CPNS vs. CANQ
CPNS (Calamos Nasdaq-100 Structured Alt Protection ETF - September) and CANQ (Calamos Alternative Nasdaq & Bond ETF) are both exchange-traded funds — CPNS is a Defined Outcome fund tracking the MerQube Cap Protect US Large Cap Tech PR Index - Sep, while CANQ is a Nasdaq-100 fund actively managed by Calamos. CPNS is passively managed, while CANQ is actively managed. Over the past year, CPNS returned 9.57% vs 17.05% for CANQ. A 0.80 correlation means they provide meaningful diversification when combined. CPNS charges 0.69%/yr vs 0.90%/yr for CANQ.
Performance
CPNS vs. CANQ - Performance Comparison
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Returns By Period
In the year-to-date period, CPNS achieves a 1.15% return, which is significantly higher than CANQ's -1.36% return.
CPNS
- 1D
- 0.17%
- 1M
- 0.94%
- YTD
- 1.15%
- 6M
- 1.96%
- 1Y
- 9.57%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CANQ
- 1D
- 0.90%
- 1M
- 2.83%
- YTD
- -1.36%
- 6M
- -0.52%
- 1Y
- 17.05%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CPNS vs. CANQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September | 1.15% | 7.25% | 2.79% |
CANQ Calamos Alternative Nasdaq & Bond ETF | -1.36% | 11.69% | 10.65% |
Correlation
The correlation between CPNS and CANQ is 0.77, 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 | 0.77 |
Correlation (All Time) Calculated using the full available price history since Sep 4, 2024 | 0.80 |
The correlation between CPNS and CANQ has been stable across timeframes, ranging from 0.77 to 0.80 — a consistent structural relationship.
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Return for Risk
CPNS vs. CANQ — Risk / Return Rank
CPNS
CANQ
CPNS vs. CANQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS) and Calamos Alternative Nasdaq & Bond ETF (CANQ). 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.
| CPNS | CANQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.54 | 1.65 | +1.88 |
Sortino ratioReturn per unit of downside risk | 5.71 | 2.33 | +3.37 |
Omega ratioGain probability vs. loss probability | 1.85 | 1.30 | +0.55 |
Calmar ratioReturn relative to maximum drawdown | 7.04 | 1.65 | +5.39 |
Martin ratioReturn relative to average drawdown | 34.02 | 5.24 | +28.78 |
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
| CPNS | CANQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.54 | 1.65 | +1.88 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.97 | 1.07 | +0.89 |
Drawdowns
CPNS vs. CANQ - Drawdown Comparison
The maximum CPNS drawdown since its inception was -3.99%, smaller than the maximum CANQ drawdown of -12.79%. Use the drawdown chart below to compare losses from any high point for CPNS and CANQ.
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Drawdown Indicators
| CPNS | CANQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.99% | -12.79% | +8.80% |
Max Drawdown (1Y)Largest decline over 1 year | -1.31% | -10.77% | +9.46% |
Current DrawdownCurrent decline from peak | 0.00% | -5.08% | +5.08% |
Average DrawdownAverage peak-to-trough decline | -0.39% | -3.05% | +2.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.27% | 3.39% | -3.12% |
Volatility
CPNS vs. CANQ - Volatility Comparison
The current volatility for Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS) is 1.15%, while Calamos Alternative Nasdaq & Bond ETF (CANQ) has a volatility of 3.85%. This indicates that CPNS experiences smaller price fluctuations and is considered to be less risky than CANQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPNS | CANQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 3.85% | -2.70% |
Volatility (6M)Calculated over the trailing 6-month period | 1.87% | 7.75% | -5.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.74% | 10.41% | -7.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.60% | 12.70% | -9.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.60% | 12.70% | -9.10% |
CPNS vs. CANQ - Expense Ratio Comparison
CPNS has a 0.69% expense ratio, which is lower than CANQ's 0.90% expense ratio.
Dividends
CPNS vs. CANQ - Dividend Comparison
CPNS has not paid dividends to shareholders, while CANQ's dividend yield for the trailing twelve months is around 4.74%.
| TTM | 2025 | 2024 | |
|---|---|---|---|
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September | 0.00% | 0.00% | 0.00% |
CANQ Calamos Alternative Nasdaq & Bond ETF | 4.74% | 5.02% | 4.19% |