CPSA vs. CAGE

Last updated Aug 2, 2026

CPSA (Calamos S&P 500 Structured Alt Protection ETF - August) and CAGE (Calamos Autocallable Growth ETF) are both Defined Outcome funds from Calamos. CPSA is passively managed, while CAGE is actively managed. Their 0.65 correlation means they have sometimes moved together and sometimes differently. CPSA charges 0.69%/yr vs 0.74%/yr for CAGE.

Performance

CPSA vs. CAGE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos S&P 500 Structured Alt Protection ETF - August (CPSA) and Calamos Autocallable Growth ETF (CAGE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CPSA

• 1D: 0.17%
• 1M: 0.47%
• 6M: 3.14%
• YTD: 3.65%
• 1Y: 6.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.16%

CAGE

• 1D: 1.21%
• 1M: -0.07%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAGE Calamos Autocallable Growth ETF	$2.32M	$3.14M	$2.71M
CPSA Calamos S&P 500 Structured Alt Protection ETF - August	$119.05K	$109.06K	$94.91K

CPSA vs. CAGE - Yearly Performance Comparison

	2026 (YTD)
CPSA Calamos S&P 500 Structured Alt Protection ETF - August	2.20%
CAGE Calamos Autocallable Growth ETF	10.43%

Correlation

The correlation between CPSA and CAGE is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 16, 2026	0.65

Return for Risk

CPSA vs. CAGE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CPSA

CPSA Risk / Return Rank: 96
CPSA Sharpe Ratio Rank: 96
CPSA Sortino Ratio Rank: 97
CPSA Omega Ratio Rank: 96
CPSA Calmar Ratio Rank: 93
CPSA Martin Ratio Rank: 96

CAGE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CPSA vs. CAGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos S&P 500 Structured Alt Protection ETF - August (CPSA) and Calamos Autocallable Growth ETF (CAGE). 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.

	CPSA	CAGE	Difference
Sharpe ratio: Return per unit of total volatility	3.08	—	—
Sortino ratio: Return per unit of downside risk	4.96	—	—
Omega ratio: Gain probability vs. loss probability	1.66	—	—
Calmar ratio: Return relative to maximum drawdown	4.46	—	—
Martin ratio: Return relative to average drawdown	25.46	—	—

Drawdowns

CPSA vs. CAGE - Drawdown Comparison

The maximum CPSA drawdown since its inception was -4.72%, smaller than the maximum CAGE drawdown of -6.67%. Use the drawdown chart below to compare losses from any high point for CPSA and CAGE.

Drawdown Indicators

	CPSA	CAGE	Difference
Max Drawdown Largest peak-to-trough decline	-4.72%	-6.67%	+1.95%
Max Drawdown (1Y) Largest decline over 1 year	-1.47%	—	—
Current Drawdown Current decline from peak	0.00%	-2.98%	+2.98%
Average Drawdown Average peak-to-trough decline	-0.36%	-2.05%	+1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	—	—

Volatility

Volatility by Period

	CPSA	CAGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.26%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.70%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.14%	21.63%	-19.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.99%	21.63%	-17.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.99%	21.63%	-17.64%

CPSA vs. CAGE - Expense Ratio Comparison

CPSA has a 0.69% expense ratio, which is lower than CAGE's 0.74% expense ratio.

Dividends

CPSA vs. CAGE - Dividend Comparison

Neither CPSA nor CAGE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPSA and CAGE in my portfolio?

CPSA and CAGE have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CPSA or CAGE?

On fees, CPSA is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CPSA or CAGE?

CPSA is cheaper with a 0.69% expense ratio, compared with 0.74% for CAGE.

Which ETF pays a higher dividend yield, CPSA or CAGE?

CPSA and CAGE have nearly identical dividend yields, around 0.00%.

What is the main difference between CPSA and CAGE?

Their fees differ too: 0.69% for CPSA and 0.74% for CAGE.