CPNJ vs. QYLD
CPNJ (Calamos Nasdaq-100 Structured Alt Protection ETF - June) and QYLD (Global X NASDAQ 100 Covered Call ETF) are both Nasdaq-100 funds. CPNJ is actively managed, while QYLD is passively managed. Over the past year, CPNJ returned 6.79% vs 23.93% for QYLD. A 0.78 correlation means they provide meaningful diversification when combined. CPNJ charges 0.69%/yr vs 0.60%/yr for QYLD.
Performance
CPNJ vs. QYLD - Performance Comparison
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Returns By Period
In the year-to-date period, CPNJ achieves a 2.52% return, which is significantly lower than QYLD's 7.88% return.
CPNJ
- 1D
- 0.04%
- 1M
- 0.42%
- YTD
- 2.52%
- 6M
- 2.99%
- 1Y
- 6.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QYLD
- 1D
- -0.06%
- 1M
- 1.62%
- YTD
- 7.88%
- 6M
- 9.97%
- 1Y
- 23.93%
- 3Y*
- 13.80%
- 5Y*
- 8.43%
- 10Y*
- 9.80%
CPNJ vs. QYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CPNJ Calamos Nasdaq-100 Structured Alt Protection ETF - June | 2.52% | 8.35% | 5.44% |
QYLD Global X NASDAQ 100 Covered Call ETF | 7.88% | 9.28% | 12.30% |
Correlation
The correlation between CPNJ and QYLD is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024 | 0.78 |
The correlation between CPNJ and QYLD has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.
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Return for Risk
CPNJ vs. QYLD — Risk / Return Rank
CPNJ
QYLD
CPNJ vs. QYLD - 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 Global X NASDAQ 100 Covered Call ETF (QYLD). 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.
| CPNJ | QYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.56 | ||
| Sortino ratioReturn per unit of downside risk | +1.53 | ||
| Omega ratioGain probability vs. loss probability | 1.74 | 1.63 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 6.39 | 4.84 | +1.55 |
| Martin ratioReturn relative to average drawdown | 37.29 | 28.36 | +8.93 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CPNJ | QYLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.36 | 2.80 | +0.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.58 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.63 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.63 | 0.59 | +1.04 |
Drawdowns
CPNJ vs. QYLD - Drawdown Comparison
The maximum CPNJ drawdown since its inception was -5.99%, smaller than the maximum QYLD drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for CPNJ and QYLD.
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Drawdown Indicators
| CPNJ | QYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.99% | -24.75% | +18.76% |
Max Drawdown (1Y)Largest decline over 1 year | -1.07% | -4.97% | +3.90% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.06% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.61% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.75% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.06% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -0.42% | -3.84% | +3.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.18% | 0.85% | -0.67% |
Volatility
CPNJ vs. QYLD - Volatility Comparison
The current volatility for Calamos Nasdaq-100 Structured Alt Protection ETF - June (CPNJ) is 0.19%, while Global X NASDAQ 100 Covered Call ETF (QYLD) has a volatility of 1.85%. This indicates that CPNJ experiences smaller price fluctuations and is considered to be less risky than QYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPNJ | QYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.19% | 1.85% | -1.66% |
Volatility (6M)Calculated over the trailing 6-month period | 1.49% | 7.12% | -5.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.03% | 8.58% | -6.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.08% | 14.70% | -9.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 15.49% | -10.41% |
CPNJ vs. QYLD - Expense Ratio Comparison
CPNJ has a 0.69% expense ratio, which is higher than QYLD's 0.60% expense ratio.
Dividends
CPNJ vs. QYLD - Dividend Comparison
CPNJ has not paid dividends to shareholders, while QYLD's dividend yield for the trailing twelve months is around 11.46%.
| 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% |
QYLD Global X NASDAQ 100 Covered Call ETF | 11.46% | 11.55% | 12.50% | 11.78% | 13.75% | 12.85% | 11.16% | 9.84% | 12.44% | 7.69% | 9.15% | 9.42% |
Frequently Asked Questions
CPNJ and QYLD have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QYLD has higher volatility (1.85%) compared to CPNJ (0.19%). In terms of maximum drawdown, CPNJ dropped -5.99% vs QYLD's -24.75%.
On 1-year performance, QYLD leads with 23.93% vs 6.79% for CPNJ. On fees, QYLD is cheaper at 0.60% per year. On volatility, CPNJ has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, QYLD has performed better with a 23.93% return vs 6.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QYLD is cheaper with a 0.60% expense ratio, compared with 0.69% for CPNJ.
QYLD has the higher dividend yield at 11.46%, compared with 0.00% for CPNJ.
They also come from different issuers: Calamos and Global X. Their fees differ too: 0.69% for CPNJ and 0.60% for QYLD.
CPNJ currently has the higher Sharpe Ratio (3.36 vs 2.80), 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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