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ETF Comparison

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

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.
SymbolSince May 2026Volatility Sharpe Sortino Max drawdown
CAIE1.98%10.4%0.100.14-3.4%
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.
MetricCAIEVAIE
Full nameCalamos Autocallable Income ETFVegaShares US Equity Autocallable Income ETF
IssuerCalamos InvestmentsVegaShares
Underlying indexAutocallables (MerQube US Large-Cap Vol Advantage Autocallable Index)NYSE U.S. 500 Adaptive Vol Autocallable Index
Last Close$26.64 as of September 18, 2026$24.16 as of September 18, 2026
Distribution rate14.11%16.57%
Distribution Safety Score™ 7950
Safety-Adjusted Yield 11.15%—
Expense ratio0.74%0.74%
AUM$1.34B$53.1M
Distribution frequencyMonthlyWeekly
ObjectiveSeeks to generate high monthly income while providing reduced downside risk through exposure to a portfolio of autocallables.Seeks weekly income by tracking a laddered autocallable index built on U.S. large-cap equities, using a full replication approach.
Asset classEquityEquity
Inception date06/25/202505/12/2026
Beta0.9238—
Last dividend$0.3132$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

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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 CAIE.

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

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Quick verdict

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.

Deep dive

Yield & income

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.

CAIE AUM$1.34B
VAIE AUM$53.1M
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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.

More comparisons to explore

CAIE vs VAIE — at a glance

Generated September 19, 2026.

large-cap equities. Both use options overlays to provide downside protection while capturing upside participation, but they differ fundamentally in distribution frequency, index construction, and assets under management.

How they differ

The most significant distinction is distribution frequency and index construction. 500 Adaptive Vol Autocallable Index.

The second key difference is scale and investor base maturity. VAIE launched 05/12/2026 with $53.1M, making it a far smaller, earlier-stage fund. Both charge 0.74% in fees, so cost is not a differentiator.

Third, VAIE explicitly uses a full-replication approach to track its autocallable ladder, while CAIE's strategy description emphasizes reduced downside risk without specifying replication methodology.

VAIE: Fits investors who prioritize the highest stated yield and prefer receiving income on a weekly schedule, even at the trade-off of smaller fund assets and less operational history.

Key risks to know

  • NAV erosion at high distribution yields. Both funds distribute yields exceeding 14%, which implies distributions may include significant return-of-capital or autocallable principal liquidation over time. Monthly rebalancing or weekly rolling can accelerate NAV decay if underlying volatility or equity performance diverges from embedded assumptions.
  • Autocallable and derivative risk. Both funds hold structured products whose payoff depends on barrier breaches, knock-in levels, and volatility paths. If large-cap equities decline sharply, knock-in events can trigger losses exceeding the stated downside cushion, and early autocall events can force reinvestment into lower markets.
  • Index construction and volatility dependency. Both underlying indices are adaptive or laddered autocallable constructs, meaning their payoffs are highly sensitive to implied volatility and equity drawdown scenarios. Rising volatility can reduce autocall likelihood (extending holding periods and extending reinvestment risk), while falling volatility can accelerate early calls and force relocation into lower markets.

Bottom line

If you prioritize a larger fund with monthly distributions and deeper operational track record, CAIE's $1.34B base and 06/25/2025 launch offer more stability. Both funds carry substantial NAV erosion risk at these yield levels and depend on favorable volatility and equity regimes to sustain their target distributions. Past performance does not predict future results.

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

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