CPSL vs. CAIQ

Last updated Apr 14, 2026

CPSL (Calamos Laddered S&P 500 Structured Alt Protection ETF) and CAIQ (Calamos Nasdaq Autocallable Income ETF) are both exchange-traded funds — CPSL 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. CPSL is actively managed, while CAIQ is passively managed. A 0.63 correlation means they provide meaningful diversification when combined. CPSL charges 0.79%/yr vs 0.74%/yr for CAIQ.

Performance

CPSL vs. CAIQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Laddered S&P 500 Structured Alt Protection ETF (CPSL) 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, CPSL achieves a 1.27% return, which is significantly lower than CAIQ's 1.61% return.

CPSL

• 1D: 0.26%
• 1M: 1.18%
• YTD: 1.27%
• 6M: 2.46%
• 1Y: 9.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAIQ

• 1D: 0.72%
• 1M: 4.06%
• YTD: 1.61%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSL vs. CAIQ - Yearly Performance Comparison

	2026 (YTD)	2025
CPSL Calamos Laddered S&P 500 Structured Alt Protection ETF	1.27%	1.24%
CAIQ Calamos Nasdaq Autocallable Income ETF	1.61%	4.03%

Correlation

The correlation between CPSL and CAIQ is 0.63, 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	0.63

Return for Risk

CPSL vs. CAIQ — Risk / Return Rank

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

CPSL

CPSL Risk / Return Rank: 93
CPSL Sharpe Ratio Rank: 88
CPSL Sortino Ratio Rank: 95
CPSL Omega Ratio Rank: 92
CPSL Calmar Ratio Rank: 93
CPSL Martin Ratio Rank: 96

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.

CPSL vs. CAIQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Laddered S&P 500 Structured Alt Protection ETF (CPSL) 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.

	CPSL	CAIQ	Difference
Sharpe ratio Return per unit of total volatility	3.19	—	—
Sortino ratio Return per unit of downside risk	5.31	—	—
Omega ratio Gain probability vs. loss probability	1.68	—	—
Calmar ratio Return relative to maximum drawdown	6.59	—	—
Martin ratio Return relative to average drawdown	32.84	—	—
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

	CPSL	CAIQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.85	1.09	+0.76

Drawdowns

CPSL vs. CAIQ - Drawdown Comparison

The maximum CPSL drawdown since its inception was -3.72%, smaller than the maximum CAIQ drawdown of -9.06%. Use the drawdown chart below to compare losses from any high point for CPSL and CAIQ.

Drawdown Indicators

	CPSL	CAIQ	Difference
Max Drawdown Largest peak-to-trough decline	-3.72%	-9.06%	+5.34%
Max Drawdown (1Y) Largest decline over 1 year	-1.34%	—	—
Current Drawdown Current decline from peak	0.00%	-0.68%	+0.68%
Average Drawdown Average peak-to-trough decline	-0.36%	-2.26%	+1.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	—	—

Volatility

Volatility by Period

	CPSL	CAIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.70%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.86%	14.50%	-11.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.47%	14.50%	-11.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.47%	14.50%	-11.03%

CPSL vs. CAIQ - Expense Ratio Comparison

CPSL has a 0.79% expense ratio, which is higher than CAIQ's 0.74% expense ratio.

Dividends

CPSL vs. CAIQ - Dividend Comparison

CPSL has not paid dividends to shareholders, while CAIQ's dividend yield for the trailing twelve months is around 6.14%.

	TTM	2025
CPSL Calamos Laddered S&P 500 Structured Alt Protection ETF	0.00%	0.00%
CAIQ Calamos Nasdaq Autocallable Income ETF	6.14%	1.54%