A head-to-head comparison of Calamos Autocallable Income ETF and VegaShares US Equity Autocallable Income ETF covering yield, cost, risk, and income potential.
Data updated September 18, 2026
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings.
CAIE has outpaced VAIE over the shared window since May 2026, posting a 1.98% total return against 1.82%. CAIE has been the steadier holding, though — annualized volatility of 10.4% against 13.8% for VAIE. Figures are total returns: price change plus every distribution reinvested.
Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 18, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since May 2026” measures every fund from May 12, 2026 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the shared window since May 2026. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the shared window since May 2026) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
Bottom lineWe won't call this one: VAIE launched May 2026, so there is not yet a track record to compare. Compare the strategy, cost and holdings in the sections above and treat any performance figures for the newer ETF as provisional.
How the risk works
Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.
Capped upside and premium dependence. VAIE generates income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Calamos Investments is known for developing structured and alternative income strategies that appeal to investors seeking downside protection alongside yield generation. The firm's lineup spans multiple specialized categories including autocallable income products, covered call strategies, closed-end funds, and structured alternative protection vehicles, reflecting a focus on income generation across varying risk profiles and market environments. Calamos maintains a broad portfolio of tickers across these strategies, positioning itself as a niche player in the alternative and structured income ETF space rather than a traditional broad-based fund family.
See our curated list of related YouTube videos on CAIE.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
VegaShares specializes in options-based and thematic ETFs designed to generate income and capitalize on emerging trends. The issuer's lineup spans income-focused strategies, including covered call funds, alongside thematic offerings that target specific market segments and innovation themes. VegaShares serves investors seeking alternative approaches to traditional equity exposure, with a concentrated portfolio of strategically named funds addressing both income generation and sector-specific growth opportunities.
See our curated list of related YouTube videos on VAIE.
CAIE (Calamos Autocallable Income ETF) and VAIE (VegaShares US Equity Autocallable Income ETF) are both dividend ETFs, but they take different approaches.
VAIE offers the higher yield at 16.57% vs 14.11% for CAIE. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
They have different reference exposures: CAIE is linked to Autocallables (MerQube US Large-Cap Vol Advantage Autocallable Index) while VAIE is linked to NYSE U.S. 500 Adaptive Vol Autocallable Index, which means their performance drivers differ.
CAIE has $1.34B in assets vs $53.1M for VAIE, but VAIE only launched May 2026 — AUM comparisons will become more meaningful as it builds a track record.
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On a $10,000 investment, CAIE would generate roughly $117.58/month, while VAIE would produce $138.08/month, at current distribution rates.
CAIE yield14.11%
VAIE yield16.57%
Monthly diff on $10K$20.50
Cost & efficiency
Over 10 years on $10,000, CAIE would cost approximately $740 in fees vs $740 for VAIE (simplified, not compounded). Both charge the same expense ratio.
CAIE ER0.74%
VAIE ER0.74%
Strategy & risk
CAIE tracks Autocallables (MerQube US Large-Cap Vol Advantage Autocallable Index) with a downside protection approach, while VAIE tracks NYSE U.S. 500 Adaptive Vol Autocallable Index with an active approach.
CAIE beta0.9238
VAIE beta—
Fund details
CAIE is managed by Calamos Investments (launched 06/25/2025) with $1.34B in assets. VAIE is managed by VegaShares (launched 05/12/2026) with $53.1M in assets.
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Frequently asked questions
What is the current distribution rate for CAIE and VAIE?
CAIE currently distributes 14.11% and VAIE 16.57%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is CAIE or VAIE better for dividend income?
It depends on your goals. VAIE currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
What is the difference between CAIE and VAIE?
CAIE (Calamos Autocallable Income ETF) tracks Autocallables (MerQube US Large-Cap Vol Advantage Autocallable Index) with a downside protection approach, while VAIE (VegaShares US Equity Autocallable Income ETF) tracks NYSE U.S. 500 Adaptive Vol Autocallable Index with an active approach. They are issued by Calamos Investments and VegaShares respectively.
Can I hold both CAIE and VAIE?
Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Is CAIE or VAIE safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — CAIE scores 79, VAIE scores 50, so CAIE's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.
Which has lower fees, CAIE or VAIE?
CAIE and VAIE both charge the same expense ratio of 0.74%, so neither is cheaper on fees — pick based on yield, strategy, or underlying index instead.
How much income does $10,000 in CAIE vs VAIE generate?
At current rates, $10,000 in CAIE would generate roughly $117.58 per month ($1,411.00 annually). The same in VAIE would produce about $138.08 per month ($1,657.00 annually).
Which has performed better historically, CAIE or VAIE?
CAIE has outpaced VAIE over the shared window since May 2026, posting a 1.98% total return against 1.82%. CAIE has been the steadier holding, though — annualized volatility of 10.4% against 13.8% for VAIE. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
Explore related screeners
Lateral filters that include these funds — browse the full peer set on DividendVision.
CAIE and VAIE are both ETFs that generate income through autocallable structured products—instruments that typically pay coupons tied to the performance of underlying equities and can be called away early by the issuer. 500 Adaptive Vol Autocallable Index and distributes weekly.
How they differ
VAIE targets a higher distribution rate—16.57% versus 14.11%—and pays weekly instead of monthly, which creates a different cash-flow rhythm for income reinvestment. Both charge the same 0.74% expense ratio. Both funds are very new—CAIE launched on 06/25/2025 and VAIE on 05/12/2026—so their long-term distribution stability and NAV behavior under different market regimes remains unproven. CAIE reports a beta of 0.9238.
Who each is best for
CAIE: Fits investors seeking monthly income from structured equity exposure who prefer a larger fund with more established institutional infrastructure and can tolerate equity-like volatility moderated by autocallable mechanics.
VAIE: Fits investors who want weekly income distributions and are willing to accept a micro-cap fund structure in exchange for a higher stated yield, provided they have patience for execution risk inherent in a recent launch.
Key risks to know
NAV erosion potential. Both funds distribute yields above 14%, which historically correlates with NAV erosion when distributions exceed underlying gains. Autocallables compound this risk: they mature and redeem at par, leaving the fund to reinvest at potentially different market conditions, and if the underlying index declines sharply before a scheduled call, the fund may hold a depreciated position.
Autocallable call and maturity risk. Autocallables are callable by the issuer and have finite terms. If an autocallable matures out-of-the-money (meaning the underlying equity index has declined), the fund holder absorbs the loss rather than receiving the coupon. The fund must then reinvest proceeds into new autocallables at prevailing rates, creating reinvestment and timing risk.
Downside protection is contingent, not guaranteed. Both funds claim reduced downside risk via autocallable mechanics, but that protection depends on the specific strike and barrier levels embedded in each autocallable tranche and is typically available only until the call date. A sharp market drop can breach protection levels or trigger early termination without benefit to shareholders.
Inception recency and unproven distribution sustainability. Both funds launched in 2025–2026. No full market cycle data exists to validate whether the stated yields will hold through equity downturns, autocallable maturity mismatches, or elevated volatility regimes. Both funds' autocallable mechanics mean NAV erosion is a tangible concern at these distribution levels. Past performance does not predict future results, and both funds are too new to evaluate distribution sustainability.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
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The metrics behind this comparison, explained in the Academy.
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