CPNJ vs. QNDX

Last updated Jul 17, 2026

CPNJ (Calamos Nasdaq-100 Structured Alt Protection ETF - June) and QNDX (SPDR Portfolio Nasdaq 100 ETF) are both Nasdaq-100 funds. CPNJ is actively managed, while QNDX is passively managed. With a 0.97 correlation, they move nearly in lockstep. CPNJ charges 0.69%/yr vs 0.10%/yr for QNDX.

Performance

CPNJ vs. QNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Nasdaq-100 Structured Alt Protection ETF - June (CPNJ) and SPDR Portfolio Nasdaq 100 ETF (QNDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CPNJ

• 1D: -0.24%
• 1M: -0.33%
• 6M: 1.72%
• YTD: 2.00%
• 1Y: 5.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QNDX

• 1D: -1.56%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPNJ vs. QNDX - Yearly Performance Comparison

	2026 (YTD)
CPNJ Calamos Nasdaq-100 Structured Alt Protection ETF - June	0.05%
QNDX SPDR Portfolio Nasdaq 100 ETF	-1.16%

Correlation

The correlation between CPNJ and QNDX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 24, 2026	0.97

Return for Risk

CPNJ vs. QNDX — Risk / Return Rank

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

CPNJ

CPNJ Risk / Return Rank: 89
CPNJ Sharpe Ratio Rank: 84
CPNJ Sortino Ratio Rank: 88
CPNJ Omega Ratio Rank: 89
CPNJ Calmar Ratio Rank: 92
CPNJ Martin Ratio Rank: 94

QNDX

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

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.

CPNJ vs. QNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Nasdaq-100 Structured Alt Protection ETF - June (CPNJ) and SPDR Portfolio Nasdaq 100 ETF (QNDX). 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.

	CPNJ	QNDX	Difference
Sharpe ratio: Return per unit of total volatility	2.17	—	—
Sortino ratio: Return per unit of downside risk	3.23	—	—
Omega ratio: Gain probability vs. loss probability	1.44	—	—
Calmar ratio: Return relative to maximum drawdown	4.82	—	—
Martin ratio: Return relative to average drawdown	20.85	—	—

Drawdowns

CPNJ vs. QNDX - Drawdown Comparison

The maximum CPNJ drawdown since its inception was -5.99%, which is greater than QNDX's maximum drawdown of -4.09%. Use the drawdown chart below to compare losses from any high point for CPNJ and QNDX.

Drawdown Indicators

	CPNJ	QNDX	Difference
Max Drawdown Largest peak-to-trough decline	-5.99%	-4.09%	-1.90%
Max Drawdown (1Y) Largest decline over 1 year	-1.07%	—	—
Current Drawdown Current decline from peak	-0.52%	-4.09%	+3.57%
Average Drawdown Average peak-to-trough decline	-0.42%	-1.91%	+1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.25%	—	—

Volatility

Volatility by Period

	CPNJ	QNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.97%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.37%	22.37%	-20.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.04%	22.37%	-17.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.04%	22.37%	-17.33%

CPNJ vs. QNDX - Expense Ratio Comparison

CPNJ has a 0.69% expense ratio, which is higher than QNDX's 0.10% expense ratio.

Dividends

CPNJ vs. QNDX - Dividend Comparison

Neither CPNJ nor QNDX has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPNJ and QNDX in my portfolio?

With a correlation of 0.97, CPNJ and QNDX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, CPNJ or QNDX?

On fees, QNDX is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CPNJ or QNDX?

QNDX is cheaper with a 0.10% expense ratio, compared with 0.69% for CPNJ.

Which ETF pays a higher dividend yield, CPNJ or QNDX?

CPNJ and QNDX have nearly identical dividend yields, around 0.00%.

What is the main difference between CPNJ and QNDX?

They also come from different issuers: Calamos and State Street. Their fees differ too: 0.69% for CPNJ and 0.10% for QNDX.