CAGE vs. CPSP

Last updated Jul 1, 2026

CAGE (Calamos Autocallable Growth ETF) and CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) are both exchange-traded funds - CAGE is a Derivative Income fund actively managed by Calamos, while CPSP is a S&P 500 fund actively managed by Calamos. Both are actively managed. Their correlation of 0.84 suggests significant overlap in exposure.

Performance

CAGE vs. CPSP - 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 - April (CPSP). 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*: —

CPSP

• 1D: 0.13%
• 1M: 0.04%
• YTD: 3.22%
• 6M: 3.20%
• 1Y: 6.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CAGE vs. CPSP - Yearly Performance Comparison

	2026 (YTD)
CAGE Calamos Autocallable Growth ETF	10.75%
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	0.98%

Correlation

The correlation between CAGE and CPSP is 0.84, 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	0.84

Return for Risk

CAGE vs. CPSP — 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.

CPSP

CPSP Risk / Return Rank: 98
CPSP Sharpe Ratio Rank: 98
CPSP Sortino Ratio Rank: 98
CPSP Omega Ratio Rank: 98
CPSP Calmar Ratio Rank: 99
CPSP Martin Ratio Rank: 99

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. CPSP - 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 - 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.

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	CPSP	Difference
Sharpe ratio: Return per unit of total volatility	—	4.67	—
Sortino ratio: Return per unit of downside risk	—	8.70	—
Omega ratio: Gain probability vs. loss probability	—	2.15	—
Calmar ratio: Return relative to maximum drawdown	—	16.71	—
Martin ratio: Return relative to average drawdown	—	72.84	—

Drawdowns

CAGE vs. CPSP - Drawdown Comparison

The maximum CAGE drawdown since its inception was -6.60%, which is greater than CPSP's maximum drawdown of -1.73%. Use the drawdown chart below to compare losses from any high point for CAGE and CPSP.

Drawdown Indicators

	CAGE	CPSP	Difference
Max Drawdown Largest peak-to-trough decline	-6.60%	-1.73%	-4.87%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.37%	—
Current Drawdown Current decline from peak	-2.70%	-0.07%	-2.63%
Average Drawdown Average peak-to-trough decline	-1.64%	-0.09%	-1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.09%	—

Volatility

Volatility by Period

	CAGE	CPSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.38%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.86%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.47%	1.34%	+19.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.47%	2.36%	+18.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.47%	2.36%	+18.11%

Dividends

CAGE vs. CPSP - Dividend Comparison

Neither CAGE nor CPSP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CAGE and CPSP in my portfolio?

CAGE and CPSP have a correlation of 0.84, 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 CPSP?

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

What is the main difference between CAGE and CPSP?

CAGE is categorized as Derivative Income, while CPSP is S&P 500.