CCEF vs. CAIE

Last updated Jun 5, 2026

CCEF (Calamos CEF Income & Arbitrage ETF) and CAIE (Calamos Autocallable Income ETF) are both exchange-traded funds - CCEF is a Dividend fund actively managed by Calamos, while CAIE is a Derivative Income fund tracking the MerQube US Large Cap Vol Advantage Autocallable Index. CCEF is actively managed, while CAIE is passively managed. A 0.69 correlation means they provide meaningful diversification when combined. CCEF charges 2.74%/yr vs 0.74%/yr for CAIE.

Performance

CCEF vs. CAIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos CEF Income & Arbitrage ETF (CCEF) 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, CCEF achieves a 6.10% return, which is significantly lower than CAIE's 9.42% return.

CCEF

• 1D: 0.36%
• 1M: 1.30%
• YTD: 6.10%
• 6M: 7.04%
• 1Y: 16.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAIE

• 1D: 0.33%
• 1M: 3.38%
• YTD: 9.42%
• 6M: 9.31%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CCEF vs. CAIE - Yearly Performance Comparison

	2026 (YTD)	2025
CCEF Calamos CEF Income & Arbitrage ETF	6.10%	7.91%
CAIE Calamos Autocallable Income ETF	9.42%	15.15%

Correlation

The correlation between CCEF and CAIE is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.69

CCEF vs. CAIE - Sectors Allocation Comparison

Sectors	CCEF	CAIE
Financial Services	30.7%	-
Energy	18.9%	-
Technology	14.1%	-
Healthcare	7.4%	-
Industrials	5.9%	-
Consumer Cyclical	4.7%	-
Real Estate	4.3%	-
Communication Services	4.2%	-
Basic Materials	3.9%	13.4%
Utilities	3.7%	-
Consumer Defensive	2.3%	-

Return for Risk

CCEF vs. CAIE — Risk / Return Rank

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

CCEF

CCEF Risk / Return Rank: 57
CCEF Sharpe Ratio Rank: 61
CCEF Sortino Ratio Rank: 61
CCEF Omega Ratio Rank: 65
CCEF Calmar Ratio Rank: 42
CCEF Martin Ratio Rank: 53

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.

CCEF vs. CAIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos CEF Income & Arbitrage ETF (CCEF) 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.

	CCEF	CAIE	Difference
Sharpe ratio: Return per unit of total volatility	2.03	—	—
Sortino ratio: Return per unit of downside risk	2.83	—	—
Omega ratio: Gain probability vs. loss probability	1.38	—	—
Calmar ratio: Return relative to maximum drawdown	2.08	—	—
Martin ratio: Return relative to average drawdown	9.04	—	—
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

	CCEF	CAIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.51	2.34	-0.83

Drawdowns

CCEF vs. CAIE - Drawdown Comparison

The maximum CCEF drawdown since its inception was -13.25%, which is greater than CAIE's maximum drawdown of -7.73%. Use the drawdown chart below to compare losses from any high point for CCEF and CAIE.

Drawdown Indicators

	CCEF	CAIE	Difference
Max Drawdown Largest peak-to-trough decline	-13.25%	-7.73%	-5.52%
Max Drawdown (1Y) Largest decline over 1 year	-7.75%	—	—
Current Drawdown Current decline from peak	-0.29%	-0.07%	-0.22%
Average Drawdown Average peak-to-trough decline	-1.35%	-1.05%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	—	—

Volatility

Volatility by Period

	CCEF	CAIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.28%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.66%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.95%	11.91%	-3.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.77%	11.91%	-1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.77%	11.91%	-1.14%

CCEF vs. CAIE - Expense Ratio Comparison

CCEF has a 2.74% expense ratio, which is higher than CAIE's 0.74% expense ratio.

Dividends

CCEF vs. CAIE - Dividend Comparison

CCEF's dividend yield for the trailing twelve months is around 7.96%, less than CAIE's 13.05% yield.

Position	TTM	2025	2024
CAIE Calamos Autocallable Income ETF	13.05%	7.46%	0.00%
CCEF Calamos CEF Income & Arbitrage ETF	7.96%	8.08%	6.55%

Frequently Asked Questions

Can I hold both CCEF and CAIE in my portfolio?

CCEF and CAIE have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CCEF or CAIE?

On fees, CAIE is cheaper at 0.74% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CCEF or CAIE?

CAIE is cheaper with a 0.74% expense ratio, compared with 2.74% for CCEF.

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

CAIE has the higher dividend yield at 13.05%, compared with 7.96% for CCEF.

What is the main difference between CCEF and CAIE?

CCEF is categorized as Dividend, while CAIE is Derivative Income. Their fees differ too: 2.74% for CCEF and 0.74% for CAIE.