CPNS vs. FBUF

Last updated Jun 4, 2026

CPNS (Calamos Nasdaq-100 Structured Alt Protection ETF - September) and FBUF (Fidelity Dynamic Buffered Equity ETF) are both Defined Outcome funds. CPNS is passively managed, while FBUF is actively managed. Over the past year, CPNS returned 7.69% vs 19.61% for FBUF. Their correlation of 0.81 suggests significant overlap in exposure. CPNS charges 0.69%/yr vs 0.48%/yr for FBUF.

Performance

CPNS vs. FBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS) and Fidelity Dynamic Buffered Equity ETF (FBUF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPNS achieves a 3.00% return, which is significantly lower than FBUF's 5.32% return.

CPNS

• 1D: -0.04%
• 1M: 0.78%
• YTD: 3.00%
• 6M: 3.17%
• 1Y: 7.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBUF

• 1D: -0.12%
• 1M: 2.85%
• YTD: 5.32%
• 6M: 6.28%
• 1Y: 19.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPNS vs. FBUF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	3.00%	7.25%	2.79%
FBUF Fidelity Dynamic Buffered Equity ETF	5.32%	14.01%	6.15%

Correlation

The correlation between CPNS and FBUF is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Sep 4, 2024	0.81

The correlation between CPNS and FBUF has been stable across timeframes, ranging from 0.78 to 0.81 - a consistent structural relationship.

Return for Risk

CPNS vs. FBUF — Risk / Return Rank

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

CPNS

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

FBUF

FBUF Risk / Return Rank: 79
FBUF Sharpe Ratio Rank: 80
FBUF Sortino Ratio Rank: 79
FBUF Omega Ratio Rank: 86
FBUF Calmar Ratio Rank: 70
FBUF Martin Ratio Rank: 80

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.

CPNS vs. FBUF - 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 Fidelity Dynamic Buffered Equity ETF (FBUF). 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	FBUF	Difference
Sharpe ratio: Return per unit of total volatility	3.63	2.63	+1.00
Sortino ratio: Return per unit of downside risk	5.61	3.55	+2.06
Omega ratio: Gain probability vs. loss probability	1.81	1.53	+0.28
Calmar ratio: Return relative to maximum drawdown	5.87	3.51	+2.36
Martin ratio: Return relative to average drawdown	31.91	15.68	+16.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPNS vs. FBUF - Sharpe Ratio Comparison

The current CPNS Sharpe Ratio is 3.63, which is higher than the FBUF Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of CPNS and FBUF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CPNS	FBUF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.63	2.63	+1.00
Sharpe Ratio (All Time) Calculated using the full available price history	2.18	1.47	+0.72

Drawdowns

CPNS vs. FBUF - Drawdown Comparison

The maximum CPNS drawdown since its inception was -3.99%, smaller than the maximum FBUF drawdown of -11.09%. Use the drawdown chart below to compare losses from any high point for CPNS and FBUF.

Drawdown Indicators

	CPNS	FBUF	Difference
Max Drawdown Largest peak-to-trough decline	-3.99%	-11.09%	+7.10%
Max Drawdown (1Y) Largest decline over 1 year	-1.31%	-5.61%	+4.30%
Current Drawdown Current decline from peak	-0.05%	-0.22%	+0.17%
Average Drawdown Average peak-to-trough decline	-0.36%	-1.38%	+1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.24%	1.25%	-1.01%

Volatility

CPNS vs. FBUF - Volatility Comparison

The current volatility for Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS) is 0.32%, while Fidelity Dynamic Buffered Equity ETF (FBUF) has a volatility of 1.11%. This indicates that CPNS experiences smaller price fluctuations and is considered to be less risky than FBUF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPNS	FBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.32%	1.11%	-0.79%
Volatility (6M) Calculated over the trailing 6-month period	1.74%	5.37%	-3.63%
Volatility (1Y) Calculated over the trailing 1-year period	2.14%	7.49%	-5.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.48%	9.55%	-6.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.48%	9.55%	-6.07%

CPNS vs. FBUF - Expense Ratio Comparison

CPNS has a 0.69% expense ratio, which is higher than FBUF's 0.48% expense ratio.

Dividends

CPNS vs. FBUF - Dividend Comparison

CPNS has not paid dividends to shareholders, while FBUF's dividend yield for the trailing twelve months is around 0.63%.

Position	TTM	2025	2024
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	0.00%	0.00%	0.00%
FBUF Fidelity Dynamic Buffered Equity ETF	0.63%	0.64%	0.54%

Frequently Asked Questions

Can I hold both CPNS and FBUF in my portfolio?

CPNS and FBUF have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPNS or FBUF?

FBUF has higher volatility (1.11%) compared to CPNS (0.32%). In terms of maximum drawdown, CPNS dropped -3.99% vs FBUF's -11.09%.

Which ETF is better, CPNS or FBUF?

On 1-year performance, FBUF leads with 19.61% vs 7.69% for CPNS. On fees, FBUF is cheaper at 0.48% per year. On volatility, CPNS has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPNS or FBUF?

Over the 1-year period, FBUF has performed better with a 19.61% return vs 7.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPNS or FBUF?

FBUF is cheaper with a 0.48% expense ratio, compared with 0.69% for CPNS.

Which ETF pays a higher dividend yield, CPNS or FBUF?

FBUF has the higher dividend yield at 0.63%, compared with 0.00% for CPNS.

What is the main difference between CPNS and FBUF?

They also come from different issuers: Calamos and Fidelity. Their fees differ too: 0.69% for CPNS and 0.48% for FBUF.

Which has better risk-adjusted returns?

CPNS currently has the higher Sharpe Ratio (3.63 vs 2.63), 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.