VMFXX vs. CAIE

Last updated Jun 16, 2026

VMFXX (Vanguard Federal Money Market Fund) and CAIE (Calamos Autocallable Income ETF) are both funds - VMFXX is a Money Market fund managed by Vanguard, while CAIE is a Derivative Income fund tracking the MerQube US Large Cap Vol Advantage Autocallable Index. At a 0.02 correlation, their price movements are largely independent. VMFXX charges 0.11%/yr vs 0.74%/yr for CAIE.

Performance

VMFXX vs. CAIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Federal Money Market Fund (VMFXX) and Calamos Autocallable Income ETF (CAIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMFXX achieves a 1.50% return, which is significantly lower than CAIE's 8.63% return.

VMFXX

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.50%
• 6M: 1.82%
• 1Y: 3.95%
• 3Y*: 3.35%
• 5Y*: 2.39%
• 10Y*: —

CAIE

• 1D: 1.15%
• 1M: 1.01%
• YTD: 8.63%
• 6M: 9.20%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VMFXX vs. CAIE - Yearly Performance Comparison

	2026 (YTD)	2025
VMFXX Vanguard Federal Money Market Fund	1.50%	2.42%
CAIE Calamos Autocallable Income ETF	8.63%	15.12%

Correlation

The correlation between VMFXX and CAIE is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.02

Return for Risk

VMFXX vs. CAIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Federal Money Market Fund (VMFXX) 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.

	VMFXX	CAIE	Difference
Sharpe ratio: Return per unit of total volatility	3.67	—	—
Sortino ratio: Return per unit of downside risk	—	—	—
Omega ratio: Gain probability vs. loss probability	—	—	—
Calmar ratio: Return relative to maximum drawdown	—	—	—
Martin ratio: Return relative to average drawdown	—	—	—

Drawdowns

VMFXX vs. CAIE - Drawdown Comparison

The maximum VMFXX drawdown since its inception was 0.00%, smaller than the maximum CAIE drawdown of -7.73%. Use the drawdown chart below to compare losses from any high point for VMFXX and CAIE.

Drawdown Indicators

	VMFXX	CAIE	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-7.73%	+7.73%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	—	—
Max Drawdown (3Y) Largest decline over 3 years	0.00%	—	—
Max Drawdown (5Y) Largest decline over 5 years	0.00%	—	—
Current Drawdown Current decline from peak	0.00%	-0.80%	+0.80%
Average Drawdown Average peak-to-trough decline	0.00%	-1.08%	+1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	—	—

Volatility

Volatility by Period

	VMFXX	CAIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.72%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.12%	12.08%	-10.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.94%	12.08%	-11.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.94%	12.08%	-11.14%

VMFXX vs. CAIE - Expense Ratio Comparison

VMFXX has a 0.11% expense ratio, which is lower than CAIE's 0.74% expense ratio.

Dividends

VMFXX vs. CAIE - Dividend Comparison

VMFXX's dividend yield for the trailing twelve months is around 3.87%, less than CAIE's 13.15% yield.

Position	TTM	2025	2024	2023
CAIE Calamos Autocallable Income ETF	13.15%	7.46%	0.00%	0.00%
VMFXX Vanguard Federal Money Market Fund	3.87%	4.14%	1.63%	4.53%

Frequently Asked Questions

Can I hold both VMFXX and CAIE in my portfolio?

VMFXX and CAIE have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.