CPSD vs. DBE
CPSD (Calamos S&P 500 Structured Alt Protection ETF - December) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - CPSD is a Defined Outcome fund actively managed by Calamos, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. CPSD is actively managed, while DBE is passively managed. Over the past year, CPSD returned 9.16% vs 84.41% for DBE. At a correlation of -0.16, they often move in opposite directions. CPSD charges 0.69%/yr vs 0.78%/yr for DBE.
Performance
CPSD vs. DBE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CPSD achieves a 2.55% return, which is significantly lower than DBE's 83.68% return.
CPSD
- 1D
- 0.07%
- 1M
- 0.89%
- YTD
- 2.55%
- 6M
- 2.99%
- 1Y
- 9.16%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DBE
- 1D
- 2.33%
- 1M
- -5.45%
- YTD
- 83.68%
- 6M
- 74.95%
- 1Y
- 84.41%
- 3Y*
- 23.42%
- 5Y*
- 19.66%
- 10Y*
- 12.03%
CPSD vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CPSD Calamos S&P 500 Structured Alt Protection ETF - December | 2.55% | 7.63% | 0.04% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 4.95% |
Correlation
The correlation between CPSD and DBE is -0.26, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.26 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2024 | -0.16 |
The correlation between CPSD and DBE shifts across timeframes, from -0.26 (1 year) to -0.16 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CPSD vs. DBE — Risk / Return Rank
CPSD
DBE
CPSD vs. DBE - 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 Invesco DB Energy Fund (DBE). 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 | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.84 | ||
| Sortino ratioReturn per unit of downside risk | +2.22 | ||
| Omega ratioGain probability vs. loss probability | 1.72 | 1.40 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 6.19 | 5.89 | +0.30 |
| Martin ratioReturn relative to average drawdown | 30.66 | 11.53 | +19.13 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| CPSD | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.26 | 2.43 | +0.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.03 | 0.09 | +1.93 |
Drawdowns
CPSD vs. DBE - Drawdown Comparison
The maximum CPSD drawdown since its inception was -3.45%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for CPSD and DBE.
Loading charts...
Drawdown Indicators
| CPSD | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.45% | -86.69% | +83.24% |
Max Drawdown (1Y)Largest decline over 1 year | -1.49% | -14.41% | +12.92% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.89% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | 0.00% | -30.27% | +30.27% |
Average DrawdownAverage peak-to-trough decline | -0.47% | -57.31% | +56.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | 7.35% | -7.05% |
Volatility
CPSD vs. DBE - Volatility Comparison
The current volatility for Calamos S&P 500 Structured Alt Protection ETF - December (CPSD) is 0.37%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that CPSD experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CPSD | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.37% | 12.95% | -12.58% |
Volatility (6M)Calculated over the trailing 6-month period | 1.58% | 30.86% | -29.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.83% | 34.97% | -32.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.41% | 29.39% | -25.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.41% | 28.33% | -24.92% |
CPSD vs. DBE - Expense Ratio Comparison
CPSD has a 0.69% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
CPSD vs. DBE - Dividend Comparison
CPSD has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CPSD Calamos S&P 500 Structured Alt Protection ETF - December | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
Frequently Asked Questions
CPSD and DBE have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.95%) compared to CPSD (0.37%). In terms of maximum drawdown, CPSD dropped -3.45% vs DBE's -86.69%.
On 1-year performance, DBE leads with 84.41% vs 9.16% for CPSD. On fees, CPSD is cheaper at 0.69% per year. On volatility, CPSD has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DBE has performed better with a 84.41% return vs 9.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CPSD is cheaper with a 0.69% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.10%, compared with 0.00% for CPSD.
CPSD is categorized as Defined Outcome, while DBE is Oil & Gas. They also come from different issuers: Calamos and Invesco. Their fees differ too: 0.69% for CPSD and 0.78% for DBE.
CPSD currently has the higher Sharpe Ratio (3.26 vs 2.43), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for CPSD and DBE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer