67%, less than CAIQ's 10.25% yield.

Position	TTM	2025
CAIQ Calamos Nasdaq Autocallable Income ETF	10.25%	1.54%
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July	1.67%	1.47%

Frequently Asked Questions

Can I hold both CBTY and CAIQ in my portfolio?

CBTY and CAIQ have a correlation of 0.34, 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 CAIQ?

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 CAIQ?

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

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

CAIQ has the higher dividend yield at 10.25%, compared with 1.67% for CBTY.

What is the main difference between CBTY and CAIQ?

CBTY is categorized as Defined Outcome, while CAIQ is Nasdaq-100. CBTY tracks CBOE Bitcoin US ETF Index, while CAIQ tracks MerQube Nasdaq-100 Vol Advantage Autocallable Index. Their fees differ too: 0.69% for CBTY and 0.74% for CAIQ.