CPNS vs. YCS

Last updated Jun 23, 2026

CPNS (Calamos Nasdaq-100 Structured Alt Protection ETF - September) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - CPNS is a Defined Outcome fund tracking the MerQube Cap Protect US Large Cap Tech PR Index - Sep, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past year, CPNS returned 7.68% vs 31.36% for YCS. At a 0.05 correlation, their price movements are largely independent. CPNS charges 0.69%/yr vs 1.00%/yr for YCS.

Performance

CPNS vs. YCS - 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 ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPNS achieves a 3.23% return, which is significantly lower than YCS's 9.78% return.

CPNS

• 1D: 0.05%
• 1M: 0.34%
• YTD: 3.23%
• 6M: 3.17%
• 1Y: 7.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YCS

• 1D: 0.40%
• 1M: 3.71%
• YTD: 9.78%
• 6M: 9.63%
• 1Y: 31.36%
• 3Y*: 18.43%
• 5Y*: 23.50%
• 10Y*: 13.63%

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

CPNS vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	3.23%	7.25%	1.93%
YCS ProShares UltraShort Yen	9.78%	9.04%	17.01%

Correlation

The correlation between CPNS and YCS is -0.14, 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	-0.14
Correlation (All Time) Calculated using the full available price history since Sep 3, 2024	0.05

The correlation between CPNS and YCS shifts across timeframes, from -0.14 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CPNS vs. YCS — 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

YCS

YCS Risk / Return Rank: 61
YCS Sharpe Ratio Rank: 57
YCS Sortino Ratio Rank: 49
YCS Omega Ratio Rank: 57
YCS Calmar Ratio Rank: 77
YCS Martin Ratio Rank: 67

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. YCS - 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 ProShares UltraShort Yen (YCS). 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	YCS	Difference
Sharpe ratio: Return per unit of total volatility	3.63	1.86	+1.76
Sortino ratio: Return per unit of downside risk	5.57	2.37	+3.21
Omega ratio: Gain probability vs. loss probability	1.81	1.35	+0.46
Calmar ratio: Return relative to maximum drawdown	5.87	3.79	+2.08
Martin ratio: Return relative to average drawdown	31.74	11.86	+19.89

CPNS vs. YCS - Sharpe Ratio Comparison

The current CPNS Sharpe Ratio is 3.63, which is higher than the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of CPNS and YCS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CPNS vs. YCS - Drawdown Comparison

The maximum CPNS drawdown since its inception was -3.99%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for CPNS and YCS.

Drawdown Indicators

	CPNS	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-3.99%	-49.56%	+45.57%
Max Drawdown (1Y) Largest decline over 1 year	-1.31%	-8.30%	+6.99%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	-0.01%	0.00%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.36%	-19.88%	+19.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.24%	2.65%	-2.41%

Volatility

CPNS vs. YCS - Volatility Comparison

The current volatility for Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS) is 0.56%, while ProShares UltraShort Yen (YCS) has a volatility of 2.22%. This indicates that CPNS experiences smaller price fluctuations and is considered to be less risky than YCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPNS	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.56%	2.22%	-1.66%
Volatility (6M) Calculated over the trailing 6-month period	1.75%	12.19%	-10.44%
Volatility (1Y) Calculated over the trailing 1-year period	2.13%	16.96%	-14.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.51%	21.10%	-17.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.51%	18.96%	-15.45%

CPNS vs. YCS - Expense Ratio Comparison

CPNS has a 0.69% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

CPNS vs. YCS - Dividend Comparison

Neither CPNS nor YCS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPNS and YCS in my portfolio?

CPNS and YCS have a correlation of -0.14, 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 YCS?

YCS has higher volatility (2.22%) compared to CPNS (0.56%). In terms of maximum drawdown, CPNS dropped -3.99% vs YCS's -49.56%.

Which ETF is better, CPNS or YCS?

On 1-year performance, YCS leads with 31.36% vs 7.68% for CPNS. On fees, CPNS is cheaper at 0.69% per year. On volatility, CPNS has been the lower-risk option at 0.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPNS or YCS?

Over the 1-year period, YCS has performed better with a 31.36% return vs 7.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPNS or YCS?

CPNS is cheaper with a 0.69% expense ratio, compared with 1.00% for YCS.

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

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

What is the main difference between CPNS and YCS?

CPNS is categorized as Defined Outcome, while YCS is Leveraged Currency. CPNS tracks MerQube Cap Protect US Large Cap Tech PR Index - Sep, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Calamos and ProShares. Their fees differ too: 0.69% for CPNS and 1.00% for YCS.

Which has better risk-adjusted returns?

CPNS currently has the higher Sharpe Ratio (3.63 vs 1.86), 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.