ZHDG vs. CAIE

Last updated Jun 4, 2026

ZHDG (ZEGA Buy and Hedge ETF) and CAIE (Calamos Autocallable Income ETF) are both Derivative Income funds. ZHDG is actively managed, while CAIE is passively managed. Their correlation of 0.82 suggests significant overlap in exposure. ZHDG charges 0.98%/yr vs 0.74%/yr for CAIE.

Performance

ZHDG vs. CAIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ZEGA Buy and Hedge ETF (ZHDG) 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, ZHDG achieves a 5.12% return, which is significantly lower than CAIE's 9.06% return.

ZHDG

• 1D: -0.60%
• 1M: 4.65%
• YTD: 5.12%
• 6M: 5.49%
• 1Y: 18.31%
• 3Y*: 14.68%
• 5Y*: —
• 10Y*: —

CAIE

• 1D: -0.40%
• 1M: 3.61%
• YTD: 9.06%
• 6M: 9.11%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZHDG vs. CAIE - Yearly Performance Comparison

	2026 (YTD)	2025
ZHDG ZEGA Buy and Hedge ETF	5.12%	10.71%
CAIE Calamos Autocallable Income ETF	9.06%	15.15%

Correlation

The correlation between ZHDG and CAIE is 0.82, 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 Jun 26, 2025	0.82

ZHDG vs. CAIE - Sectors Allocation Comparison

Sectors	ZHDG	CAIE
Technology	33.1%	-
Financial Services	12.3%	-
Communication Services	10.7%	-
Consumer Cyclical	10.1%	-
Healthcare	9.8%	-
Industrials	8.7%	-
Consumer Defensive	5.4%	-
Energy	3.5%	-
Utilities	2.5%	-
Real Estate	2.0%	-
Basic Materials	1.9%	13.4%

Return for Risk

ZHDG vs. CAIE — Risk / Return Rank

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

ZHDG

ZHDG Risk / Return Rank: 51
ZHDG Sharpe Ratio Rank: 53
ZHDG Sortino Ratio Rank: 52
ZHDG Omega Ratio Rank: 51
ZHDG Calmar Ratio Rank: 44
ZHDG Martin Ratio Rank: 53

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.

ZHDG vs. CAIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ZEGA Buy and Hedge ETF (ZHDG) 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.

	ZHDG	CAIE	Difference
Sharpe ratio: Return per unit of total volatility	1.79	—	—
Sortino ratio: Return per unit of downside risk	2.50	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	2.15	—	—
Martin ratio: Return relative to average drawdown	8.97	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ZHDG	CAIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	2.31	-1.80

Drawdowns

ZHDG vs. CAIE - Drawdown Comparison

The maximum ZHDG drawdown since its inception was -23.27%, which is greater than CAIE's maximum drawdown of -7.73%. Use the drawdown chart below to compare losses from any high point for ZHDG and CAIE.

Drawdown Indicators

	ZHDG	CAIE	Difference
Max Drawdown Largest peak-to-trough decline	-23.27%	-7.73%	-15.54%
Max Drawdown (1Y) Largest decline over 1 year	-8.56%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-11.63%	—	—
Current Drawdown Current decline from peak	-0.60%	-0.40%	-0.20%
Average Drawdown Average peak-to-trough decline	-8.16%	-1.06%	-7.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	—	—

Volatility

Volatility by Period

	ZHDG	CAIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.06%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.27%	11.93%	-1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.75%	11.93%	-0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.75%	11.93%	-0.18%

ZHDG vs. CAIE - Expense Ratio Comparison

ZHDG has a 0.98% expense ratio, which is higher than CAIE's 0.74% expense ratio.

Dividends

ZHDG vs. CAIE - Dividend Comparison

ZHDG's dividend yield for the trailing twelve months is around 2.44%, less than CAIE's 13.09% yield.

Position	TTM	2025	2024	2023	2022	2021
CAIE Calamos Autocallable Income ETF	13.09%	7.46%	0.00%	0.00%	0.00%	0.00%
ZHDG ZEGA Buy and Hedge ETF	2.44%	2.57%	2.59%	1.52%	3.58%	1.33%

Frequently Asked Questions

Can I hold both ZHDG and CAIE in my portfolio?

ZHDG and CAIE have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZHDG or CAIE?

On fees, CAIE is cheaper at 0.74% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZHDG or CAIE?

CAIE is cheaper with a 0.74% expense ratio, compared with 0.98% for ZHDG.

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

CAIE has the higher dividend yield at 13.09%, compared with 2.44% for ZHDG.

What is the main difference between ZHDG and CAIE?

They also come from different issuers: ZEGA and Calamos. Their fees differ too: 0.98% for ZHDG and 0.74% for CAIE.