CPSD vs. AIOO

Last updated Jun 4, 2026

CPSD (Calamos S&P 500 Structured Alt Protection ETF - December) and AIOO (AllianzIM U.S. Equity Buffer100 Protection ETF) are both Defined Outcome funds. Both are actively managed. A 0.66 correlation means they provide meaningful diversification when combined. CPSD charges 0.69%/yr vs 0.64%/yr for AIOO.

Performance

CPSD vs. AIOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos S&P 500 Structured Alt Protection ETF - December (CPSD) and AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSD achieves a 2.55% return, which is significantly higher than AIOO's 2.34% return.

CPSD

• 1D: 0.07%
• 1M: 0.89%
• YTD: 2.55%
• 6M: 2.99%
• 1Y: 9.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AIOO

• 1D: -0.13%
• 1M: 1.13%
• YTD: 2.34%
• 6M: 2.33%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSD vs. AIOO - Yearly Performance Comparison

	2026 (YTD)	2025
CPSD Calamos S&P 500 Structured Alt Protection ETF - December	2.55%	4.96%
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	2.34%	2.67%

Correlation

The correlation between CPSD and AIOO is 0.66, 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 Jul 2, 2025	0.66

Return for Risk

CPSD vs. AIOO — Risk / Return Rank

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

CPSD

CPSD Risk / Return Rank: 94
CPSD Sharpe Ratio Rank: 92
CPSD Sortino Ratio Rank: 95
CPSD Omega Ratio Rank: 95
CPSD Calmar Ratio Rank: 92
CPSD 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.

CPSD vs. AIOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos S&P 500 Structured Alt Protection ETF - December (CPSD) and AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). 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.

	CPSD	AIOO	Difference
Sharpe ratio Return per unit of total volatility	3.26	—	—
Sortino ratio Return per unit of downside risk	5.18	—	—
Omega ratio Gain probability vs. loss probability	1.72	—	—
Calmar ratio Return relative to maximum drawdown	6.19	—	—
Martin ratio Return relative to average drawdown	30.66	—	—
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

	CPSD	AIOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.26	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.03	2.79	-0.76

Drawdowns

CPSD vs. AIOO - Drawdown Comparison

The maximum CPSD drawdown since its inception was -3.45%, which is greater than AIOO's maximum drawdown of -0.74%. Use the drawdown chart below to compare losses from any high point for CPSD and AIOO.

Drawdown Indicators

	CPSD	AIOO	Difference
Max Drawdown Largest peak-to-trough decline	-3.45%	-0.74%	-2.71%
Max Drawdown (1Y) Largest decline over 1 year	-1.49%	—	—
Current Drawdown Current decline from peak	0.00%	-0.13%	+0.13%
Average Drawdown Average peak-to-trough decline	-0.47%	-0.17%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	—	—

Volatility

Volatility by Period

	CPSD	AIOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.37%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.58%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.83%	1.99%	+0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.41%	1.99%	+1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.41%	1.99%	+1.42%

CPSD vs. AIOO - Expense Ratio Comparison

CPSD has a 0.69% expense ratio, which is higher than AIOO's 0.64% expense ratio.

Dividends

CPSD vs. AIOO - Dividend Comparison

Neither CPSD nor AIOO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPSD and AIOO in my portfolio?

CPSD and AIOO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CPSD or AIOO?

On fees, AIOO is cheaper at 0.64% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CPSD or AIOO?

AIOO is cheaper with a 0.64% expense ratio, compared with 0.69% for CPSD.

Which ETF pays a higher dividend yield, CPSD or AIOO?

CPSD and AIOO have nearly identical dividend yields, around 0.00%.

What is the main difference between CPSD and AIOO?

They also come from different issuers: Calamos and Allianz. Their fees differ too: 0.69% for CPSD and 0.64% for AIOO.