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 -14.53% vs 6.48% for CPSL. Their 0.32 correlation means their historical movements had little consistent relationship.
Performance
CGBD vs. CPSL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CGBD achieves a -12.00% return, which is significantly lower than CPSL's 3.48% return.
CGBD
- 1D
- 2.70%
- 1M
- -5.79%
- 6M
- -9.01%
- YTD
- -12.00%
- 1Y
- -14.53%
- 3Y*
- -1.90%
- 5Y*
- 6.39%
- 10Y*
- —
- ALL TIME*
- 6.45%
CPSL
- 1D
- 0.22%
- 1M
- 0.57%
- 6M
- 2.85%
- YTD
- 3.48%
- 1Y
- 6.48%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
CGBD TCG BDC, Inc. | $5.87M | $6.31M | $6.07M |
| $1.65M | $1.35M | $892.51K |
CGBD vs. CPSL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CGBD TCG BDC, Inc. | -12.00% | -21.53% | 13.38% |
CPSL Calamos Laddered S&P 500 Structured Alt Protection ETF | 3.48% | 6.43% | 2.24% |
Correlation
The correlation between CGBD and CPSL is 0.27, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.27 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2024 | 0.32 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -3.54 | ||
| Sortino ratioReturn per unit of downside risk | -5.45 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.57 | -0.65 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | 5.52 | -6.31 |
| Martin ratioReturn relative to average drawdown | -1.38 | 27.44 | -28.82 |
Loading charts...
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.
Loading charts...
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 | -18.52% | -1.18% | -17.34% |
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 | -33.29% | 0.00% | -33.29% |
Average DrawdownAverage peak-to-trough decline | -12.81% | -0.32% | -12.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.56% | 0.24% | +10.32% |
Volatility
CGBD vs. CPSL - Volatility Comparison
TCG BDC, Inc. (CGBD) has a higher volatility of 7.33% compared to Calamos Laddered S&P 500 Structured Alt Protection ETF (CPSL) at 0.50%. 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.
Loading charts...
Volatility by Period
| CGBD | CPSL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.33% | 0.50% | +6.83% |
Volatility (6M)Calculated over the trailing 6-month period | 18.60% | 1.59% | +17.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.21% | 2.24% | +20.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.86% | 3.24% | +18.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.58% | 3.24% | +31.34% |
Dividends
CGBD vs. CPSL - Dividend Comparison
CGBD's dividend yield for the trailing twelve months is around 15.11%, while CPSL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CGBD TCG BDC, Inc. | 15.11% | 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 (7.33%) compared to CPSL (0.50%). In terms of maximum drawdown, CGBD dropped -71.09% vs CPSL's -3.72%.
CPSL currently has the higher Sharpe Ratio (2.91 vs -0.63), 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.
Find the right allocation for CGBD and CPSL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer