CPNQ vs. LLII

Last updated Jun 3, 2026

CPNQ (Calamos Nasdaq-100 Structured Alt Protection ETF - December) and LLII (REX LLY Growth & Income ETF) are both exchange-traded funds - CPNQ is a Defined Outcome fund actively managed by Calamos, while LLII is a Derivative Income fund actively managed by REX. Both are actively managed. At a 0.06 correlation, their price movements are largely independent. CPNQ charges 0.69%/yr vs 0.99%/yr for LLII.

Performance

CPNQ vs. LLII - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Nasdaq-100 Structured Alt Protection ETF - December (CPNQ) and REX LLY Growth & Income ETF (LLII). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPNQ achieves a 3.09% return, which is significantly higher than LLII's -5.66% return.

CPNQ

• 1D: -0.05%
• 1M: 0.96%
• YTD: 3.09%
• 6M: 3.36%
• 1Y: 9.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

LLII

• 1D: -1.35%
• 1M: 8.45%
• YTD: -5.66%
• 6M: -2.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPNQ vs. LLII - Yearly Performance Comparison

	2026 (YTD)	2025
CPNQ Calamos Nasdaq-100 Structured Alt Protection ETF - December	3.09%	0.88%
LLII REX LLY Growth & Income ETF	-5.66%	19.03%

Correlation

The correlation between CPNQ and LLII is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 5, 2025	0.06

Return for Risk

CPNQ vs. LLII — Risk / Return Rank

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

CPNQ

CPNQ Risk / Return Rank: 94
CPNQ Sharpe Ratio Rank: 92
CPNQ Sortino Ratio Rank: 96
CPNQ Omega Ratio Rank: 95
CPNQ Calmar Ratio Rank: 91
CPNQ Martin Ratio Rank: 95

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.

CPNQ vs. LLII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Nasdaq-100 Structured Alt Protection ETF - December (CPNQ) and REX LLY Growth & Income ETF (LLII). 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.

	CPNQ	LLII	Difference
Sharpe ratio Return per unit of total volatility	3.44	—	—
Sortino ratio Return per unit of downside risk	5.75	—	—
Omega ratio Gain probability vs. loss probability	1.75	—	—
Calmar ratio Return relative to maximum drawdown	6.02	—	—
Martin ratio Return relative to average drawdown	30.09	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CPNQ	LLII	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.24	0.62	+1.61

Drawdowns

CPNQ vs. LLII - Drawdown Comparison

The maximum CPNQ drawdown since its inception was -3.52%, smaller than the maximum LLII drawdown of -23.96%. Use the drawdown chart below to compare losses from any high point for CPNQ and LLII.

Drawdown Indicators

	CPNQ	LLII	Difference
Max Drawdown Largest peak-to-trough decline	-3.52%	-23.96%	+20.44%
Max Drawdown (1Y) Largest decline over 1 year	-1.52%	—	—
Current Drawdown Current decline from peak	-0.07%	-8.23%	+8.16%
Average Drawdown Average peak-to-trough decline	-0.43%	-9.30%	+8.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	—	—

Volatility

Volatility by Period

	CPNQ	LLII	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.11%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.64%	36.51%	-33.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.37%	36.51%	-33.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.37%	36.51%	-33.14%

CPNQ vs. LLII - Expense Ratio Comparison

CPNQ has a 0.69% expense ratio, which is lower than LLII's 0.99% expense ratio.

Dividends

CPNQ vs. LLII - Dividend Comparison

CPNQ has not paid dividends to shareholders, while LLII's dividend yield for the trailing twelve months is around 26.33%.

Position	TTM	2025
CPNQ Calamos Nasdaq-100 Structured Alt Protection ETF - December	0.00%	0.00%
LLII REX LLY Growth & Income ETF	26.33%	5.13%

Frequently Asked Questions

Can I hold both CPNQ and LLII in my portfolio?

CPNQ and LLII have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CPNQ or LLII?

On fees, CPNQ is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CPNQ or LLII?

CPNQ is cheaper with a 0.69% expense ratio, compared with 0.99% for LLII.

Which ETF pays a higher dividend yield, CPNQ or LLII?

LLII has the higher dividend yield at 26.33%, compared with 0.00% for CPNQ.

What is the main difference between CPNQ and LLII?

CPNQ is categorized as Defined Outcome, while LLII is Derivative Income. They also come from different issuers: Calamos and REX. Their fees differ too: 0.69% for CPNQ and 0.99% for LLII.