CPNQ vs. CAIQ
CPNQ (Calamos Nasdaq-100 Structured Alt Protection ETF - December) and CAIQ (Calamos Nasdaq Autocallable Income ETF) are both exchange-traded funds - CPNQ is a Defined Outcome fund actively managed by Calamos, while CAIQ is a Nasdaq-100 fund tracking the MerQube Nasdaq-100 Vol Advantage Autocallable Index. CPNQ is actively managed, while CAIQ is passively managed. A 0.76 correlation means they provide meaningful diversification when combined. CPNQ charges 0.69%/yr vs 0.74%/yr for CAIQ.
Performance
CPNQ vs. CAIQ - Performance Comparison
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Returns By Period
In the year-to-date period, CPNQ achieves a 3.12% return, which is significantly lower than CAIQ's 13.25% return.
CPNQ
- 1D
- 0.03%
- 1M
- 1.03%
- YTD
- 3.12%
- 6M
- 3.32%
- 1Y
- 8.88%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CAIQ
- 1D
- -0.17%
- 1M
- 4.04%
- YTD
- 13.25%
- 6M
- 12.74%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CPNQ vs. CAIQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CPNQ Calamos Nasdaq-100 Structured Alt Protection ETF - December | 3.12% | 0.91% |
CAIQ Calamos Nasdaq Autocallable Income ETF | 13.25% | 4.03% |
Correlation
The correlation between CPNQ and CAIQ is 0.76, 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 Nov 21, 2025 | 0.76 |
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Return for Risk
CPNQ vs. CAIQ — Risk / Return Rank
CPNQ
CAIQ
CPNQ vs. CAIQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Nasdaq-100 Structured Alt Protection ETF - December (CPNQ) 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.
| CPNQ | CAIQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.74 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 5.89 | — | — |
| Martin ratioReturn relative to average drawdown | 29.34 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CPNQ | CAIQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.39 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.24 | 2.63 | -0.39 |
Drawdowns
CPNQ vs. CAIQ - Drawdown Comparison
The maximum CPNQ drawdown since its inception was -3.52%, smaller than the maximum CAIQ drawdown of -9.06%. Use the drawdown chart below to compare losses from any high point for CPNQ and CAIQ.
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Drawdown Indicators
| CPNQ | CAIQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.52% | -9.06% | +5.54% |
Max Drawdown (1Y)Largest decline over 1 year | -1.52% | — | — |
Current DrawdownCurrent decline from peak | -0.04% | -0.27% | +0.23% |
Average DrawdownAverage peak-to-trough decline | -0.43% | -1.72% | +1.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | — | — |
Volatility
CPNQ vs. CAIQ - Volatility Comparison
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Volatility by Period
| CPNQ | CAIQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.47% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.11% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.64% | 14.03% | -11.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.37% | 14.03% | -10.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.37% | 14.03% | -10.66% |
CPNQ vs. CAIQ - Expense Ratio Comparison
CPNQ has a 0.69% expense ratio, which is lower than CAIQ's 0.74% expense ratio.
Dividends
CPNQ vs. CAIQ - Dividend Comparison
CPNQ has not paid dividends to shareholders, while CAIQ's dividend yield for the trailing twelve months is around 8.48%.
| Position | TTM | 2025 |
|---|---|---|
CAIQ Calamos Nasdaq Autocallable Income ETF | 8.48% | 1.54% |
CPNQ Calamos Nasdaq-100 Structured Alt Protection ETF - December | 0.00% | 0.00% |
Frequently Asked Questions
CPNQ and CAIQ have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CPNQ is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CPNQ is cheaper with a 0.69% expense ratio, compared with 0.74% for CAIQ.
CAIQ has the higher dividend yield at 8.48%, compared with 0.00% for CPNQ.
CPNQ is categorized as Defined Outcome, while CAIQ is Nasdaq-100. Their fees differ too: 0.69% for CPNQ and 0.74% for CAIQ.
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