CPNQ vs. MSOO

Last updated Jun 24, 2026

CPNQ (Calamos Nasdaq-100 Structured Alt Protection ETF - December) and MSOO (Leverage Shares 2x Capped Accelerated MSTR Monthly ETF) are both Defined Outcome funds. Both are actively managed. At a 0.43 correlation, their price movements are largely independent. CPNQ charges 0.69%/yr vs 0.78%/yr for MSOO.

Performance

CPNQ vs. MSOO - 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 Leverage Shares 2x Capped Accelerated MSTR Monthly ETF (MSOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPNQ achieves a 2.86% return, which is significantly higher than MSOO's -26.25% return.

CPNQ

• 1D: -0.21%
• 1M: 0.15%
• YTD: 2.86%
• 6M: 2.86%
• 1Y: 8.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSOO

• 1D: 0.00%
• 1M: -23.48%
• YTD: -26.25%
• 6M: -29.16%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPNQ vs. MSOO - Yearly Performance Comparison

	2026 (YTD)	2025
CPNQ Calamos Nasdaq-100 Structured Alt Protection ETF - December	2.86%	2.72%
MSOO Leverage Shares 2x Capped Accelerated MSTR Monthly ETF	-26.25%	-61.39%

Correlation

The correlation between CPNQ and MSOO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 13, 2025	0.43

Return for Risk

CPNQ vs. MSOO — 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: 93
CPNQ Sortino Ratio Rank: 96
CPNQ Omega Ratio Rank: 94
CPNQ Calmar Ratio Rank: 91
CPNQ Martin Ratio Rank: 95

MSOO

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.

CPNQ vs. MSOO - 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 Leverage Shares 2x Capped Accelerated MSTR Monthly ETF (MSOO). 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.

	CPNQ	MSOO	Difference
Sharpe ratio: Return per unit of total volatility	3.00	—	—
Sortino ratio: Return per unit of downside risk	4.89	—	—
Omega ratio: Gain probability vs. loss probability	1.63	—	—
Calmar ratio: Return relative to maximum drawdown	5.38	—	—
Martin ratio: Return relative to average drawdown	25.89	—	—

Drawdowns

CPNQ vs. MSOO - Drawdown Comparison

The maximum CPNQ drawdown since its inception was -3.52%, smaller than the maximum MSOO drawdown of -73.17%. Use the drawdown chart below to compare losses from any high point for CPNQ and MSOO.

Drawdown Indicators

	CPNQ	MSOO	Difference
Max Drawdown Largest peak-to-trough decline	-3.52%	-73.17%	+69.65%
Max Drawdown (1Y) Largest decline over 1 year	-1.52%	—	—
Current Drawdown Current decline from peak	-0.35%	-71.52%	+71.17%
Average Drawdown Average peak-to-trough decline	-0.42%	-49.41%	+48.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	—	—

Volatility

Volatility by Period

	CPNQ	MSOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.23%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.73%	69.10%	-66.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.38%	69.10%	-65.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.38%	69.10%	-65.72%

CPNQ vs. MSOO - Expense Ratio Comparison

CPNQ has a 0.69% expense ratio, which is lower than MSOO's 0.78% expense ratio.

Dividends

CPNQ vs. MSOO - Dividend Comparison

CPNQ has not paid dividends to shareholders, while MSOO's dividend yield for the trailing twelve months is around 2.20%.

Position	TTM	2025
CPNQ Calamos Nasdaq-100 Structured Alt Protection ETF - December	0.00%	0.00%
MSOO Leverage Shares 2x Capped Accelerated MSTR Monthly ETF	2.20%	1.63%

Frequently Asked Questions

Can I hold both CPNQ and MSOO in my portfolio?

CPNQ and MSOO have a correlation of 0.43, 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 MSOO?

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 MSOO?

CPNQ is cheaper with a 0.69% expense ratio, compared with 0.78% for MSOO.

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

MSOO has the higher dividend yield at 2.20%, compared with 0.00% for CPNQ.

What is the main difference between CPNQ and MSOO?

They also come from different issuers: Calamos and Leverage Shares. Their fees differ too: 0.69% for CPNQ and 0.78% for MSOO.