CBXO vs. CAGE

Last updated Aug 5, 2026

CBXO (Calamos Bitcoin 90 Series Structured Alt Protection ETF - October) and CAGE (Calamos Autocallable Growth ETF) are both Defined Outcome funds from Calamos. Both are actively managed. Their 0.35 correlation means their historical movements had little consistent relationship. CBXO charges 0.69%/yr vs 0.74%/yr for CAGE.

Performance

CBXO vs. CAGE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin 90 Series Structured Alt Protection ETF - October (CBXO) and Calamos Autocallable Growth ETF (CAGE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CBXO

• 1D: 0.09%
• 1M: 0.43%
• 6M: -1.51%
• YTD: -3.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

CAGE

• 1D: 3.40%
• 1M: 5.64%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
CAGE Calamos Autocallable Growth ETF	$2.54M	$3.19M	$2.74M
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	$51.16K	$48.37K	$55.02K

CBXO vs. CAGE - Yearly Performance Comparison

	2026 (YTD)
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	-0.30%
CAGE Calamos Autocallable Growth ETF	16.75%

Correlation

The correlation between CBXO and CAGE is 0.35, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 16, 2026	0.35

Return for Risk

CBXO vs. CAGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 90 Series Structured Alt Protection ETF - October (CBXO) and Calamos Autocallable Growth ETF (CAGE). 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.

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

Drawdowns

CBXO vs. CAGE - Drawdown Comparison

The maximum CBXO drawdown since its inception was -11.51%, which is greater than CAGE's maximum drawdown of -6.67%. Use the drawdown chart below to compare losses from any high point for CBXO and CAGE.

Drawdown Indicators

	CBXO	CAGE	Difference
Max Drawdown Largest peak-to-trough decline	-11.51%	-6.67%	-4.84%
Current Drawdown Current decline from peak	-11.11%	0.00%	-11.11%
Average Drawdown Average peak-to-trough decline	-9.03%	-2.00%	-7.03%

Volatility

Volatility by Period

	CBXO	CAGE	Difference
Volatility (1Y) Calculated over the trailing 1-year period	6.46%	22.46%	-16.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.46%	22.46%	-16.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.46%	22.46%	-16.00%

CBXO vs. CAGE - Expense Ratio Comparison

CBXO has a 0.69% expense ratio, which is lower than CAGE's 0.74% expense ratio.

Dividends

CBXO vs. CAGE - Dividend Comparison

CBXO's dividend yield for the trailing twelve months is around 0.52%, while CAGE has not paid dividends to shareholders.

Position	TTM	2025
CAGE Calamos Autocallable Growth ETF	0.00%	0.00%
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	0.52%	0.51%

Frequently Asked Questions

Can I hold both CBXO and CAGE in my portfolio?

CBXO and CAGE have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBXO or CAGE?

On fees, CBXO 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, CBXO or CAGE?

CBXO is cheaper with a 0.69% expense ratio, compared with 0.74% for CAGE.

Which ETF pays a higher dividend yield, CBXO or CAGE?

CBXO has the higher dividend yield at 0.52%, compared with 0.00% for CAGE.

What is the main difference between CBXO and CAGE?

Their fees differ too: 0.69% for CBXO and 0.74% for CAGE.