CPNS vs. PRXV

Last updated Jun 24, 2026

CPNS (Calamos Nasdaq-100 Structured Alt Protection ETF - September) and PRXV (Praxis Impact Large Cap Value 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 PRXV is a Large Cap Value Equities fund actively managed by Praxis. CPNS is passively managed, while PRXV is actively managed. A 0.57 correlation means they provide meaningful diversification when combined. CPNS charges 0.69%/yr vs 0.36%/yr for PRXV.

Performance

CPNS vs. PRXV - 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 Praxis Impact Large Cap Value ETF (PRXV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CPNS

• 1D: -0.18%
• 1M: 0.16%
• YTD: 3.05%
• 6M: 2.93%
• 1Y: 7.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PRXV

• 1D: -0.29%
• 1M: 3.50%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPNS vs. PRXV - Yearly Performance Comparison

	2026 (YTD)
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	1.25%
PRXV Praxis Impact Large Cap Value ETF	6.54%

Correlation

The correlation between CPNS and PRXV is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 20, 2026	0.57

Return for Risk

CPNS vs. PRXV — 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: 95
CPNS Sortino Ratio Rank: 96
CPNS Omega Ratio Rank: 96
CPNS Calmar Ratio Rank: 92
CPNS Martin Ratio Rank: 96

PRXV

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.

CPNS vs. PRXV - 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 Praxis Impact Large Cap Value ETF (PRXV). 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.

	CPNS	PRXV	Difference
Sharpe ratio: Return per unit of total volatility	3.41	—	—
Sortino ratio: Return per unit of downside risk	5.20	—	—
Omega ratio: Gain probability vs. loss probability	1.74	—	—
Calmar ratio: Return relative to maximum drawdown	5.51	—	—
Martin ratio: Return relative to average drawdown	29.76	—	—

Drawdowns

CPNS vs. PRXV - Drawdown Comparison

The maximum CPNS drawdown since its inception was -3.99%, which is greater than PRXV's maximum drawdown of -1.41%. Use the drawdown chart below to compare losses from any high point for CPNS and PRXV.

Drawdown Indicators

	CPNS	PRXV	Difference
Max Drawdown Largest peak-to-trough decline	-3.99%	-1.41%	-2.58%
Max Drawdown (1Y) Largest decline over 1 year	-1.31%	—	—
Current Drawdown Current decline from peak	-0.19%	-0.29%	+0.10%
Average Drawdown Average peak-to-trough decline	-0.36%	-0.41%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.24%	—	—

Volatility

Volatility by Period

	CPNS	PRXV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.75%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.14%	10.64%	-8.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.51%	10.64%	-7.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.51%	10.64%	-7.13%

CPNS vs. PRXV - Expense Ratio Comparison

CPNS has a 0.69% expense ratio, which is higher than PRXV's 0.36% expense ratio.

Dividends

CPNS vs. PRXV - Dividend Comparison

Neither CPNS nor PRXV has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPNS and PRXV in my portfolio?

CPNS and PRXV have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CPNS or PRXV?

On fees, PRXV is cheaper at 0.36% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CPNS or PRXV?

PRXV is cheaper with a 0.36% expense ratio, compared with 0.69% for CPNS.

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

CPNS and PRXV have nearly identical dividend yields, around 0.00%.

What is the main difference between CPNS and PRXV?

CPNS is categorized as Defined Outcome, while PRXV is Large Cap Value Equities. They also come from different issuers: Calamos and Praxis. Their fees differ too: 0.69% for CPNS and 0.36% for PRXV.