CPRY vs. CAGE

Last updated Aug 1, 2026

CPRY (Calamos Russell 2000 Structured Alt Protection ETF - January) and CAGE (Calamos Autocallable Growth ETF) are both Defined Outcome funds from Calamos. Both are actively managed. Their 0.73 correlation means they have sometimes moved together and sometimes differently. CPRY charges 0.69%/yr vs 0.74%/yr for CAGE.

Performance

CPRY vs. CAGE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Russell 2000 Structured Alt Protection ETF - January (CPRY) and Calamos Autocallable Growth ETF (CAGE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CPRY

• 1D: 0.15%
• 1M: 0.41%
• 6M: 3.22%
• YTD: 4.09%
• 1Y: 12.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.01%

CAGE

• 1D: 1.21%
• 1M: -0.07%
• 6M: —
• YTD: —
• 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)
CAGE Calamos Autocallable Growth ETF	$2.32M	$3.14M	$2.71M
CPRY Calamos Russell 2000 Structured Alt Protection ETF - January	$242.01K	$152.67K	$318.51K

CPRY vs. CAGE - Yearly Performance Comparison

	2026 (YTD)
CPRY Calamos Russell 2000 Structured Alt Protection ETF - January	2.17%
CAGE Calamos Autocallable Growth ETF	10.43%

Correlation

The correlation between CPRY and CAGE is 0.73, 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 Apr 16, 2026	0.73

Return for Risk

CPRY vs. CAGE — Risk / Return Rank

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

CPRY

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

CAGE

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.

CPRY vs. CAGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Russell 2000 Structured Alt Protection ETF - January (CPRY) and Calamos Autocallable Growth ETF (CAGE). 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.

	CPRY	CAGE	Difference
Sharpe ratio: Return per unit of total volatility	2.72	—	—
Sortino ratio: Return per unit of downside risk	4.33	—	—
Omega ratio: Gain probability vs. loss probability	1.62	—	—
Calmar ratio: Return relative to maximum drawdown	4.74	—	—
Martin ratio: Return relative to average drawdown	25.94	—	—

Drawdowns

CPRY vs. CAGE - Drawdown Comparison

The maximum CPRY drawdown since its inception was -3.23%, smaller than the maximum CAGE drawdown of -6.67%. Use the drawdown chart below to compare losses from any high point for CPRY and CAGE.

Drawdown Indicators

	CPRY	CAGE	Difference
Max Drawdown Largest peak-to-trough decline	-3.23%	-6.67%	+3.44%
Max Drawdown (1Y) Largest decline over 1 year	-2.48%	—	—
Current Drawdown Current decline from peak	0.00%	-2.98%	+2.98%
Average Drawdown Average peak-to-trough decline	-0.62%	-2.05%	+1.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.45%	—	—

Volatility

Volatility by Period

	CPRY	CAGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.55%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.92%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.34%	21.63%	-17.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.19%	21.63%	-17.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.19%	21.63%	-17.44%

CPRY vs. CAGE - Expense Ratio Comparison

CPRY has a 0.69% expense ratio, which is lower than CAGE's 0.74% expense ratio.

Dividends

CPRY vs. CAGE - Dividend Comparison

Neither CPRY nor CAGE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPRY and CAGE in my portfolio?

CPRY and CAGE have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CPRY or CAGE?

On fees, CPRY 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, CPRY or CAGE?

CPRY is cheaper with a 0.69% expense ratio, compared with 0.74% for CAGE.

Which ETF pays a higher dividend yield, CPRY or CAGE?

CPRY and CAGE have nearly identical dividend yields, around 0.00%.

What is the main difference between CPRY and CAGE?

Their fees differ too: 0.69% for CPRY and 0.74% for CAGE.