CCRV vs. CPSJ

Last updated Jun 24, 2026

CCRV (iShares Commodity Curve Carry Strategy ETF) and CPSJ (Calamos S&P 500 Structured Alt Protection ETF - July) are both exchange-traded funds - CCRV is a Commodities fund tracking the CCRV-US - ICE BofA Commodity Enhanced Carry Index, while CPSJ is a Defined Outcome fund tracking the MerQube Cap Protect US Lrg Cap PR Index - Jul. Both are passively managed. At a 0.09 correlation, their price movements are largely independent. CCRV charges 0.40%/yr vs 0.69%/yr for CPSJ.

Performance

CCRV vs. CPSJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Commodity Curve Carry Strategy ETF (CCRV) 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

CCRV

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSJ

• 1D: 0.02%
• 1M: 0.43%
• YTD: 2.86%
• 6M: 2.90%
• 1Y: 6.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CCRV vs. CPSJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CCRV iShares Commodity Curve Carry Strategy ETF	0.00%	-0.05%	-3.67%
CPSJ Calamos S&P 500 Structured Alt Protection ETF - July	2.86%	7.43%	4.10%

Correlation

The correlation between CCRV and CPSJ is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.16
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024	0.09

The correlation between CCRV and CPSJ shifts across timeframes, from -0.16 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CCRV vs. CPSJ — Risk / Return Rank

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

CCRV

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

CPSJ

CPSJ Risk / Return Rank: 94
CPSJ Sharpe Ratio Rank: 94
CPSJ Sortino Ratio Rank: 96
CPSJ Omega Ratio Rank: 96
CPSJ Calmar Ratio Rank: 89
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.

CCRV vs. CPSJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Commodity Curve Carry Strategy ETF (CCRV) 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.

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.

	CCRV	CPSJ	Difference
Sharpe ratio: Return per unit of total volatility	—	3.21	—
Sortino ratio: Return per unit of downside risk	—	5.17	—
Omega ratio: Gain probability vs. loss probability	—	1.71	—
Calmar ratio: Return relative to maximum drawdown	—	4.79	—
Martin ratio: Return relative to average drawdown	—	27.19	—

Drawdowns

Drawdown Indicators

	CCRV	CPSJ	Difference
Max Drawdown Largest peak-to-trough decline	—	-5.36%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-1.38%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-0.44%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.24%	—

Volatility

Volatility by Period

	CCRV	CPSJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.35%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.65%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	2.13%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	4.53%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	4.53%	—

CCRV vs. CPSJ - Expense Ratio Comparison

CCRV has a 0.40% expense ratio, which is lower than CPSJ's 0.69% expense ratio.

Dividends

CCRV vs. CPSJ - Dividend Comparison

Neither CCRV nor CPSJ has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
CCRV iShares Commodity Curve Carry Strategy ETF	0.00%	0.00%	4.43%	7.26%	33.27%	26.22%
CPSJ Calamos S&P 500 Structured Alt Protection ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CCRV and CPSJ in my portfolio?

CCRV and CPSJ have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CCRV or CPSJ?

On fees, CCRV is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CCRV or CPSJ?

CCRV is cheaper with a 0.40% expense ratio, compared with 0.69% for CPSJ.

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

CCRV and CPSJ have nearly identical dividend yields, around 0.00%.

What is the main difference between CCRV and CPSJ?

CCRV is categorized as Commodities, while CPSJ is Defined Outcome. CCRV tracks CCRV-US - ICE BofA Commodity Enhanced Carry Index, while CPSJ tracks MerQube Cap Protect US Lrg Cap PR Index - Jul. They also come from different issuers: iShares and Calamos. Their fees differ too: 0.40% for CCRV and 0.69% for CPSJ.