CPSD vs. CAIQ

Last updated Jun 4, 2026

CPSD (Calamos S&P 500 Structured Alt Protection ETF - December) and CAIQ (Calamos Nasdaq Autocallable Income ETF) are both exchange-traded funds - CPSD is a Defined Outcome fund actively managed by Calamos, while CAIQ is a Nasdaq-100 fund tracking the MerQube Nasdaq-100 Vol Advantage Autocallable Index. CPSD is actively managed, while CAIQ is passively managed. A 0.77 correlation means they provide meaningful diversification when combined. CPSD charges 0.69%/yr vs 0.74%/yr for CAIQ.

Performance

CPSD vs. CAIQ - 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 Nasdaq Autocallable Income ETF (CAIQ). 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 lower than CAIQ's 13.25% return.

CPSD

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

CAIQ

• 1D: -0.17%
• 1M: 4.04%
• YTD: 13.25%
• 6M: 12.74%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSD vs. CAIQ - Yearly Performance Comparison

	2026 (YTD)	2025
CPSD Calamos S&P 500 Structured Alt Protection ETF - December	2.55%	1.63%
CAIQ Calamos Nasdaq Autocallable Income ETF	13.25%	4.03%

Correlation

The correlation between CPSD and CAIQ is 0.77, 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 Nov 21, 2025	0.77

Return for Risk

CPSD vs. CAIQ — 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. CAIQ - 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 Nasdaq Autocallable Income ETF (CAIQ). 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	CAIQ	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	CAIQ	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	2.63	-0.60

Drawdowns

CPSD vs. CAIQ - Drawdown Comparison

The maximum CPSD drawdown since its inception was -3.45%, smaller than the maximum CAIQ drawdown of -9.06%. Use the drawdown chart below to compare losses from any high point for CPSD and CAIQ.

Drawdown Indicators

	CPSD	CAIQ	Difference
Max Drawdown Largest peak-to-trough decline	-3.45%	-9.06%	+5.61%
Max Drawdown (1Y) Largest decline over 1 year	-1.49%	—	—
Current Drawdown Current decline from peak	0.00%	-0.27%	+0.27%
Average Drawdown Average peak-to-trough decline	-0.47%	-1.72%	+1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	—	—

Volatility

Volatility by Period

	CPSD	CAIQ	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%	14.03%	-11.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.41%	14.03%	-10.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.41%	14.03%	-10.62%

CPSD vs. CAIQ - Expense Ratio Comparison

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

Dividends

CPSD vs. CAIQ - Dividend Comparison

CPSD has not paid dividends to shareholders, while CAIQ's dividend yield for the trailing twelve months is around 8.48%.

Position	TTM	2025
CAIQ Calamos Nasdaq Autocallable Income ETF	8.48%	1.54%
CPSD Calamos S&P 500 Structured Alt Protection ETF - December	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPSD and CAIQ in my portfolio?

CPSD and CAIQ have a correlation of 0.77, 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 CAIQ?

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 CAIQ?

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

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

CAIQ has the higher dividend yield at 8.48%, compared with 0.00% for CPSD.

What is the main difference between CPSD and CAIQ?

CPSD is categorized as Defined Outcome, while CAIQ is Nasdaq-100. Their fees differ too: 0.69% for CPSD and 0.74% for CAIQ.