CPRO vs. CAIQ

Last updated Jun 23, 2026

CPRO (Calamos Russell 2000 Structured Alt Protection ETF - October) and CAIQ (Calamos Nasdaq Autocallable Income ETF) are both exchange-traded funds - CPRO 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. CPRO is actively managed, while CAIQ is passively managed. A 0.65 correlation means they provide meaningful diversification when combined. CPRO charges 0.69%/yr vs 0.74%/yr for CAIQ.

Performance

CPRO vs. CAIQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Russell 2000 Structured Alt Protection ETF - October (CPRO) 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, CPRO achieves a 4.39% return, which is significantly lower than CAIQ's 12.63% return.

CPRO

• 1D: 0.20%
• 1M: 0.95%
• YTD: 4.39%
• 6M: 4.04%
• 1Y: 13.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAIQ

• 1D: -0.15%
• 1M: 0.21%
• YTD: 12.63%
• 6M: 12.38%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPRO vs. CAIQ - Yearly Performance Comparison

	2026 (YTD)	2025
CPRO Calamos Russell 2000 Structured Alt Protection ETF - October	4.39%	1.36%
CAIQ Calamos Nasdaq Autocallable Income ETF	12.63%	4.03%

Correlation

The correlation between CPRO and CAIQ is 0.65, 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 20, 2025	0.65

Return for Risk

CPRO vs. CAIQ — Risk / Return Rank

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

CPRO

CPRO Risk / Return Rank: 94
CPRO Sharpe Ratio Rank: 91
CPRO Sortino Ratio Rank: 96
CPRO Omega Ratio Rank: 94
CPRO Calmar Ratio Rank: 95
CPRO Martin Ratio Rank: 95

CAIQ

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.

CPRO vs. CAIQ - Risk-Adjusted Trends Comparison

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

	CPRO	CAIQ	Difference
Sharpe ratio: Return per unit of total volatility	3.03	—	—
Sortino ratio: Return per unit of downside risk	5.55	—	—
Omega ratio: Gain probability vs. loss probability	1.67	—	—
Calmar ratio: Return relative to maximum drawdown	7.68	—	—
Martin ratio: Return relative to average drawdown	28.45	—	—

Drawdowns

CPRO vs. CAIQ - Drawdown Comparison

The maximum CPRO drawdown since its inception was -3.36%, smaller than the maximum CAIQ drawdown of -9.06%. Use the drawdown chart below to compare losses from any high point for CPRO and CAIQ.

Drawdown Indicators

	CPRO	CAIQ	Difference
Max Drawdown Largest peak-to-trough decline	-3.36%	-9.06%	+5.70%
Max Drawdown (1Y) Largest decline over 1 year	-1.77%	—	—
Current Drawdown Current decline from peak	0.00%	-0.81%	+0.81%
Average Drawdown Average peak-to-trough decline	-0.69%	-1.68%	+0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	—	—

Volatility

Volatility by Period

	CPRO	CAIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.12%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.49%	13.75%	-9.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.13%	13.75%	-9.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.13%	13.75%	-9.62%

CPRO vs. CAIQ - Expense Ratio Comparison

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

Dividends

CPRO vs. CAIQ - Dividend Comparison

CPRO has not paid dividends to shareholders, while CAIQ's dividend yield for the trailing twelve months is around 8.53%.

Position	TTM	2025
CAIQ Calamos Nasdaq Autocallable Income ETF	8.53%	1.54%
CPRO Calamos Russell 2000 Structured Alt Protection ETF - October	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPRO and CAIQ in my portfolio?

CPRO and CAIQ have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CPRO or CAIQ?

On fees, CPRO 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, CPRO or CAIQ?

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

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

CAIQ has the higher dividend yield at 8.53%, compared with 0.00% for CPRO.

What is the main difference between CPRO and CAIQ?

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