Data as of Oct 28, 2026.
CAIE vs SPY: Differences, Returns & Fees
Over the year to Oct 28, 2026, CAIE returned +12.2% to SPY's +13.6%, and SPY charges 0.09% to CAIE's 0.74%.
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Net assets: $1.2bn on Jul 31, 2026 for Calamos Autocallable Income ETF, and $814.8bn on Oct 27, 2026 for SPDR S&P 500 ETF Trust.
Pair scorecard
SPY costs 0.65 points a year less; their one-year returns differ by 1.4 points.
| Measure | CAIE | SPY |
|---|---|---|
| Return | ||
| Total return, 1 year | +12.2% | +13.6% |
| Price change, 1 year | fell 2.7% | rose 12.4% |
| Latest payout, annualized | 14.1% | |
| Return of capital, issuer estimate | 100% of the Oct 8, 2026 payment | |
| Benchmark | ||
| What it tracks | Benchmark: S&P 500, measured through SPY | S&P 500 Index |
| Cost and size | ||
| Expense ratio | 0.74% | 0.09% |
| Net assets, CAIE as of Jul 31, 2026 and SPY as of Oct 27, 2026 | $1.2bn | $814.8bn |
| Holdings | ||
| Holdings in common | 0% | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 38.1% | |
Holdings in common uses holdings dated Jul 31, 2026 and Oct 27, 2026. Method
Risk and return
Jul 3, 2025 to Oct 23, 2026 · 68 weekly returnsEach against its own benchmark: CAIE against SPY, Jul 3, 2025 to Oct 23, 2026; SPY against VOO, Sep 17, 2010 to Oct 23, 2026.
SPY returned slightly more: +23.2% to +21.0%. CAIE swung slightly less: 10.6% to 11.6%. CAIE fell less at its worst: −7.5% to −8.4%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | CAIE | SPY | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +21.0% | +23.2% | SPY (slight) | Price change plus distributions, reinvested. |
| Annualized | +15.7% | +17.3% | SPY (slight) | Total return as a yearly rate. |
| Price return | +0.9% | +21.5% | SPY | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 10.6% | 11.6% | CAIE (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 6.6% | 6.9% | CAIE (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −7.5% | −8.4% | CAIE | Deepest fall from a high to the low after it. |
| Upside capture | 87.2% | 99.8% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 92.5% | 100.0% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.88 | 1.00 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.93 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 1.07 | 1.10 | SPY (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 1.69 | 1.85 | SPY (slight) | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.128 | 0.133 | Return above Treasury bills per unit of beta. | |
| Calmar | 2.10 | 2.06 | Tie | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | SPY | VOO | The ETF each fund is measured against. | |
| Alpha | +0.1% a year | −0.1% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.02 | −0.51 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −5.0% to +5.1% | −0.3% to +0.1% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.47 | −0.15 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 3.2% | 0.4% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 68 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, CAIE and SPY hold 0% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Oct 27, 2026.
half
0% in common
Only in one fund ↓
Side by side
CAIE and SPY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price.
CAIE and SPY do different jobs. What does each one do in a portfolio?
- What each follows. CAIE is measured against S&P 500 through SPY and SPY follows S&P 500 Index.
- Holdings in common. 0% of the weight is in the same securities (holdings dated Jul 31, 2026 and Oct 27, 2026).
- Cost. CAIE charges 0.74% of assets a year and SPY 0.09%, a gap of 0.65 points.
Data as of Oct 28, 2026.
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CAIE
Over the year to Oct 28, 2026, CAIE paid 14.0% of its starting value in cash distributions while its price fell 2.7%. With every distribution reinvested, the fund returned +12.2%. S&P 500 (SPY) returned +13.6% over the same days, so a holder was behind by 1.4 pts. At its price on Oct 28, 2026 the latest distribution annualizes to 14.1%, paid monthly. Calamos estimates that 100% of the distribution paid Oct 8, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.
SPY
SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.
Questions people ask
- Are CAIE and SPY in the same category?
- CAIE is an option-income ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, CAIE or SPY?
- In the year to Oct 28, 2026, with distributions reinvested, CAIE returned +12.2% and SPY +13.6%.
- Which is cheaper, CAIE or SPY?
- SPY is cheaper, by 0.65 percentage points a year. That is about $65 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, CAIE against SPY, data as of Oct 28, 2026. https://etfiq.com/compare/any/caie-vs-spy
ETFIQ. (Oct 28, 2026). CAIE against SPY. Retrieved from https://etfiq.com/compare/any/caie-vs-spy
[CAIE against SPY (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/caie-vs-spy)
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