QQQ vs. CAIQ

Last updated Jun 16, 2026

QQQ (Invesco QQQ ETF) and CAIQ (Calamos Nasdaq Autocallable Income ETF) are both Nasdaq-100 funds - QQQ tracks the NASDAQ-100 Index while CAIQ tracks the MerQube Nasdaq-100 Vol Advantage Autocallable Index. Both are passively managed. Their correlation of 0.92 suggests significant overlap in exposure. QQQ charges 0.18%/yr vs 0.74%/yr for CAIQ.

Performance

QQQ vs. CAIQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco QQQ ETF (QQQ) 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, QQQ achieves a 21.26% return, which is significantly higher than CAIQ's 12.96% return.

QQQ

• 1D: 3.14%
• 1M: 4.95%
• YTD: 21.26%
• 6M: 22.17%
• 1Y: 41.87%
• 3Y*: 27.20%
• 5Y*: 17.59%
• 10Y*: 22.31%

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)

QQQ vs. CAIQ - Yearly Performance Comparison

	2026 (YTD)	2025
QQQ Invesco QQQ ETF	21.26%	2.54%
CAIQ Calamos Nasdaq Autocallable Income ETF	12.96%	4.03%

Correlation

The correlation between QQQ and CAIQ is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025	0.92

Return for Risk

QQQ vs. CAIQ — Risk / Return Rank

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

QQQ

QQQ Risk / Return Rank: 79
QQQ Sharpe Ratio Rank: 84
QQQ Sortino Ratio Rank: 79
QQQ Omega Ratio Rank: 81
QQQ Calmar Ratio Rank: 76
QQQ Martin Ratio Rank: 76

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.

QQQ vs. CAIQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco QQQ ETF (QQQ) 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.

	QQQ	CAIQ	Difference
Sharpe ratio: Return per unit of total volatility	2.42	—	—
Sortino ratio: Return per unit of downside risk	3.12	—	—
Omega ratio: Gain probability vs. loss probability	1.42	—	—
Calmar ratio: Return relative to maximum drawdown	3.52	—	—
Martin ratio: Return relative to average drawdown	13.12	—	—

Drawdowns

QQQ vs. CAIQ - Drawdown Comparison

The maximum QQQ drawdown since its inception was -82.97%, which is greater than CAIQ's maximum drawdown of -9.06%. Use the drawdown chart below to compare losses from any high point for QQQ and CAIQ.

Drawdown Indicators

	QQQ	CAIQ	Difference
Max Drawdown Largest peak-to-trough decline	-82.97%	-9.06%	-73.91%
Max Drawdown (1Y) Largest decline over 1 year	-11.96%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-22.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-35.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.12%	—	—
Current Drawdown Current decline from peak	-0.29%	-0.52%	+0.23%
Average Drawdown Average peak-to-trough decline	-32.75%	-1.70%	-31.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	—	—

Volatility

Volatility by Period

	QQQ	CAIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.14%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.12%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.43%	13.91%	+3.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.59%	13.91%	+8.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.41%	13.91%	+8.50%

QQQ vs. CAIQ - Expense Ratio Comparison

QQQ has a 0.18% expense ratio, which is lower than CAIQ's 0.74% expense ratio.

Dividends

QQQ vs. CAIQ - Dividend Comparison

QQQ's dividend yield for the trailing twelve months is around 0.38%, less than CAIQ's 8.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAIQ Calamos Nasdaq Autocallable Income ETF	8.50%	1.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QQQ Invesco QQQ ETF	0.38%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Frequently Asked Questions

Can I hold both QQQ and CAIQ in my portfolio?

With a correlation of 0.92, QQQ and CAIQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, QQQ or CAIQ?

On fees, QQQ is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QQQ or CAIQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.74% for CAIQ.

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

CAIQ has the higher dividend yield at 8.50%, compared with 0.38% for QQQ.

What is the main difference between QQQ and CAIQ?

QQQ tracks NASDAQ-100 Index, while CAIQ tracks MerQube Nasdaq-100 Vol Advantage Autocallable Index. They also come from different issuers: Invesco and Calamos. Their fees differ too: 0.18% for QQQ and 0.74% for CAIQ.