APRZ vs. CPSP
APRZ (TrueShares Structured Outcome (April) ETF) and CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) are both exchange-traded funds - APRZ is a Defined Outcome fund tracking the S&P 500 Price Return Index, while CPSP is a S&P 500 fund actively managed by Calamos. APRZ is passively managed, while CPSP is actively managed. Over the past year, APRZ returned 20.17% vs 7.13% for CPSP. A 0.74 correlation means they provide meaningful diversification when combined. APRZ charges 0.79%/yr vs 0.69%/yr for CPSP.
Performance
APRZ vs. CPSP - Performance Comparison
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Returns By Period
In the year-to-date period, APRZ achieves a 7.43% return, which is significantly higher than CPSP's 3.18% return.
APRZ
- 1D
- -0.52%
- 1M
- 4.07%
- YTD
- 7.43%
- 6M
- 7.28%
- 1Y
- 20.17%
- 3Y*
- 16.23%
- 5Y*
- 11.19%
- 10Y*
- —
CPSP
- 1D
- 0.00%
- 1M
- 0.60%
- YTD
- 3.18%
- 6M
- 3.74%
- 1Y
- 7.13%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
APRZ vs. CPSP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
APRZ TrueShares Structured Outcome (April) ETF | 7.43% | 17.07% |
CPSP Calamos S&P 500 Structured Alt Protection ETF - April | 3.18% | 5.46% |
Correlation
The correlation between APRZ and CPSP is 0.73, 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 | 0.73 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025 | 0.74 |
The correlation between APRZ and CPSP has been stable across timeframes, ranging from 0.73 to 0.74 - a consistent structural relationship.
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Return for Risk
APRZ vs. CPSP — Risk / Return Rank
APRZ
CPSP
APRZ vs. CPSP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (April) ETF (APRZ) and Calamos S&P 500 Structured Alt Protection ETF - April (CPSP). 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.
| APRZ | CPSP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.09 | ||
| Sortino ratioReturn per unit of downside risk | -6.38 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 2.31 | -0.95 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 19.11 | -16.82 |
| Martin ratioReturn relative to average drawdown | 10.13 | 96.35 | -86.22 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| APRZ | CPSP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.98 | 5.08 | -3.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.90 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.94 | 3.17 | -2.23 |
Drawdowns
APRZ vs. CPSP - Drawdown Comparison
The maximum APRZ drawdown since its inception was -18.15%, which is greater than CPSP's maximum drawdown of -1.73%. Use the drawdown chart below to compare losses from any high point for APRZ and CPSP.
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Drawdown Indicators
| APRZ | CPSP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.15% | -1.73% | -16.42% |
Max Drawdown (1Y)Largest decline over 1 year | -8.85% | -0.37% | -8.48% |
Max Drawdown (3Y)Largest decline over 3 years | -15.15% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -18.15% | — | — |
Current DrawdownCurrent decline from peak | -0.52% | 0.00% | -0.52% |
Average DrawdownAverage peak-to-trough decline | -3.63% | -0.08% | -3.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.00% | 0.07% | +1.93% |
Volatility
APRZ vs. CPSP - Volatility Comparison
TrueShares Structured Outcome (April) ETF (APRZ) has a higher volatility of 2.39% compared to Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) at 0.32%. This indicates that APRZ's price experiences larger fluctuations and is considered to be riskier than CPSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| APRZ | CPSP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.39% | 0.32% | +2.07% |
Volatility (6M)Calculated over the trailing 6-month period | 8.06% | 0.84% | +7.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.23% | 1.42% | +8.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.52% | 2.37% | +10.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.42% | 2.37% | +10.05% |
APRZ vs. CPSP - Expense Ratio Comparison
APRZ has a 0.79% expense ratio, which is higher than CPSP's 0.69% expense ratio.
Dividends
APRZ vs. CPSP - Dividend Comparison
APRZ's dividend yield for the trailing twelve months is around 3.12%, while CPSP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
APRZ TrueShares Structured Outcome (April) ETF | 3.12% | 3.35% | 2.78% | 2.89% | 0.59% |
CPSP Calamos S&P 500 Structured Alt Protection ETF - April | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
APRZ and CPSP have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
APRZ has higher volatility (2.39%) compared to CPSP (0.32%). In terms of maximum drawdown, APRZ dropped -18.15% vs CPSP's -1.73%.
On 1-year performance, APRZ leads with 20.17% vs 7.13% for CPSP. On fees, CPSP is cheaper at 0.69% per year. On volatility, CPSP has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, APRZ has performed better with a 20.17% return vs 7.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CPSP is cheaper with a 0.69% expense ratio, compared with 0.79% for APRZ.
APRZ has the higher dividend yield at 3.12%, compared with 0.00% for CPSP.
APRZ is categorized as Defined Outcome, while CPSP is S&P 500. They also come from different issuers: TrueShares and Calamos. Their fees differ too: 0.79% for APRZ and 0.69% for CPSP.
CPSP currently has the higher Sharpe Ratio (5.08 vs 1.98), 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.
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