DV
Dividend Vision

ETF Comparison

CAIQ vs VAIE: Which Is the Better Pick in 2026?

A head-to-head comparison of Calamos Nasdaq 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.

CAIQ has lagged VAIE over the shared window since May 2026, posting a 1.01% total return against 1.82%. 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.
SymbolSince May 2026Volatility Sharpe Sortino Max drawdown
CAIQ1.01%11.2%-0.15-0.21-6.3%
VAIE1.82%13.8%0.040.06-5.0%

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.
MetricCAIQVAIE
Full nameCalamos Nasdaq Autocallable Income ETFVegaShares US Equity Autocallable Income ETF
IssuerCalamos InvestmentsVegaShares
Underlying indexNasdaq-100NYSE U.S. 500 Adaptive Vol Autocallable Index
Last Close$25.54 as of September 18, 2026$24.16 as of September 18, 2026
Distribution rate17.95%16.57%
Distribution Safety Score™ 7950
Safety-Adjusted Yield 14.18%—
Expense ratio0.74%0.74%
AUM$359M$53.1M
Distribution frequencyMonthlyWeekly
ObjectiveSeeks to provide monthly income through an autocallable structured product strategy linked to the Nasdaq-100 Index while providing downside protection features.Seeks weekly income by tracking a laddered autocallable index built on U.S. large-cap equities, using a full replication approach.
Asset classEquityEquity
Inception date11/20/202505/12/2026
Beta0.9632—
Last dividend$0.382$0.077
Ex-dividend date09/01/202609/10/2026

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.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

Model this comparison:
Compare in my portfolio Forecast income Save to watchlist

Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

Calamos Investments
ETFs44
Total AUM$4.40B

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 CAIQ.

See all Calamos Investments ETFs
VegaShares
ETFs5
Total AUM$60.9M

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.

See all VegaShares ETFs

Want to go deeper?

Add these ETFs to a sample portfolio and forecast your dividend income over 5+ years — free to start, no credit card.

Compare in my portfolio Forecast income Save to watchlist

Quick verdict

CAIQ (Calamos Nasdaq Autocallable Income ETF) and VAIE (VegaShares US Equity Autocallable Income ETF) are both dividend ETFs, but they take different approaches.

CAIQ offers the higher yield at 17.95% vs 16.57% for VAIE. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

They have different reference exposures: CAIQ is linked to Nasdaq-100 while VAIE is linked to NYSE U.S. 500 Adaptive Vol Autocallable Index, which means their performance drivers differ.

CAIQ has $359M 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.

Deep dive

Yield & income

On a $10,000 investment, CAIQ would generate roughly $149.58/month, while VAIE would produce $138.08/month, at current distribution rates.

CAIQ yield17.95%
VAIE yield16.57%
Monthly diff on $10K$11.50

Cost & efficiency

Over 10 years on $10,000, CAIQ would cost approximately $740 in fees vs $740 for VAIE (simplified, not compounded). Both charge the same expense ratio.

CAIQ ER0.74%
VAIE ER0.74%

Strategy & risk

CAIQ tracks Nasdaq-100 with an autocallable approach, while VAIE tracks NYSE U.S. 500 Adaptive Vol Autocallable Index with an active approach.

CAIQ beta0.9632
VAIE beta—

Fund details

CAIQ is managed by Calamos Investments (launched 11/20/2025) with $359M in assets. VAIE is managed by VegaShares (launched 05/12/2026) with $53.1M in assets.

CAIQ AUM$359M
VAIE AUM$53.1M
Ready to act?
Open in Comparator Model in portfolio See pricing

Enjoyed this page?

Do us a favor — if you found this comparison useful, please share it with a friend researching dividend ETFs.

Frequently asked questions

What is the current distribution rate for CAIQ and VAIE?

CAIQ currently distributes 17.95% 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 CAIQ or VAIE better for dividend income?

It depends on your goals. CAIQ 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 CAIQ and VAIE?

CAIQ (Calamos Nasdaq Autocallable Income ETF) tracks Nasdaq-100 with an autocallable 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 CAIQ 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 CAIQ 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 — CAIQ scores 79, VAIE scores 50, so CAIQ'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, CAIQ or VAIE?

CAIQ 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 CAIQ vs VAIE generate?

At current rates, $10,000 in CAIQ would generate roughly $149.58 per month ($1,795.00 annually). The same in VAIE would produce about $138.08 per month ($1,657.00 annually).

Which has performed better historically, CAIQ or VAIE?

CAIQ has lagged VAIE over the shared window since May 2026, posting a 1.01% total return against 1.82%. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

CAIQ vs VAIE — at a glance

Generated September 20, 2026.

large-cap autocallable index with weekly distributions. Both use downside-protection mechanics embedded in their structured overlays rather than traditional dividend harvesting. large-cap equities. CAIQ's 17.95% distribution rate exceeds VAIE's 16.57%, though both charge the same 0.74% expense ratio. CAIQ has $359M in assets under management versus VAIE's $53.1M, giving CAIQ significantly larger scale. Both are very new — CAIQ launched 10 months ago and VAIE 4 months ago — so neither has weathered a full market cycle.

Who each is best for

CAIQ: Fits investors seeking concentrated exposure to large-cap technology through the Nasdaq-100 who are willing to accept structured-product mechanics in exchange for monthly income supplements above traditional equity yields.

VAIE: Designed for investors who prefer broader U.S. large-cap diversification and value more frequent (weekly) income distributions, accepting the tradeoff of tracking a custom index rather than a standard benchmark.

Key risks to know

  • Autocallable redemption risk: Both funds' underlying structured products can be called away early if autocallable barriers are breached, forcing reinvestment at potentially lower yields and locking in gains before market recoveries.
  • NAV erosion at 17%+ yields: CAIQ's 17.95% distribution rate and VAIE's 16.57% rate significantly exceed typical equity returns. The question of how much each payout derives from underlying price appreciation versus return-of-capital treatment or option decay warrants investigation before committing capital.
  • Nasdaq-100 concentration: CAIQ's focus on Nasdaq-100 names carries higher concentration in technology and growth sectors compared to VAIE's broader large-cap approach. Investors should verify the specific holdings and sector weightings of both indexes to understand actual overlap and sector tilt.
  • Derivative complexity and valuation risk: Both funds use complex structured overlays whose fair values depend on implied volatility, interest rates, and index level. In a sharp volatility spike or repricing environment, the value of embedded downside protection may compress faster than prices recover.
  • Extreme fund youth: Both inception dates are within the last year, meaning neither has weathered a significant market correction or volatility shock, raising uncertainty about how the downside-protection features will perform in actual stress scenarios. Both carry substantial questions about how their advertised yields will hold through market cycles and remain untested through meaningful downside. Past performance doesn't predict future results, and the autocallable structure's behavior in market dislocations remains unproven for both funds.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

Still deciding? Compare them against your own portfolio

See how each ETF fits alongside your real holdings — forecast future income, analyze overlap, and gauge risk. Start a free 7-day Dividend Vision trial and make the call with your full portfolio in view.

Start Free Open in Comparator Browse Screener