CPNS vs. RBIL

Last updated Jun 4, 2026

CPNS (Calamos Nasdaq-100 Structured Alt Protection ETF - September) and RBIL (F/m Ultrashort Treasury Inflation-Protected Security (TIPS) 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 RBIL is a Inflation-Protected Bonds fund tracking the Bloomberg US Ultrashort TIPS 1-13 Months Index. Both are passively managed. Over the past year, CPNS returned 7.69% vs 4.57% for RBIL. At a correlation of -0.20, they often move in opposite directions. CPNS charges 0.69%/yr vs 0.17%/yr for RBIL.

Performance

CPNS vs. RBIL - 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 F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL). 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 higher than RBIL's 2.70% return.

CPNS

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

RBIL

• 1D: 0.06%
• 1M: 0.38%
• YTD: 2.70%
• 6M: 2.79%
• 1Y: 4.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPNS vs. RBIL - Yearly Performance Comparison

	2026 (YTD)	2025
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	3.00%	6.41%
RBIL F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF	2.70%	2.91%

Correlation

The correlation between CPNS and RBIL is -0.21, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.21
Correlation (All Time) Calculated using the full available price history since Feb 26, 2025	-0.20

Return for Risk

CPNS vs. RBIL — 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

RBIL

RBIL Risk / Return Rank: 98
RBIL Sharpe Ratio Rank: 97
RBIL Sortino Ratio Rank: 98
RBIL Omega Ratio Rank: 98
RBIL Calmar Ratio Rank: 98
RBIL Martin Ratio Rank: 98

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. RBIL - 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 F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL). 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	RBIL	Difference
Sharpe ratio: Return per unit of total volatility	3.63	5.01	-1.38
Sortino ratio: Return per unit of downside risk	5.61	7.92	-2.31
Omega ratio: Gain probability vs. loss probability	1.81	2.39	-0.58
Calmar ratio: Return relative to maximum drawdown	5.87	17.00	-11.13
Martin ratio: Return relative to average drawdown	31.91	70.66	-38.75
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. RBIL - Sharpe Ratio Comparison

The current CPNS Sharpe Ratio is 3.63, which is comparable to the RBIL Sharpe Ratio of 5.01. The chart below compares the historical Sharpe Ratios of CPNS and RBIL, 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	RBIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.63	5.01	-1.38
Sharpe Ratio (All Time) Calculated using the full available price history	2.18	4.28	-2.09

Drawdowns

CPNS vs. RBIL - Drawdown Comparison

The maximum CPNS drawdown since its inception was -3.99%, which is greater than RBIL's maximum drawdown of -0.50%. Use the drawdown chart below to compare losses from any high point for CPNS and RBIL.

Drawdown Indicators

	CPNS	RBIL	Difference
Max Drawdown Largest peak-to-trough decline	-3.99%	-0.50%	-3.49%
Max Drawdown (1Y) Largest decline over 1 year	-1.31%	-0.27%	-1.04%
Current Drawdown Current decline from peak	-0.05%	0.00%	-0.05%
Average Drawdown Average peak-to-trough decline	-0.36%	-0.06%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.24%	0.07%	+0.17%

Volatility

CPNS vs. RBIL - Volatility Comparison

Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS) has a higher volatility of 0.32% compared to F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL) at 0.30%. This indicates that CPNS's price experiences larger fluctuations and is considered to be riskier than RBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPNS	RBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.32%	0.30%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	1.74%	0.79%	+0.95%
Volatility (1Y) Calculated over the trailing 1-year period	2.14%	0.92%	+1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.48%	1.05%	+2.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.48%	1.05%	+2.43%

CPNS vs. RBIL - Expense Ratio Comparison

CPNS has a 0.69% expense ratio, which is higher than RBIL's 0.17% expense ratio.

Dividends

CPNS vs. RBIL - Dividend Comparison

CPNS has not paid dividends to shareholders, while RBIL's dividend yield for the trailing twelve months is around 4.60%.

Position	TTM	2025
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	0.00%	0.00%
RBIL F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF	4.60%	3.65%

Frequently Asked Questions

Can I hold both CPNS and RBIL in my portfolio?

CPNS and RBIL have a correlation of -0.21, 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 RBIL?

CPNS has higher volatility (0.32%) compared to RBIL (0.30%). In terms of maximum drawdown, CPNS dropped -3.99% vs RBIL's -0.50%.

Which ETF is better, CPNS or RBIL?

On 1-year performance, CPNS leads with 7.69% vs 4.57% for RBIL. On fees, RBIL is cheaper at 0.17% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPNS or RBIL?

Over the 1-year period, CPNS has performed better with a 7.69% return vs 4.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPNS or RBIL?

RBIL is cheaper with a 0.17% expense ratio, compared with 0.69% for CPNS.

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

RBIL has the higher dividend yield at 4.60%, compared with 0.00% for CPNS.

What is the main difference between CPNS and RBIL?

CPNS is categorized as Defined Outcome, while RBIL is Inflation-Protected Bonds. CPNS tracks MerQube Cap Protect US Large Cap Tech PR Index - Sep, while RBIL tracks Bloomberg US Ultrashort TIPS 1-13 Months Index. They also come from different issuers: Calamos and F/m. Their fees differ too: 0.69% for CPNS and 0.17% for RBIL.

Which has better risk-adjusted returns?

RBIL currently has the higher Sharpe Ratio (5.01 vs 3.63), 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.