CPNJ vs. USO

Last updated Aug 6, 2026

CPNJ (Calamos Nasdaq-100 Structured Alt Protection ETF - June) and USO (United States Oil Fund LP) are both exchange-traded funds - CPNJ is a Nasdaq-100 fund actively managed by Calamos, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. CPNJ is actively managed, while USO is passively managed. Over the past year, CPNJ returned 4.96% vs 53.13% for USO. Their -0.02 correlation means they have often moved in opposite directions in the past. CPNJ charges 0.69%/yr vs 0.86%/yr for USO.

Performance

CPNJ vs. USO - 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 United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPNJ achieves a 2.28% return, which is significantly lower than USO's 66.11% return.

CPNJ

• 1D: -0.11%
• 1M: 0.09%
• 6M: 2.09%
• YTD: 2.28%
• 1Y: 4.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.18%

USO

• 1D: -0.78%
• 1M: 10.09%
• 6M: 47.51%
• YTD: 66.11%
• 1Y: 53.13%
• 3Y*: 15.90%
• 5Y*: 19.28%
• 10Y*: 3.83%
• ALL TIME*: -7.38%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CPNJ Calamos Nasdaq-100 Structured Alt Protection ETF - June	$222.92K	$239.64K	$419.20K
USO United States Oil Fund LP	$965.92M	$926.54M	$867.90M

CPNJ vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CPNJ Calamos Nasdaq-100 Structured Alt Protection ETF - June	2.28%	8.35%	4.90%
USO United States Oil Fund LP	66.11%	-8.46%	0.98%

Correlation

The correlation between CPNJ and USO is -0.15, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.15
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	-0.02

The correlation between CPNJ and USO shifts across timeframes, from -0.15 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CPNJ vs. USO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CPNJ

CPNJ Risk / Return Rank: 83
CPNJ Sharpe Ratio Rank: 77
CPNJ Sortino Ratio Rank: 81
CPNJ Omega Ratio Rank: 84
CPNJ Calmar Ratio Rank: 84
CPNJ Martin Ratio Rank: 90

USO

USO Risk / Return Rank: 40
USO Sharpe Ratio Rank: 39
USO Sortino Ratio Rank: 41
USO Omega Ratio Rank: 40
USO Calmar Ratio Rank: 40
USO Martin Ratio Rank: 40

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CPNJ vs. USO - 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 United States Oil Fund LP (USO). 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	USO	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.13	+0.85
Sortino ratio: Return per unit of downside risk	2.97	1.76	+1.21
Omega ratio: Gain probability vs. loss probability	1.40	1.22	+0.18
Calmar ratio: Return relative to maximum drawdown	3.50	1.64	+1.86
Martin ratio: Return relative to average drawdown	15.83	4.74	+11.08

CPNJ vs. USO - Sharpe Ratio Comparison

The current CPNJ Sharpe Ratio is 1.98, which is higher than the USO Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of CPNJ and USO, 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. USO - Drawdown Comparison

The maximum CPNJ drawdown since its inception was -5.99%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for CPNJ and USO.

Drawdown Indicators

	CPNJ	USO	Difference
Max Drawdown Largest peak-to-trough decline	-5.99%	-98.19%	+92.20%
Max Drawdown (1Y) Largest decline over 1 year	-1.42%	-32.49%	+31.07%
Max Drawdown (3Y) Largest decline over 3 years	—	-32.49%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-36.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-86.75%	—
Current Drawdown Current decline from peak	-0.25%	-87.78%	+87.53%
Average Drawdown Average peak-to-trough decline	-0.43%	-75.39%	+74.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	11.24%	-10.93%

Volatility

CPNJ vs. USO - Volatility Comparison

The current volatility for Calamos Nasdaq-100 Structured Alt Protection ETF - June (CPNJ) is 1.08%, while United States Oil Fund LP (USO) has a volatility of 19.53%. This indicates that CPNJ experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPNJ	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	19.53%	-18.45%
Volatility (6M) Calculated over the trailing 6-month period	2.15%	43.14%	-40.99%
Volatility (1Y) Calculated over the trailing 1-year period	2.52%	47.40%	-44.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.02%	37.16%	-32.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.02%	39.35%	-34.33%

CPNJ vs. USO - Expense Ratio Comparison

CPNJ has a 0.69% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

CPNJ vs. USO - Dividend Comparison

Neither CPNJ nor USO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPNJ and USO in my portfolio?

CPNJ and USO have a correlation of -0.15, 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 USO?

USO has higher volatility (19.53%) compared to CPNJ (1.08%). In terms of maximum drawdown, CPNJ dropped -5.99% vs USO's -98.19%.

Which ETF is better, CPNJ or USO?

On 1-year performance, USO leads with 53.13% vs 4.96% for CPNJ. On fees, CPNJ is cheaper at 0.69% per year. On volatility, CPNJ has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPNJ or USO?

Over the 1-year period, USO has performed better with a 53.13% return vs 4.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPNJ or USO?

CPNJ is cheaper with a 0.69% expense ratio, compared with 0.86% for USO.

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

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

What is the main difference between CPNJ and USO?

CPNJ is categorized as Nasdaq-100, while USO is Oil & Gas. They also come from different issuers: Calamos and USCF. Their fees differ too: 0.69% for CPNJ and 0.86% for USO.

Which has better risk-adjusted returns?

CPNJ currently has the higher Sharpe Ratio (1.98 vs 1.13), 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.