CBXJ vs. CAIE

Last updated Jun 4, 2026

CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) and CAIE (Calamos Autocallable Income ETF) are both exchange-traded funds - CBXJ is a Blockchain fund actively managed by Calamos, while CAIE is a Derivative Income fund tracking the MerQube US Large Cap Vol Advantage Autocallable Index. CBXJ is actively managed, while CAIE is passively managed. At a 0.39 correlation, their price movements are largely independent. CBXJ charges 0.69%/yr vs 0.74%/yr for CAIE.

Performance

CBXJ vs. CAIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) 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, CBXJ achieves a -10.13% return, which is significantly lower than CAIE's 9.06% return.

CBXJ

• 1D: -0.69%
• 1M: -6.42%
• YTD: -10.13%
• 6M: -15.21%
• 1Y: -20.48%
• 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)

CBXJ vs. CAIE - Yearly Performance Comparison

	2026 (YTD)	2025
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	-10.13%	-12.67%
CAIE Calamos Autocallable Income ETF	9.06%	15.15%

Correlation

The correlation between CBXJ and CAIE is 0.39, 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 Jun 26, 2025	0.39

Return for Risk

CBXJ vs. CAIE — Risk / Return Rank

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

CBXJ

CBXJ Risk / Return Rank: 2
CBXJ Sharpe Ratio Rank: 1
CBXJ Sortino Ratio Rank: 1
CBXJ Omega Ratio Rank: 1
CBXJ Calmar Ratio Rank: 3
CBXJ Martin Ratio Rank: 3

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.

CBXJ vs. CAIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) 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.

	CBXJ	CAIE	Difference
Sharpe ratio: Return per unit of total volatility	-1.15	—	—
Sortino ratio: Return per unit of downside risk	-1.57	—	—
Omega ratio: Gain probability vs. loss probability	0.82	—	—
Calmar ratio: Return relative to maximum drawdown	-0.73	—	—
Martin ratio: Return relative to average drawdown	-1.20	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CBXJ	CAIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.15	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	2.31	-3.10

Drawdowns

CBXJ vs. CAIE - Drawdown Comparison

The maximum CBXJ drawdown since its inception was -28.02%, which is greater than CAIE's maximum drawdown of -7.73%. Use the drawdown chart below to compare losses from any high point for CBXJ and CAIE.

Drawdown Indicators

	CBXJ	CAIE	Difference
Max Drawdown Largest peak-to-trough decline	-28.02%	-7.73%	-20.29%
Max Drawdown (1Y) Largest decline over 1 year	-28.02%	—	—
Current Drawdown Current decline from peak	-28.02%	-0.40%	-27.62%
Average Drawdown Average peak-to-trough decline	-10.68%	-1.06%	-9.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.11%	—	—

Volatility

Volatility by Period

	CBXJ	CAIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.23%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.94%	11.93%	+6.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.71%	11.93%	+4.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.71%	11.93%	+4.78%

CBXJ vs. CAIE - Expense Ratio Comparison

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

Dividends

CBXJ vs. CAIE - Dividend Comparison

CBXJ's dividend yield for the trailing twelve months is around 2.19%, less than CAIE's 13.09% yield.

Position	TTM	2025
CAIE Calamos Autocallable Income ETF	13.09%	7.46%
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	2.19%	1.97%

Frequently Asked Questions

Can I hold both CBXJ and CAIE in my portfolio?

CBXJ and CAIE have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBXJ or CAIE?

On fees, CBXJ 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, CBXJ or CAIE?

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

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

CAIE has the higher dividend yield at 13.09%, compared with 2.19% for CBXJ.

What is the main difference between CBXJ and CAIE?

CBXJ is categorized as Blockchain, while CAIE is Derivative Income. Their fees differ too: 0.69% for CBXJ and 0.74% for CAIE.