ISPY vs. CAIE

Last updated Jul 16, 2026

ISPY (ProShares S&P 500 High Income ETF) and CAIE (Calamos Autocallable Income ETF) are both Derivative Income funds - ISPY tracks the S&P 500 Daily Covered Call Index while CAIE tracks the MerQube US Large Cap Vol Advantage Autocallable Index. Both are passively managed. Over the past year, ISPY returned 19.35% vs 20.83% for CAIE. Their correlation of 0.88 suggests significant overlap in exposure. ISPY charges 0.55%/yr vs 0.74%/yr for CAIE.

Performance

ISPY vs. CAIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 High Income ETF (ISPY) and Calamos Autocallable Income ETF (CAIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ISPY having a 9.52% return and CAIE slightly lower at 9.07%.

ISPY

• 1D: 0.35%
• 1M: 0.30%
• 6M: 8.15%
• YTD: 9.52%
• 1Y: 19.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAIE

• 1D: 0.22%
• 1M: 0.41%
• 6M: 8.06%
• YTD: 9.07%
• 1Y: 20.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ISPY vs. CAIE - Yearly Performance Comparison

	2026 (YTD)	2025
ISPY ProShares S&P 500 High Income ETF	9.52%	11.74%
CAIE Calamos Autocallable Income ETF	9.07%	15.12%

Correlation

The correlation between ISPY and CAIE is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.88

The correlation between ISPY and CAIE has been stable across timeframes, ranging from 0.88 to 0.88 - a consistent structural relationship.

Return for Risk

ISPY vs. CAIE — Risk / Return Rank

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

ISPY

ISPY Risk / Return Rank: 58
ISPY Sharpe Ratio Rank: 58
ISPY Sortino Ratio Rank: 54
ISPY Omega Ratio Rank: 57
ISPY Calmar Ratio Rank: 57
ISPY Martin Ratio Rank: 64

CAIE

CAIE Risk / Return Rank: 69
CAIE Sharpe Ratio Rank: 68
CAIE Sortino Ratio Rank: 66
CAIE Omega Ratio Rank: 67
CAIE Calmar Ratio Rank: 68
CAIE Martin Ratio Rank: 77

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.

ISPY vs. CAIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 High Income ETF (ISPY) 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.

	ISPY	CAIE	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.76	-0.18
Sortino ratio: Return per unit of downside risk	2.12	2.44	-0.32
Omega ratio: Gain probability vs. loss probability	1.28	1.32	-0.04
Calmar ratio: Return relative to maximum drawdown	2.31	2.71	-0.40
Martin ratio: Return relative to average drawdown	9.17	11.56	-2.39

ISPY vs. CAIE - Sharpe Ratio Comparison

The current ISPY Sharpe Ratio is 1.58, which is comparable to the CAIE Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of ISPY and CAIE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ISPY vs. CAIE - Drawdown Comparison

The maximum ISPY drawdown since its inception was -16.88%, which is greater than CAIE's maximum drawdown of -7.73%. Use the drawdown chart below to compare losses from any high point for ISPY and CAIE.

Drawdown Indicators

	ISPY	CAIE	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-7.73%	-9.15%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-7.73%	-0.70%
Current Drawdown Current decline from peak	-0.79%	-0.39%	-0.40%
Average Drawdown Average peak-to-trough decline	-2.08%	-1.10%	-0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	1.81%	+0.31%

Volatility

ISPY vs. CAIE - Volatility Comparison

ProShares S&P 500 High Income ETF (ISPY) has a higher volatility of 4.21% compared to Calamos Autocallable Income ETF (CAIE) at 2.45%. This indicates that ISPY's price experiences larger fluctuations and is considered to be riskier than CAIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISPY	CAIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	2.45%	+1.76%
Volatility (6M) Calculated over the trailing 6-month period	9.91%	8.32%	+1.59%
Volatility (1Y) Calculated over the trailing 1-year period	12.30%	11.87%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.72%	11.80%	+1.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.72%	11.80%	+1.92%

ISPY vs. CAIE - Expense Ratio Comparison

ISPY has a 0.55% expense ratio, which is lower than CAIE's 0.74% expense ratio.

Dividends

ISPY vs. CAIE - Dividend Comparison

ISPY's dividend yield for the trailing twelve months is around 4.62%, less than CAIE's 14.42% yield.

Position	TTM	2025	2024
CAIE Calamos Autocallable Income ETF	14.42%	7.46%	0.00%
ISPY ProShares S&P 500 High Income ETF	4.62%	8.56%	9.84%

Frequently Asked Questions

Can I hold both ISPY and CAIE in my portfolio?

ISPY and CAIE have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISPY or CAIE?

ISPY has higher volatility (4.21%) compared to CAIE (2.45%). In terms of maximum drawdown, ISPY dropped -16.88% vs CAIE's -7.73%.

Which ETF is better, ISPY or CAIE?

On 1-year performance, CAIE leads with 20.83% vs 19.35% for ISPY. On fees, ISPY is cheaper at 0.55% per year. On volatility, CAIE has been the lower-risk option at 2.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISPY or CAIE?

Over the 1-year period, CAIE has performed better with a 20.83% return vs 19.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISPY or CAIE?

ISPY is cheaper with a 0.55% expense ratio, compared with 0.74% for CAIE.

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

CAIE has the higher dividend yield at 14.42%, compared with 4.62% for ISPY.

What is the main difference between ISPY and CAIE?

ISPY tracks S&P 500 Daily Covered Call Index, while CAIE tracks MerQube US Large Cap Vol Advantage Autocallable Index. They also come from different issuers: ProShares and Calamos. Their fees differ too: 0.55% for ISPY and 0.74% for CAIE.

Which has better risk-adjusted returns?

CAIE currently has the higher Sharpe Ratio (1.76 vs 1.58), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.