CPSD vs. CAIE

Last updated Jun 24, 2026

CPSD (Calamos S&P 500 Structured Alt Protection ETF - December) and CAIE (Calamos Autocallable Income ETF) are both exchange-traded funds - CPSD is a Defined Outcome fund actively managed by Calamos, while CAIE is a Derivative Income fund tracking the MerQube US Large Cap Vol Advantage Autocallable Index. CPSD is actively managed, while CAIE is passively managed. Their correlation of 0.81 suggests significant overlap in exposure. CPSD charges 0.69%/yr vs 0.74%/yr for CAIE.

Performance

CPSD vs. CAIE - 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 Calamos Autocallable Income ETF (CAIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSD achieves a 2.38% return, which is significantly lower than CAIE's 6.84% return.

CPSD

• 1D: -0.24%
• 1M: 0.21%
• YTD: 2.38%
• 6M: 2.44%
• 1Y: 8.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAIE

• 1D: -0.99%
• 1M: -1.30%
• YTD: 6.84%
• 6M: 5.65%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSD vs. CAIE - Yearly Performance Comparison

	2026 (YTD)	2025
CPSD Calamos S&P 500 Structured Alt Protection ETF - December	2.38%	5.67%
CAIE Calamos Autocallable Income ETF	6.84%	15.12%

Correlation

The correlation between CPSD and CAIE is 0.81, 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 Jun 25, 2025	0.81

Return for Risk

CPSD vs. CAIE — 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: 93
CPSD Sortino Ratio Rank: 95
CPSD Omega Ratio Rank: 95
CPSD Calmar Ratio Rank: 92
CPSD Martin Ratio Rank: 95

CAIE

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

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. CAIE - 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 Calamos Autocallable Income ETF (CAIE). 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.

	CPSD	CAIE	Difference
Sharpe ratio: Return per unit of total volatility	3.06	—	—
Sortino ratio: Return per unit of downside risk	4.81	—	—
Omega ratio: Gain probability vs. loss probability	1.66	—	—
Calmar ratio: Return relative to maximum drawdown	5.79	—	—
Martin ratio: Return relative to average drawdown	28.39	—	—

Drawdowns

CPSD vs. CAIE - Drawdown Comparison

The maximum CPSD drawdown since its inception was -3.45%, smaller than the maximum CAIE drawdown of -7.73%. Use the drawdown chart below to compare losses from any high point for CPSD and CAIE.

Drawdown Indicators

	CPSD	CAIE	Difference
Max Drawdown Largest peak-to-trough decline	-3.45%	-7.73%	+4.28%
Max Drawdown (1Y) Largest decline over 1 year	-1.49%	—	—
Current Drawdown Current decline from peak	-0.24%	-2.43%	+2.19%
Average Drawdown Average peak-to-trough decline	-0.46%	-1.09%	+0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	—	—

Volatility

Volatility by Period

	CPSD	CAIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.65%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.82%	12.05%	-9.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.38%	12.05%	-8.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.38%	12.05%	-8.67%

CPSD vs. CAIE - Expense Ratio Comparison

CPSD has a 0.69% expense ratio, which is lower than CAIE's 0.74% expense ratio.

Dividends

CPSD vs. CAIE - Dividend Comparison

CPSD has not paid dividends to shareholders, while CAIE's dividend yield for the trailing twelve months is around 13.37%.

Position	TTM	2025
CAIE Calamos Autocallable Income ETF	13.37%	7.46%
CPSD Calamos S&P 500 Structured Alt Protection ETF - December	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPSD and CAIE in my portfolio?

CPSD and CAIE have a correlation of 0.81, 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 CAIE?

On fees, CPSD 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, CPSD or CAIE?

CPSD is cheaper with a 0.69% expense ratio, compared with 0.74% for CAIE.

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

CAIE has the higher dividend yield at 13.37%, compared with 0.00% for CPSD.

What is the main difference between CPSD and CAIE?

CPSD is categorized as Defined Outcome, while CAIE is Derivative Income. Their fees differ too: 0.69% for CPSD and 0.74% for CAIE.