CAIQ vs SPY
Calamos Nasdaq Autocallable Income ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CAIQ or SPY?
Option Writing against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CAIQ | SPY |
|---|---|---|
| Expense Ratio | 0.74% | 0.09%Best |
| AUM | $387M | $777.9B |
| Dividend Yield | 15.31% | 1.00% |
| Holdings | 12 | 1,011 |
| YTD Return | +7.59% | +12.09%Best |
| 1Y Return | +11.15% | +12.45%Best |
| 3Y Return (annualized) | - | +21.45% |
| 5Y Return (annualized) | - | +11.87% |
| Volatility (annualized) | 17.6% | 13.3%Best |
| Fund Family | Calamos Investments | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Option Writing | Large Cap Blend |
| Inception | Nov 20, 2025 | Jan 22, 1993 |
Not shown on this pair: Max Drawdown, $10,000 over the window, Top 10 Weight.
CAIQ vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
CAIQ vs SPY Performance
Calamos Nasdaq Autocallable Income ETF (CAIQ) is an ETF from Calamos Investments and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CAIQ returned +11.15% while SPY returned +12.45%. Year to date, CAIQ is up 7.59% versus a gain of 12.09% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CAIQ has been the more volatile fund, with annualized monthly volatility of 17.6% compared with 13.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at 0.89. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CAIQ charges 0.74% per year while SPY charges 0.09%. On a $10,000 position that is $74 vs $9 annually, a gap of $65 per year that compounds over a long holding period. On income, CAIQ currently yields 15.31% against 1.00% for SPY.
Holdings Overlap
We hold position weights for 1 holding in CAIQ and 504 in SPY, totalling 79.9% and 100.1% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 1 positions we hold weights for in CAIQ and 504 in SPY, against full books of 12 and 1,011.
You are not choosing between two funds in isolation.
Whichever of CAIQ and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CAIQ or SPY?
CAIQ has an expense ratio of 0.74% while SPY charges 0.09%. SPY is the cheaper option, by $65 a year on a $10,000 investment.
Which performed better, CAIQ or SPY?
Over the past year CAIQ returned +11.15% vs +12.45% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CAIQ or SPY?
CAIQ has been the more volatile fund at 17.6% annualized versus 13.3% for SPY.
Should I hold both CAIQ and SPY?
CAIQ and SPY have a monthly-return correlation of 0.89, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, CAIQ or SPY?
CAIQ yields 15.31% while SPY yields 1.00%, so CAIQ currently pays the higher dividend yield.
Is SPY better than CAIQ?
SPY has a lower expense ratio. SPY led over 1Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.