GAUG vs. CBOX

Last updated Aug 2, 2026

GAUG (FT Cboe Vest U.S. Equity Moderate Buffer ETF - August) and CBOX (Calamos Tax-Aware Collateral ETF) are both Options Trading funds. GAUG is passively managed, while CBOX is actively managed. Their 0.10 correlation means their historical movements had little consistent relationship. GAUG charges 0.85%/yr vs 0.14%/yr for CBOX.

Performance

GAUG vs. CBOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - August (GAUG) and Calamos Tax-Aware Collateral ETF (CBOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GAUG

• 1D: 0.25%
• 1M: 0.88%
• 6M: 5.60%
• YTD: 6.41%
• 1Y: 11.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.17%

CBOX

• 1D: 0.00%
• 1M: 0.37%
• 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)
CBOX Calamos Tax-Aware Collateral ETF	$7.89M	$8.89M	$7.14M
GAUG FT Cboe Vest U.S. Equity Moderate Buffer ETF - August	$437.85K	$408.31K	$567.67K

GAUG vs. CBOX - Yearly Performance Comparison

	2026 (YTD)
GAUG FT Cboe Vest U.S. Equity Moderate Buffer ETF - August	3.97%
CBOX Calamos Tax-Aware Collateral ETF	1.12%

Correlation

The correlation between GAUG and CBOX is 0.10, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 17, 2026	0.10

Return for Risk

GAUG vs. CBOX — Risk / Return Rank

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

GAUG

GAUG Risk / Return Rank: 86
GAUG Sharpe Ratio Rank: 86
GAUG Sortino Ratio Rank: 88
GAUG Omega Ratio Rank: 88
GAUG Calmar Ratio Rank: 79
GAUG Martin Ratio Rank: 91

CBOX

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.

GAUG vs. CBOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - August (GAUG) and Calamos Tax-Aware Collateral ETF (CBOX). 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.

	GAUG	CBOX	Difference
Sharpe ratio: Return per unit of total volatility	2.03	—	—
Sortino ratio: Return per unit of downside risk	3.03	—	—
Omega ratio: Gain probability vs. loss probability	1.40	—	—
Calmar ratio: Return relative to maximum drawdown	2.83	—	—
Martin ratio: Return relative to average drawdown	14.70	—	—

Drawdowns

GAUG vs. CBOX - Drawdown Comparison

The maximum GAUG drawdown since its inception was -10.08%, which is greater than CBOX's maximum drawdown of -2.90%. Use the drawdown chart below to compare losses from any high point for GAUG and CBOX.

Drawdown Indicators

	GAUG	CBOX	Difference
Max Drawdown Largest peak-to-trough decline	-10.08%	-2.90%	-7.18%
Max Drawdown (1Y) Largest decline over 1 year	-4.01%	—	—
Current Drawdown Current decline from peak	0.00%	-2.30%	+2.30%
Average Drawdown Average peak-to-trough decline	-0.70%	-1.47%	+0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	—	—

Volatility

Volatility by Period

	GAUG	CBOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.29%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.58%	7.83%	-2.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.38%	7.83%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.38%	7.83%	-0.45%

GAUG vs. CBOX - Expense Ratio Comparison

GAUG has a 0.85% expense ratio, which is higher than CBOX's 0.14% expense ratio.

Dividends

GAUG vs. CBOX - Dividend Comparison

Neither GAUG nor CBOX has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GAUG and CBOX in my portfolio?

GAUG and CBOX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GAUG or CBOX?

On fees, CBOX is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GAUG or CBOX?

CBOX is cheaper with a 0.14% expense ratio, compared with 0.85% for GAUG.

Which ETF pays a higher dividend yield, GAUG or CBOX?

GAUG and CBOX have nearly identical dividend yields, around 0.00%.

What is the main difference between GAUG and CBOX?

They also come from different issuers: FT Vest and Calamos. Their fees differ too: 0.85% for GAUG and 0.14% for CBOX.