JPIE vs. CAIQ

Last updated Jun 16, 2026

JPIE (JPMorgan Income ETF) and CAIQ (Calamos Nasdaq Autocallable Income ETF) are both exchange-traded funds - JPIE is a Multisector Bonds fund actively managed by JPMorgan, while CAIQ is a Nasdaq-100 fund tracking the MerQube Nasdaq-100 Vol Advantage Autocallable Index. JPIE is actively managed, while CAIQ is passively managed. At a 0.43 correlation, their price movements are largely independent. JPIE charges 0.40%/yr vs 0.74%/yr for CAIQ.

Performance

JPIE vs. CAIQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Income ETF (JPIE) 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, JPIE achieves a 1.76% return, which is significantly lower than CAIQ's 12.96% return.

JPIE

• 1D: 0.11%
• 1M: 0.87%
• YTD: 1.76%
• 6M: 2.12%
• 1Y: 6.06%
• 3Y*: 6.60%
• 5Y*: —
• 10Y*: —

CAIQ

• 1D: 0.83%
• 1M: 1.36%
• YTD: 12.96%
• 6M: 14.11%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JPIE vs. CAIQ - Yearly Performance Comparison

	2026 (YTD)	2025
JPIE JPMorgan Income ETF	1.76%	0.98%
CAIQ Calamos Nasdaq Autocallable Income ETF	12.96%	4.03%

Correlation

The correlation between JPIE and CAIQ is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025	0.43

Return for Risk

JPIE vs. CAIQ — Risk / Return Rank

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

JPIE

JPIE Risk / Return Rank: 95
JPIE Sharpe Ratio Rank: 96
JPIE Sortino Ratio Rank: 97
JPIE Omega Ratio Rank: 97
JPIE Calmar Ratio Rank: 91
JPIE 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.

JPIE vs. CAIQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Income ETF (JPIE) 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.

	JPIE	CAIQ	Difference
Sharpe ratio: Return per unit of total volatility	3.82	—	—
Sortino ratio: Return per unit of downside risk	6.05	—	—
Omega ratio: Gain probability vs. loss probability	1.88	—	—
Calmar ratio: Return relative to maximum drawdown	5.30	—	—
Martin ratio: Return relative to average drawdown	26.19	—	—

Drawdowns

JPIE vs. CAIQ - Drawdown Comparison

The maximum JPIE drawdown since its inception was -9.96%, which is greater than CAIQ's maximum drawdown of -9.06%. Use the drawdown chart below to compare losses from any high point for JPIE and CAIQ.

Drawdown Indicators

	JPIE	CAIQ	Difference
Max Drawdown Largest peak-to-trough decline	-9.96%	-9.06%	-0.90%
Max Drawdown (1Y) Largest decline over 1 year	-1.15%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-2.40%	—	—
Current Drawdown Current decline from peak	0.00%	-0.52%	+0.52%
Average Drawdown Average peak-to-trough decline	-2.08%	-1.70%	-0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.23%	—	—

Volatility

Volatility by Period

	JPIE	CAIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.31%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.60%	13.91%	-12.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.51%	13.91%	-10.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.51%	13.91%	-10.40%

JPIE vs. CAIQ - Expense Ratio Comparison

JPIE has a 0.40% expense ratio, which is lower than CAIQ's 0.74% expense ratio.

Dividends

JPIE vs. CAIQ - Dividend Comparison

JPIE's dividend yield for the trailing twelve months is around 5.60%, less than CAIQ's 8.50% yield.

Position	TTM	2025	2024	2023	2022	2021
CAIQ Calamos Nasdaq Autocallable Income ETF	8.50%	1.54%	0.00%	0.00%	0.00%	0.00%
JPIE JPMorgan Income ETF	5.60%	5.65%	6.11%	5.70%	4.49%	0.63%

Frequently Asked Questions

Can I hold both JPIE and CAIQ in my portfolio?

JPIE and CAIQ have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JPIE or CAIQ?

On fees, JPIE is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JPIE or CAIQ?

JPIE is cheaper with a 0.40% expense ratio, compared with 0.74% for CAIQ.

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

CAIQ has the higher dividend yield at 8.50%, compared with 5.60% for JPIE.

What is the main difference between JPIE and CAIQ?

JPIE is categorized as Multisector Bonds, while CAIQ is Nasdaq-100. They also come from different issuers: JPMorgan and Calamos. Their fees differ too: 0.40% for JPIE and 0.74% for CAIQ.