CPNJ vs. QQQ

Last updated Jul 17, 2026

CPNJ (Calamos Nasdaq-100 Structured Alt Protection ETF - June) and QQQ (Invesco QQQ ETF) are both Nasdaq-100 funds. CPNJ is actively managed, while QQQ is passively managed. Over the past year, CPNJ returned 5.12% vs 27.28% for QQQ. Their correlation of 0.86 suggests significant overlap in exposure. CPNJ charges 0.69%/yr vs 0.18%/yr for QQQ.

Performance

CPNJ vs. QQQ - 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 Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPNJ achieves a 2.00% return, which is significantly lower than QQQ's 15.19% return.

CPNJ

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

QQQ

• 1D: -1.64%
• 1M: -3.17%
• 6M: 13.80%
• YTD: 15.19%
• 1Y: 27.28%
• 3Y*: 23.36%
• 5Y*: 15.26%
• 10Y*: 21.01%

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

CPNJ vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CPNJ Calamos Nasdaq-100 Structured Alt Protection ETF - June	2.00%	8.35%	4.90%
QQQ Invesco QQQ ETF	15.19%	20.77%	13.95%

Correlation

The correlation between CPNJ and QQQ is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.86

The correlation between CPNJ and QQQ has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.

Return for Risk

CPNJ vs. QQQ — 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

QQQ

QQQ Risk / Return Rank: 53
QQQ Sharpe Ratio Rank: 53
QQQ Sortino Ratio Rank: 49
QQQ Omega Ratio Rank: 50
QQQ Calmar Ratio Rank: 57
QQQ Martin Ratio Rank: 58

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. QQQ - 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 Invesco QQQ ETF (QQQ). 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	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.17	1.47	+0.70
Sortino ratio: Return per unit of downside risk	3.23	2.00	+1.22
Omega ratio: Gain probability vs. loss probability	1.44	1.26	+0.18
Calmar ratio: Return relative to maximum drawdown	4.82	2.29	+2.53
Martin ratio: Return relative to average drawdown	20.85	8.13	+12.72

CPNJ vs. QQQ - Sharpe Ratio Comparison

The current CPNJ Sharpe Ratio is 2.17, which is higher than the QQQ Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of CPNJ and QQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CPNJ vs. QQQ - Drawdown Comparison

The maximum CPNJ drawdown since its inception was -5.99%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for CPNJ and QQQ.

Drawdown Indicators

	CPNJ	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-5.99%	-82.97%	+76.98%
Max Drawdown (1Y) Largest decline over 1 year	-1.07%	-11.96%	+10.89%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.77%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.12%	—
Current Drawdown Current decline from peak	-0.52%	-5.29%	+4.77%
Average Drawdown Average peak-to-trough decline	-0.42%	-32.66%	+32.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.25%	3.36%	-3.11%

Volatility

CPNJ vs. QQQ - Volatility Comparison

The current volatility for Calamos Nasdaq-100 Structured Alt Protection ETF - June (CPNJ) is 1.03%, while Invesco QQQ ETF (QQQ) has a volatility of 7.53%. This indicates that CPNJ experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPNJ	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	7.53%	-6.50%
Volatility (6M) Calculated over the trailing 6-month period	1.97%	15.52%	-13.55%
Volatility (1Y) Calculated over the trailing 1-year period	2.37%	18.69%	-16.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.04%	22.81%	-17.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.04%	22.44%	-17.40%

CPNJ vs. QQQ - Expense Ratio Comparison

CPNJ has a 0.69% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

CPNJ vs. QQQ - Dividend Comparison

CPNJ has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.43%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPNJ Calamos Nasdaq-100 Structured Alt Protection ETF - June	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QQQ Invesco QQQ ETF	0.43%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Frequently Asked Questions

Can I hold both CPNJ and QQQ in my portfolio?

CPNJ and QQQ have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPNJ or QQQ?

QQQ has higher volatility (7.53%) compared to CPNJ (1.03%). In terms of maximum drawdown, CPNJ dropped -5.99% vs QQQ's -82.97%.

Which ETF is better, CPNJ or QQQ?

On 1-year performance, QQQ leads with 27.28% vs 5.12% for CPNJ. On fees, QQQ is cheaper at 0.18% per year. On volatility, CPNJ has been the lower-risk option at 1.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPNJ or QQQ?

Over the 1-year period, QQQ has performed better with a 27.28% return vs 5.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPNJ or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.69% for CPNJ.

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

QQQ has the higher dividend yield at 0.43%, compared with 0.00% for CPNJ.

What is the main difference between CPNJ and QQQ?

They also come from different issuers: Calamos and Invesco. Their fees differ too: 0.69% for CPNJ and 0.18% for QQQ.

Which has better risk-adjusted returns?

CPNJ currently has the higher Sharpe Ratio (2.17 vs 1.47), 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.