CPRA vs. CAIE

Last updated Jun 25, 2026

CPRA (Calamos Russell 2000 Structured Alt Protection ETF - April) and CAIE (Calamos Autocallable Income ETF) are both exchange-traded funds - CPRA is a Defined Outcome fund actively managed by Calamos, while CAIE is a Derivative Income fund tracking the MerQube US Large Cap Vol Advantage Autocallable Index. CPRA is actively managed, while CAIE is passively managed. Over the past year, CPRA returned 8.80% vs 22.86% for CAIE. A 0.67 correlation means they provide meaningful diversification when combined. CPRA charges 0.69%/yr vs 0.74%/yr for CAIE.

Performance

CPRA vs. CAIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Russell 2000 Structured Alt Protection ETF - April (CPRA) 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, CPRA achieves a 4.07% return, which is significantly lower than CAIE's 6.72% return.

CPRA

• 1D: 0.04%
• 1M: 0.49%
• YTD: 4.07%
• 6M: 4.07%
• 1Y: 8.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAIE

• 1D: -0.11%
• 1M: -1.41%
• YTD: 6.72%
• 6M: 5.46%
• 1Y: 22.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPRA vs. CAIE - Yearly Performance Comparison

	2026 (YTD)	2025
CPRA Calamos Russell 2000 Structured Alt Protection ETF - April	4.07%	4.54%
CAIE Calamos Autocallable Income ETF	6.72%	15.12%

Correlation

The correlation between CPRA and CAIE is 0.67, 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 25, 2025	0.67

Return for Risk

CPRA vs. CAIE — Risk / Return Rank

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

CPRA

CPRA Risk / Return Rank: 97
CPRA Sharpe Ratio Rank: 97
CPRA Sortino Ratio Rank: 98
CPRA Omega Ratio Rank: 97
CPRA Calmar Ratio Rank: 97
CPRA Martin Ratio Rank: 98

CAIE

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.

CPRA vs. CAIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Russell 2000 Structured Alt Protection ETF - April (CPRA) 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.

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.

	CPRA	CAIE	Difference
Sharpe ratio: Return per unit of total volatility	3.92	—	—
Sortino ratio: Return per unit of downside risk	6.64	—	—
Omega ratio: Gain probability vs. loss probability	1.90	—	—
Calmar ratio: Return relative to maximum drawdown	9.91	—	—
Martin ratio: Return relative to average drawdown	50.77	—	—

Drawdowns

CPRA vs. CAIE - Drawdown Comparison

The maximum CPRA drawdown since its inception was -1.69%, smaller than the maximum CAIE drawdown of -7.73%. Use the drawdown chart below to compare losses from any high point for CPRA and CAIE.

Drawdown Indicators

	CPRA	CAIE	Difference
Max Drawdown Largest peak-to-trough decline	-1.69%	-7.73%	+6.04%
Max Drawdown (1Y) Largest decline over 1 year	-0.89%	-7.73%	+6.84%
Current Drawdown Current decline from peak	-0.02%	-2.54%	+2.52%
Average Drawdown Average peak-to-trough decline	-0.15%	-1.10%	+0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.17%	—	—

Volatility

Volatility by Period

	CPRA	CAIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.32%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.25%	12.03%	-9.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.79%	12.03%	-9.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.79%	12.03%	-9.24%

CPRA vs. CAIE - Expense Ratio Comparison

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

Dividends

CPRA vs. CAIE - Dividend Comparison

CPRA has not paid dividends to shareholders, while CAIE's dividend yield for the trailing twelve months is around 13.38%.

Position	TTM	2025
CAIE Calamos Autocallable Income ETF	13.38%	7.46%
CPRA Calamos Russell 2000 Structured Alt Protection ETF - April	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPRA and CAIE in my portfolio?

CPRA and CAIE have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CPRA or CAIE?

On 1-year performance, CAIE leads with 22.86% vs 8.80% for CPRA. On fees, CPRA is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPRA or CAIE?

Over the 1-year period, CAIE has performed better with a 22.86% return vs 8.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPRA or CAIE?

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

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

CAIE has the higher dividend yield at 13.38%, compared with 0.00% for CPRA.

What is the main difference between CPRA and CAIE?

CPRA is categorized as Defined Outcome, while CAIE is Derivative Income. Their fees differ too: 0.69% for CPRA and 0.74% for CAIE.