CAGE vs. CPSA

Last updated Jul 1, 2026

CAGE (Calamos Autocallable Growth ETF) and CPSA (Calamos S&P 500 Structured Alt Protection ETF - August) are both exchange-traded funds - CAGE is a Derivative Income fund actively managed by Calamos, while CPSA is a Defined Outcome fund tracking the MerQube Cap Protect US Lrg Cap PR Index - Aug. CAGE is actively managed, while CPSA is passively managed. Their correlation of 0.80 suggests significant overlap in exposure.

Performance

CAGE vs. CPSA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Autocallable Growth ETF (CAGE) and Calamos S&P 500 Structured Alt Protection ETF - August (CPSA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CAGE

• 1D: 1.13%
• 1M: -2.33%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSA

• 1D: 0.07%
• 1M: 0.27%
• YTD: 3.07%
• 6M: 2.99%
• 1Y: 6.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CAGE vs. CPSA - Yearly Performance Comparison

	2026 (YTD)
CAGE Calamos Autocallable Growth ETF	10.75%
CPSA Calamos S&P 500 Structured Alt Protection ETF - August	1.63%

Correlation

The correlation between CAGE and CPSA is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 16, 2026	0.80

Return for Risk

CAGE vs. CPSA — Risk / Return Rank

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

CAGE

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

CPSA

CPSA Risk / Return Rank: 94
CPSA Sharpe Ratio Rank: 95
CPSA Sortino Ratio Rank: 97
CPSA Omega Ratio Rank: 96
CPSA Calmar Ratio Rank: 89
CPSA Martin Ratio Rank: 95

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.

CAGE vs. CPSA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Autocallable Growth ETF (CAGE) and Calamos S&P 500 Structured Alt Protection ETF - August (CPSA). 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.

	CAGE	CPSA	Difference
Sharpe ratio: Return per unit of total volatility	—	3.19	—
Sortino ratio: Return per unit of downside risk	—	5.17	—
Omega ratio: Gain probability vs. loss probability	—	1.68	—
Calmar ratio: Return relative to maximum drawdown	—	4.67	—
Martin ratio: Return relative to average drawdown	—	26.64	—

Drawdowns

CAGE vs. CPSA - Drawdown Comparison

The maximum CAGE drawdown since its inception was -6.60%, which is greater than CPSA's maximum drawdown of -4.72%. Use the drawdown chart below to compare losses from any high point for CAGE and CPSA.

Drawdown Indicators

	CAGE	CPSA	Difference
Max Drawdown Largest peak-to-trough decline	-6.60%	-4.72%	-1.88%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.47%	—
Current Drawdown Current decline from peak	-2.70%	0.00%	-2.70%
Average Drawdown Average peak-to-trough decline	-1.64%	-0.38%	-1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.26%	—

Volatility

Volatility by Period

	CAGE	CPSA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.46%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.73%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.47%	2.16%	+18.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.47%	4.08%	+16.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.47%	4.08%	+16.39%

Dividends

CAGE vs. CPSA - Dividend Comparison

Neither CAGE nor CPSA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CAGE and CPSA in my portfolio?

CAGE and CPSA have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF pays a higher dividend yield, CAGE or CPSA?

CAGE and CPSA have nearly identical dividend yields, around 0.00%.

What is the main difference between CAGE and CPSA?

CAGE is categorized as Derivative Income, while CPSA is Defined Outcome.