AIOO vs. CPSL

Last updated Jul 14, 2026

AIOO (AllianzIM U.S. Equity Buffer100 Protection ETF) and CPSL (Calamos Laddered S&P 500 Structured Alt Protection ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, AIOO returned 5.09% vs 6.23% for CPSL. A 0.52 correlation means they provide meaningful diversification when combined. AIOO charges 0.64%/yr vs 0.79%/yr for CPSL.

Performance

AIOO vs. CPSL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) and Calamos Laddered S&P 500 Structured Alt Protection ETF (CPSL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AIOO achieves a 2.42% return, which is significantly lower than CPSL's 2.99% return.

AIOO

• 1D: -0.06%
• 1M: 0.32%
• 6M: 2.23%
• YTD: 2.42%
• 1Y: 5.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSL

• 1D: -0.15%
• 1M: 0.43%
• 6M: 2.61%
• YTD: 2.99%
• 1Y: 6.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AIOO vs. CPSL - Yearly Performance Comparison

	2026 (YTD)	2025
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	2.42%	2.65%
CPSL Calamos Laddered S&P 500 Structured Alt Protection ETF	2.99%	3.40%

Correlation

The correlation between AIOO and CPSL is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.52

The correlation between AIOO and CPSL has been stable across timeframes, ranging from 0.52 to 0.52 - a consistent structural relationship.

Return for Risk

AIOO vs. CPSL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AIOO

AIOO Risk / Return Rank: 93
AIOO Sharpe Ratio Rank: 91
AIOO Sortino Ratio Rank: 94
AIOO Omega Ratio Rank: 91
AIOO Calmar Ratio Rank: 96
AIOO Martin Ratio Rank: 94

CPSL

CPSL Risk / Return Rank: 95
CPSL Sharpe Ratio Rank: 94
CPSL Sortino Ratio Rank: 96
CPSL Omega Ratio Rank: 94
CPSL Calmar Ratio Rank: 93
CPSL Martin Ratio Rank: 96

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AIOO vs. CPSL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) and Calamos Laddered S&P 500 Structured Alt Protection ETF (CPSL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AIOO	CPSL	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.83	-0.35
Sortino ratio: Return per unit of downside risk	3.84	4.52	-0.68
Omega ratio: Gain probability vs. loss probability	1.48	1.55	-0.07
Calmar ratio: Return relative to maximum drawdown	6.90	5.31	+1.59
Martin ratio: Return relative to average drawdown	19.91	26.29	-6.39

AIOO vs. CPSL - Sharpe Ratio Comparison

The current AIOO Sharpe Ratio is 2.48, which is comparable to the CPSL Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of AIOO and CPSL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AIOO vs. CPSL - Drawdown Comparison

The maximum AIOO drawdown since its inception was -0.74%, smaller than the maximum CPSL drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for AIOO and CPSL.

Drawdown Indicators

	AIOO	CPSL	Difference
Max Drawdown Largest peak-to-trough decline	-0.74%	-3.72%	+2.98%
Max Drawdown (1Y) Largest decline over 1 year	-0.74%	-1.18%	+0.44%
Current Drawdown Current decline from peak	-0.06%	-0.15%	+0.09%
Average Drawdown Average peak-to-trough decline	-0.18%	-0.32%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.24%	+0.02%

Volatility

AIOO vs. CPSL - Volatility Comparison

AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) has a higher volatility of 0.70% compared to Calamos Laddered S&P 500 Structured Alt Protection ETF (CPSL) at 0.55%. This indicates that AIOO's price experiences larger fluctuations and is considered to be riskier than CPSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIOO	CPSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	0.55%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	1.42%	1.61%	-0.19%
Volatility (1Y) Calculated over the trailing 1-year period	2.06%	2.22%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.05%	3.28%	-1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.05%	3.28%	-1.23%

AIOO vs. CPSL - Expense Ratio Comparison

AIOO has a 0.64% expense ratio, which is lower than CPSL's 0.79% expense ratio.

Dividends

AIOO vs. CPSL - Dividend Comparison

Neither AIOO nor CPSL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AIOO and CPSL in my portfolio?

AIOO and CPSL have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AIOO or CPSL?

AIOO has higher volatility (0.70%) compared to CPSL (0.55%). In terms of maximum drawdown, AIOO dropped -0.74% vs CPSL's -3.72%.

Which ETF is better, AIOO or CPSL?

On 1-year performance, CPSL leads with 6.23% vs 5.09% for AIOO. On fees, AIOO is cheaper at 0.64% per year. On volatility, CPSL has been the lower-risk option at 0.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AIOO or CPSL?

Over the 1-year period, CPSL has performed better with a 6.23% return vs 5.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AIOO or CPSL?

AIOO is cheaper with a 0.64% expense ratio, compared with 0.79% for CPSL.

Which ETF pays a higher dividend yield, AIOO or CPSL?

AIOO and CPSL have nearly identical dividend yields, around 0.00%.

What is the main difference between AIOO and CPSL?

They also come from different issuers: Allianz and Calamos. Their fees differ too: 0.64% for AIOO and 0.79% for CPSL.

Which has better risk-adjusted returns?

CPSL currently has the higher Sharpe Ratio (2.83 vs 2.48), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.