VOO vs. CAIQ

Last updated Jun 16, 2026

VOO (Vanguard S&P 500 ETF) and CAIQ (Calamos Nasdaq Autocallable Income ETF) are both exchange-traded funds - VOO is a S&P 500 fund tracking the S&P 500 Index, while CAIQ is a Nasdaq-100 fund tracking the MerQube Nasdaq-100 Vol Advantage Autocallable Index. Both are passively managed. Their correlation of 0.88 suggests significant overlap in exposure. VOO charges 0.03%/yr vs 0.74%/yr for CAIQ.

Performance

VOO vs. CAIQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 ETF (VOO) 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, VOO achieves a 10.99% return, which is significantly lower than CAIQ's 12.96% return.

VOO

• 1D: 1.74%
• 1M: 2.12%
• YTD: 10.99%
• 6M: 11.51%
• 1Y: 27.95%
• 3Y*: 21.25%
• 5Y*: 13.93%
• 10Y*: 15.72%

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)

VOO vs. CAIQ - Yearly Performance Comparison

	2026 (YTD)	2025
VOO Vanguard S&P 500 ETF	10.99%	3.23%
CAIQ Calamos Nasdaq Autocallable Income ETF	12.96%	4.03%

Correlation

The correlation between VOO and CAIQ 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 (All Time) Calculated using the full available price history since Nov 20, 2025	0.88

Return for Risk

VOO vs. CAIQ — Risk / Return Rank

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

VOO

VOO Risk / Return Rank: 78
VOO Sharpe Ratio Rank: 80
VOO Sortino Ratio Rank: 78
VOO Omega Ratio Rank: 79
VOO Calmar Ratio Rank: 69
VOO Martin Ratio Rank: 81

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.

VOO vs. CAIQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 ETF (VOO) 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.

	VOO	CAIQ	Difference
Sharpe ratio: Return per unit of total volatility	2.28	—	—
Sortino ratio: Return per unit of downside risk	3.07	—	—
Omega ratio: Gain probability vs. loss probability	1.42	—	—
Calmar ratio: Return relative to maximum drawdown	3.15	—	—
Martin ratio: Return relative to average drawdown	14.25	—	—

Drawdowns

VOO vs. CAIQ - Drawdown Comparison

The maximum VOO drawdown since its inception was -33.99%, which is greater than CAIQ's maximum drawdown of -9.06%. Use the drawdown chart below to compare losses from any high point for VOO and CAIQ.

Drawdown Indicators

	VOO	CAIQ	Difference
Max Drawdown Largest peak-to-trough decline	-33.99%	-9.06%	-24.93%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.52%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.99%	—	—
Current Drawdown Current decline from peak	-0.63%	-0.52%	-0.11%
Average Drawdown Average peak-to-trough decline	-3.68%	-1.70%	-1.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	—	—

Volatility

Volatility by Period

	VOO	CAIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.72%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.34%	13.91%	-1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.90%	13.91%	+2.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.05%	13.91%	+4.14%

VOO vs. CAIQ - Expense Ratio Comparison

VOO has a 0.03% expense ratio, which is lower than CAIQ's 0.74% expense ratio.

Dividends

VOO vs. CAIQ - Dividend Comparison

VOO's dividend yield for the trailing twelve months is around 1.03%, 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%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both VOO and CAIQ in my portfolio?

VOO and CAIQ 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 ETF is better, VOO or CAIQ?

On fees, VOO is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VOO or CAIQ?

VOO is cheaper with a 0.03% expense ratio, compared with 0.74% for CAIQ.

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

CAIQ has the higher dividend yield at 8.50%, compared with 1.03% for VOO.

What is the main difference between VOO and CAIQ?

VOO is categorized as S&P 500, while CAIQ is Nasdaq-100. VOO tracks S&P 500 Index, while CAIQ tracks MerQube Nasdaq-100 Vol Advantage Autocallable Index. They also come from different issuers: Vanguard and Calamos. Their fees differ too: 0.03% for VOO and 0.74% for CAIQ.