CPRA vs. CAIQ

Last updated Aug 5, 2026

CPRA (Calamos Russell 2000 Structured Alt Protection ETF - April) and CAIQ (Calamos Nasdaq Autocallable Income ETF) are both exchange-traded funds - CPRA 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. CPRA is actively managed, while CAIQ is passively managed. Their 0.64 correlation means they have sometimes moved together and sometimes differently. CPRA charges 0.69%/yr vs 0.74%/yr for CAIQ.

Performance

CPRA vs. CAIQ - 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 Nasdaq Autocallable Income ETF (CAIQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPRA achieves a 4.92% return, which is significantly lower than CAIQ's 12.29% return.

CPRA

• 1D: 0.14%
• 1M: 0.65%
• 6M: 4.37%
• YTD: 4.92%
• 1Y: 8.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.95%

CAIQ

• 1D: 2.09%
• 1M: 0.55%
• 6M: 12.58%
• YTD: 12.29%
• 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)
CAIQ Calamos Nasdaq Autocallable Income ETF	$5.68M	$5.62M	$5.21M
CPRA Calamos Russell 2000 Structured Alt Protection ETF - April	$7.56K	$25.27K	$31.53K

CPRA vs. CAIQ - Yearly Performance Comparison

	2026 (YTD)	2025
CPRA Calamos Russell 2000 Structured Alt Protection ETF - April	4.92%	1.64%
CAIQ Calamos Nasdaq Autocallable Income ETF	12.29%	4.03%

Correlation

The correlation between CPRA and CAIQ is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025	0.64

Return for Risk

CPRA vs. CAIQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CPRA

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

CAIQ

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CPRA vs. CAIQ - 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 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.

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	CAIQ	Difference
Sharpe ratio: Return per unit of total volatility	4.21	—	—
Sortino ratio: Return per unit of downside risk	7.43	—	—
Omega ratio: Gain probability vs. loss probability	2.03	—	—
Calmar ratio: Return relative to maximum drawdown	9.95	—	—
Martin ratio: Return relative to average drawdown	56.96	—	—

Drawdowns

CPRA vs. CAIQ - Drawdown Comparison

The maximum CPRA drawdown since its inception was -1.69%, smaller than the maximum CAIQ drawdown of -9.06%. Use the drawdown chart below to compare losses from any high point for CPRA and CAIQ.

Drawdown Indicators

	CPRA	CAIQ	Difference
Max Drawdown Largest peak-to-trough decline	-1.69%	-9.06%	+7.37%
Max Drawdown (1Y) Largest decline over 1 year	-0.89%	—	—
Current Drawdown Current decline from peak	0.00%	-1.11%	+1.11%
Average Drawdown Average peak-to-trough decline	-0.14%	-1.84%	+1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.16%	—	—

Volatility

Volatility by Period

	CPRA	CAIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.36%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.13%	13.69%	-11.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.71%	13.69%	-10.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.71%	13.69%	-10.98%

CPRA vs. CAIQ - Expense Ratio Comparison

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

Dividends

CPRA vs. CAIQ - Dividend Comparison

CPRA has not paid dividends to shareholders, while CAIQ's dividend yield for the trailing twelve months is around 11.73%.

Position	TTM	2025
CAIQ Calamos Nasdaq Autocallable Income ETF	11.73%	1.54%
CPRA Calamos Russell 2000 Structured Alt Protection ETF - April	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPRA and CAIQ in my portfolio?

CPRA and CAIQ have a correlation of 0.64, 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 CAIQ?

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 is cheaper, CPRA or CAIQ?

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

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

CAIQ has the higher dividend yield at 11.73%, compared with 0.00% for CPRA.

What is the main difference between CPRA and CAIQ?

CPRA is categorized as Defined Outcome, while CAIQ is Nasdaq-100. Their fees differ too: 0.69% for CPRA and 0.74% for CAIQ.