CPSA vs. JANB

Last updated Jun 3, 2026

CPSA (Calamos S&P 500 Structured Alt Protection ETF - August) and JANB (Aptus January Buffer ETF) are both Defined Outcome funds. CPSA is passively managed, while JANB is actively managed. Their correlation of 0.84 suggests significant overlap in exposure. CPSA charges 0.69%/yr vs 0.25%/yr for JANB.

Performance

CPSA vs. JANB - 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 Aptus January Buffer ETF (JANB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSA achieves a 2.81% return, which is significantly lower than JANB's 6.32% return.

CPSA

• 1D: 0.09%
• 1M: 0.71%
• YTD: 2.81%
• 6M: 3.34%
• 1Y: 8.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JANB

• 1D: 0.07%
• 1M: 2.33%
• YTD: 6.32%
• 6M: 7.47%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSA vs. JANB - Yearly Performance Comparison

	2026 (YTD)	2025
CPSA Calamos S&P 500 Structured Alt Protection ETF - August	2.81%	1.11%
JANB Aptus January Buffer ETF	6.32%	2.69%

Correlation

The correlation between CPSA and JANB is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 15, 2025	0.84

Return for Risk

CPSA vs. JANB — Risk / Return Rank

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

CPSA

CPSA Risk / Return Rank: 94
CPSA Sharpe Ratio Rank: 94
CPSA Sortino Ratio Rank: 97
CPSA Omega Ratio Rank: 96
CPSA Calmar Ratio Rank: 90
CPSA Martin Ratio Rank: 95

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.

CPSA vs. JANB - 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 Aptus January Buffer ETF (JANB). 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.

	CPSA	JANB	Difference
Sharpe ratio Return per unit of total volatility	3.66	—	—
Sortino ratio Return per unit of downside risk	6.09	—	—
Omega ratio Gain probability vs. loss probability	1.82	—	—
Calmar ratio Return relative to maximum drawdown	5.74	—	—
Martin ratio Return relative to average drawdown	32.67	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CPSA	JANB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.66	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.84	2.03	-0.19

Drawdowns

CPSA vs. JANB - Drawdown Comparison

The maximum CPSA drawdown since its inception was -4.72%, smaller than the maximum JANB drawdown of -6.52%. Use the drawdown chart below to compare losses from any high point for CPSA and JANB.

Drawdown Indicators

	CPSA	JANB	Difference
Max Drawdown Largest peak-to-trough decline	-4.72%	-6.52%	+1.80%
Max Drawdown (1Y) Largest decline over 1 year	-1.47%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.38%	-1.15%	+0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	—	—

Volatility

Volatility by Period

	CPSA	JANB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.46%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.73%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.33%	7.43%	-5.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.14%	7.43%	-3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.14%	7.43%	-3.29%

CPSA vs. JANB - Expense Ratio Comparison

CPSA has a 0.69% expense ratio, which is higher than JANB's 0.25% expense ratio.

Dividends

CPSA vs. JANB - Dividend Comparison

Neither CPSA nor JANB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPSA and JANB in my portfolio?

CPSA and JANB have a correlation of 0.84, 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 JANB?

On fees, JANB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CPSA or JANB?

JANB is cheaper with a 0.25% expense ratio, compared with 0.69% for CPSA.

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

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

What is the main difference between CPSA and JANB?

They also come from different issuers: Calamos and Aptus Capital Advisors. Their fees differ too: 0.69% for CPSA and 0.25% for JANB.