BFLB vs. CPSM
BFLB (BufferLABS US Equity Dynamic Buffer ETF) and CPSM (Calamos S&P 500 Structured Alt Protection ETF - May) are both Defined Outcome funds. Both are actively managed. A 0.68 correlation means they provide meaningful diversification when combined. BFLB charges 0.79%/yr vs 0.69%/yr for CPSM.
Performance
BFLB vs. CPSM - Performance Comparison
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Returns By Period
In the year-to-date period, BFLB achieves a 5.72% return, which is significantly higher than CPSM's 1.94% return.
BFLB
- 1D
- -0.60%
- 1M
- -0.04%
- YTD
- 5.72%
- 6M
- 5.27%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CPSM
- 1D
- -0.14%
- 1M
- -0.09%
- YTD
- 1.94%
- 6M
- 2.03%
- 1Y
- 5.15%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BFLB vs. CPSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BFLB BufferLABS US Equity Dynamic Buffer ETF | 5.72% | 1.82% |
CPSM Calamos S&P 500 Structured Alt Protection ETF - May | 1.94% | 1.09% |
Correlation
The correlation between BFLB and CPSM is 0.68, 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 Oct 8, 2025 | 0.68 |
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Return for Risk
BFLB vs. CPSM — Risk / Return Rank
BFLB
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CPSM
BFLB vs. CPSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BufferLABS US Equity Dynamic Buffer ETF (BFLB) and Calamos S&P 500 Structured Alt Protection ETF - May (CPSM). 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.
| BFLB | CPSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.67 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 10.57 | — |
| Martin ratioReturn relative to average drawdown | — | 45.23 | — |
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Drawdowns
BFLB vs. CPSM - Drawdown Comparison
The maximum BFLB drawdown since its inception was -5.14%, roughly equal to the maximum CPSM drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for BFLB and CPSM.
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Drawdown Indicators
| BFLB | CPSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.14% | -5.19% | +0.05% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.49% | — |
Current DrawdownCurrent decline from peak | -0.87% | -0.39% | -0.48% |
Average DrawdownAverage peak-to-trough decline | -0.76% | -0.20% | -0.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.11% | — |
Volatility
BFLB vs. CPSM - Volatility Comparison
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Volatility by Period
| BFLB | CPSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.66% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.16% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 7.80% | 1.65% | +6.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.80% | 5.05% | +2.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.80% | 5.05% | +2.75% |
BFLB vs. CPSM - Expense Ratio Comparison
BFLB has a 0.79% expense ratio, which is higher than CPSM's 0.69% expense ratio.
Dividends
BFLB vs. CPSM - Dividend Comparison
Neither BFLB nor CPSM has paid dividends to shareholders.
Frequently Asked Questions
BFLB and CPSM have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CPSM is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CPSM is cheaper with a 0.69% expense ratio, compared with 0.79% for BFLB.
BFLB and CPSM have nearly identical dividend yields, around 0.00%.
They also come from different issuers: BufferLABS and Calamos. Their fees differ too: 0.79% for BFLB and 0.69% for CPSM.
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