AIOO vs. CPSL

Last updated Jun 3, 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. A 0.50 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 2.48% return, which is significantly lower than CPSL's 2.74% return.

AIOO

• 1D: 0.04%
• 1M: 1.11%
• YTD: 2.48%
• 6M: 2.55%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSL

• 1D: 0.04%
• 1M: 0.87%
• YTD: 2.74%
• 6M: 3.11%
• 1Y: 7.69%
• 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	2.48%	2.67%
CPSL Calamos Laddered S&P 500 Structured Alt Protection ETF	2.74%	3.28%

Correlation

The correlation between AIOO and CPSL is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 2, 2025	0.50

Return for Risk

AIOO vs. CPSL — Risk / Return Rank

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

CPSL

CPSL Risk / Return Rank: 94
CPSL Sharpe Ratio Rank: 91
CPSL Sortino Ratio Rank: 96
CPSL Omega Ratio Rank: 93
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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	AIOO	CPSL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.88	2.02	+0.86

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	—	-1.18%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.17%	-0.33%	+0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.23%	—

Volatility

Volatility by Period

	AIOO	CPSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.38%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.58%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.98%	2.35%	-0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.98%	3.35%	-1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.98%	3.35%	-1.37%

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 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AIOO or CPSL?

On fees, AIOO is cheaper at 0.64% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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.