CGBD vs. CPSL
CGBD (TCG BDC, Inc.) is a stock, while CPSL (Calamos Laddered S&P 500 Structured Alt Protection ETF) is Defined Outcome fund actively managed by Calamos. Over the past year, CGBD returned -15.66% vs 6.32% for CPSL. At a 0.32 correlation, their price movements are largely independent.
Performance
CGBD vs. CPSL - Performance Comparison
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Returns By Period
In the year-to-date period, CGBD achieves a -10.63% return, which is significantly lower than CPSL's 3.11% return.
CGBD
- 1D
- -0.57%
- 1M
- -1.94%
- 6M
- -10.91%
- YTD
- -10.63%
- 1Y
- -15.66%
- 3Y*
- -0.42%
- 5Y*
- 7.44%
- 10Y*
- —
CPSL
- 1D
- 0.11%
- 1M
- 0.55%
- 6M
- 2.73%
- YTD
- 3.11%
- 1Y
- 6.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CGBD vs. CPSL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CGBD TCG BDC, Inc. | -10.63% | -21.53% | 13.38% |
CPSL Calamos Laddered S&P 500 Structured Alt Protection ETF | 3.11% | 6.43% | 2.24% |
Correlation
The correlation between CGBD and CPSL is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2024 | 0.32 |
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Return for Risk
CGBD vs. CPSL — Risk / Return Rank
CGBD
CPSL
CGBD vs. CPSL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TCG BDC, Inc. (CGBD) 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.
| CGBD | CPSL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.56 | ||
| Sortino ratioReturn per unit of downside risk | -5.49 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.56 | -0.66 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 5.38 | -6.18 |
| Martin ratioReturn relative to average drawdown | -1.43 | 26.67 | -28.10 |
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Drawdowns
CGBD vs. CPSL - Drawdown Comparison
The maximum CGBD drawdown since its inception was -71.09%, which is greater than CPSL's maximum drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for CGBD and CPSL.
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Drawdown Indicators
| CGBD | CPSL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.09% | -3.72% | -67.37% |
Max Drawdown (1Y)Largest decline over 1 year | -19.72% | -1.18% | -18.54% |
Max Drawdown (3Y)Largest decline over 3 years | -35.06% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -35.06% | — | — |
Current DrawdownCurrent decline from peak | -32.25% | -0.03% | -32.22% |
Average DrawdownAverage peak-to-trough decline | -12.69% | -0.32% | -12.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.99% | 0.24% | +10.75% |
Volatility
CGBD vs. CPSL - Volatility Comparison
TCG BDC, Inc. (CGBD) has a higher volatility of 7.19% compared to Calamos Laddered S&P 500 Structured Alt Protection ETF (CPSL) at 0.55%. This indicates that CGBD's price experiences larger fluctuations and is considered to be riskier than CPSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CGBD | CPSL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.19% | 0.55% | +6.64% |
Volatility (6M)Calculated over the trailing 6-month period | 17.99% | 1.60% | +16.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.69% | 2.21% | +20.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.77% | 3.28% | +18.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.63% | 3.28% | +31.35% |
Dividends
CGBD vs. CPSL - Dividend Comparison
CGBD's dividend yield for the trailing twelve months is around 14.88%, while CPSL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CGBD TCG BDC, Inc. | 14.88% | 13.21% | 10.43% | 11.76% | 11.46% | 10.92% | 14.33% | 13.00% | 13.55% | 6.09% |
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% |
Frequently Asked Questions
CGBD and CPSL have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CGBD has higher volatility (7.19%) compared to CPSL (0.55%). In terms of maximum drawdown, CGBD dropped -71.09% vs CPSL's -3.72%.
CPSL currently has the higher Sharpe Ratio (2.87 vs -0.69), 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.
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