CANQ vs. CPSJ

Last updated Jun 4, 2026

CANQ (Calamos Alternative Nasdaq & Bond ETF) and CPSJ (Calamos S&P 500 Structured Alt Protection ETF - July) are both exchange-traded funds - CANQ is a Nasdaq-100 fund actively managed by Calamos, while CPSJ is a Defined Outcome fund tracking the MerQube Cap Protect US Lrg Cap PR Index - Jul. CANQ is actively managed, while CPSJ is passively managed. Over the past year, CANQ returned 17.89% vs 7.54% for CPSJ. A 0.70 correlation means they provide meaningful diversification when combined. CANQ charges 0.90%/yr vs 0.69%/yr for CPSJ.

Performance

CANQ vs. CPSJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Alternative Nasdaq & Bond ETF (CANQ) and Calamos S&P 500 Structured Alt Protection ETF - July (CPSJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CANQ achieves a 7.60% return, which is significantly higher than CPSJ's 2.61% return.

CANQ

• 1D: -0.37%
• 1M: 5.62%
• YTD: 7.60%
• 6M: 5.52%
• 1Y: 17.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSJ

• 1D: 0.04%
• 1M: 0.70%
• YTD: 2.61%
• 6M: 2.98%
• 1Y: 7.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CANQ vs. CPSJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CANQ Calamos Alternative Nasdaq & Bond ETF	7.60%	11.69%	9.63%
CPSJ Calamos S&P 500 Structured Alt Protection ETF - July	2.61%	7.43%	4.14%

Correlation

The correlation between CANQ and CPSJ is 0.65, 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	0.65
Correlation (All Time) Calculated using the full available price history since Jul 2, 2024	0.70

The correlation between CANQ and CPSJ has been stable across timeframes, ranging from 0.65 to 0.70 - a consistent structural relationship.

Return for Risk

CANQ vs. CPSJ — Risk / Return Rank

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

CANQ

CANQ Risk / Return Rank: 42
CANQ Sharpe Ratio Rank: 48
CANQ Sortino Ratio Rank: 48
CANQ Omega Ratio Rank: 47
CANQ Calmar Ratio Rank: 34
CANQ Martin Ratio Rank: 34

CPSJ

CPSJ Risk / Return Rank: 94
CPSJ Sharpe Ratio Rank: 92
CPSJ Sortino Ratio Rank: 96
CPSJ Omega Ratio Rank: 96
CPSJ Calmar Ratio Rank: 90
CPSJ 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.

CANQ vs. CPSJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Alternative Nasdaq & Bond ETF (CANQ) and Calamos S&P 500 Structured Alt Protection ETF - July (CPSJ). 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.

	CANQ	CPSJ	Difference
Sharpe ratio: Return per unit of total volatility	1.67	3.30	-1.62
Sortino ratio: Return per unit of downside risk	2.37	5.44	-3.07
Omega ratio: Gain probability vs. loss probability	1.30	1.76	-0.47
Calmar ratio: Return relative to maximum drawdown	1.67	5.47	-3.80
Martin ratio: Return relative to average drawdown	5.17	30.62	-25.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CANQ vs. CPSJ - Sharpe Ratio Comparison

The current CANQ Sharpe Ratio is 1.67, which is lower than the CPSJ Sharpe Ratio of 3.30. The chart below compares the historical Sharpe Ratios of CANQ and CPSJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CANQ	CPSJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	3.30	-1.62
Sharpe Ratio (All Time) Calculated using the full available price history	1.35	1.63	-0.28

Drawdowns

CANQ vs. CPSJ - Drawdown Comparison

The maximum CANQ drawdown since its inception was -12.79%, which is greater than CPSJ's maximum drawdown of -5.36%. Use the drawdown chart below to compare losses from any high point for CANQ and CPSJ.

Drawdown Indicators

	CANQ	CPSJ	Difference
Max Drawdown Largest peak-to-trough decline	-12.79%	-5.36%	-7.43%
Max Drawdown (1Y) Largest decline over 1 year	-10.77%	-1.38%	-9.39%
Current Drawdown Current decline from peak	-0.37%	0.00%	-0.37%
Average Drawdown Average peak-to-trough decline	-2.95%	-0.45%	-2.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	0.25%	+3.22%

Volatility

CANQ vs. CPSJ - Volatility Comparison

Calamos Alternative Nasdaq & Bond ETF (CANQ) has a higher volatility of 3.86% compared to Calamos S&P 500 Structured Alt Protection ETF - July (CPSJ) at 0.33%. This indicates that CANQ's price experiences larger fluctuations and is considered to be riskier than CPSJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CANQ	CPSJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.86%	0.33%	+3.53%
Volatility (6M) Calculated over the trailing 6-month period	7.52%	1.67%	+5.85%
Volatility (1Y) Calculated over the trailing 1-year period	10.76%	2.32%	+8.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.69%	4.59%	+8.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.69%	4.59%	+8.10%

CANQ vs. CPSJ - Expense Ratio Comparison

CANQ has a 0.90% expense ratio, which is higher than CPSJ's 0.69% expense ratio.

Dividends

CANQ vs. CPSJ - Dividend Comparison

CANQ's dividend yield for the trailing twelve months is around 4.36%, while CPSJ has not paid dividends to shareholders.

Position	TTM	2025	2024
CANQ Calamos Alternative Nasdaq & Bond ETF	4.36%	5.02%	4.19%
CPSJ Calamos S&P 500 Structured Alt Protection ETF - July	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CANQ and CPSJ in my portfolio?

CANQ and CPSJ have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CANQ or CPSJ?

CANQ has higher volatility (3.86%) compared to CPSJ (0.33%). In terms of maximum drawdown, CANQ dropped -12.79% vs CPSJ's -5.36%.

Which ETF is better, CANQ or CPSJ?

On 1-year performance, CANQ leads with 17.89% vs 7.54% for CPSJ. On fees, CPSJ is cheaper at 0.69% per year. On volatility, CPSJ has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CANQ or CPSJ?

Over the 1-year period, CANQ has performed better with a 17.89% return vs 7.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CANQ or CPSJ?

CPSJ is cheaper with a 0.69% expense ratio, compared with 0.90% for CANQ.

Which ETF pays a higher dividend yield, CANQ or CPSJ?

CANQ has the higher dividend yield at 4.36%, compared with 0.00% for CPSJ.

What is the main difference between CANQ and CPSJ?

CANQ is categorized as Nasdaq-100, while CPSJ is Defined Outcome. Their fees differ too: 0.90% for CANQ and 0.69% for CPSJ.

Which has better risk-adjusted returns?

CPSJ currently has the higher Sharpe Ratio (3.30 vs 1.67), 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.