BIL vs. CPSL

Last updated Jul 21, 2026

BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and CPSL (Calamos Laddered S&P 500 Structured Alt Protection ETF) are both exchange-traded funds - BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index, while CPSL is a Defined Outcome fund actively managed by Calamos. BIL is passively managed, while CPSL is actively managed. Over the past year, BIL returned 3.79% vs 6.01% for CPSL. At a correlation of -0.01, they often move in opposite directions. BIL charges 0.14%/yr vs 0.79%/yr for CPSL.

Performance

BIL vs. CPSL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) 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, BIL achieves a 1.95% return, which is significantly lower than CPSL's 3.04% return.

BIL

• 1D: 0.01%
• 1M: 0.28%
• 6M: 1.77%
• YTD: 1.95%
• 1Y: 3.79%
• 3Y*: 4.56%
• 5Y*: 3.51%
• 10Y*: 2.23%
• ALL TIME*: 1.37%

CPSL

• 1D: -0.04%
• 1M: 0.32%
• 6M: 2.52%
• YTD: 3.04%
• 1Y: 6.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.35%

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

BIL vs. CPSL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.95%	4.15%	1.48%
CPSL Calamos Laddered S&P 500 Structured Alt Protection ETF	3.04%	6.43%	2.24%

Correlation

The correlation between BIL and CPSL is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (All Time) Calculated using the full available price history since Sep 9, 2024	-0.01

Return for Risk

BIL vs. CPSL — Risk / Return Rank

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

BIL

BIL Risk / Return Rank: 100
BIL Sharpe Ratio Rank: 100
BIL Sortino Ratio Rank: 100
BIL Omega Ratio Rank: 100
BIL Calmar Ratio Rank: 100
BIL Martin Ratio Rank: 100

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: 94
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.

BIL vs. CPSL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) 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.

	BIL	CPSL	Difference
Sharpe ratio: Return per unit of total volatility	19.20	2.73	+16.47
Sortino ratio: Return per unit of downside risk	152.69	4.35	+148.34
Omega ratio: Gain probability vs. loss probability	69.15	1.53	+67.62
Calmar ratio: Return relative to maximum drawdown	348.23	5.12	+343.11
Martin ratio: Return relative to average drawdown	2,469.46	25.33	+2,444.13

BIL vs. CPSL - Sharpe Ratio Comparison

The current BIL Sharpe Ratio is 19.20, which is higher than the CPSL Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of BIL 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

BIL vs. CPSL - Drawdown Comparison

The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum CPSL drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for BIL and CPSL.

Drawdown Indicators

	BIL	CPSL	Difference
Max Drawdown Largest peak-to-trough decline	-0.78%	-3.72%	+2.94%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-1.18%	+1.17%
Max Drawdown (3Y) Largest decline over 3 years	-0.01%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-0.08%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-0.21%	—	—
Current Drawdown Current decline from peak	0.00%	-0.10%	+0.10%
Average Drawdown Average peak-to-trough decline	-0.26%	-0.32%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.24%	-0.24%

Volatility

BIL vs. CPSL - Volatility Comparison

The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.07%, while Calamos Laddered S&P 500 Structured Alt Protection ETF (CPSL) has a volatility of 0.47%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than CPSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIL	CPSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	0.47%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	0.14%	1.59%	-1.45%
Volatility (1Y) Calculated over the trailing 1-year period	0.20%	2.22%	-2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.26%	3.26%	-3.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.26%	3.26%	-3.00%

BIL vs. CPSL - Expense Ratio Comparison

BIL has a 0.14% expense ratio, which is lower than CPSL's 0.79% expense ratio.

Dividends

BIL vs. CPSL - Dividend Comparison

BIL's dividend yield for the trailing twelve months is around 3.81%, while CPSL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	3.81%	4.13%	5.03%	4.92%	1.35%	0.00%	0.30%	2.05%	1.66%	0.68%	0.07%
CPSL Calamos Laddered S&P 500 Structured Alt Protection ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BIL and CPSL in my portfolio?

BIL and CPSL have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIL or CPSL?

CPSL has higher volatility (0.47%) compared to BIL (0.07%). In terms of maximum drawdown, BIL dropped -0.78% vs CPSL's -3.72%.

Which ETF is better, BIL or CPSL?

On 1-year performance, CPSL leads with 6.01% vs 3.79% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BIL or CPSL?

Over the 1-year period, CPSL has performed better with a 6.01% return vs 3.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BIL or CPSL?

BIL is cheaper with a 0.14% expense ratio, compared with 0.79% for CPSL.

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

BIL has the higher dividend yield at 3.81%, compared with 0.00% for CPSL.

What is the main difference between BIL and CPSL?

BIL is categorized as Government Bonds, while CPSL is Defined Outcome. They also come from different issuers: State Street and Calamos. Their fees differ too: 0.14% for BIL and 0.79% for CPSL.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.20 vs 2.73), 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.