CPSL vs. EFIV

Last updated Jun 4, 2026

CPSL (Calamos Laddered S&P 500 Structured Alt Protection ETF) and EFIV (State Street SPDR S&P 500 ESG ETF) are both exchange-traded funds - CPSL is a Defined Outcome fund actively managed by Calamos, while EFIV is a S&P 500 fund tracking the S&P 500 ESG Index. CPSL is actively managed, while EFIV is passively managed. Over the past year, CPSL returned 7.09% vs 30.49% for EFIV. A 0.77 correlation means they provide meaningful diversification when combined. CPSL charges 0.79%/yr vs 0.10%/yr for EFIV.

Performance

CPSL vs. EFIV - 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 State Street SPDR S&P 500 ESG ETF (EFIV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSL achieves a 2.71% return, which is significantly lower than EFIV's 9.91% return.

CPSL

• 1D: -0.04%
• 1M: 0.79%
• YTD: 2.71%
• 6M: 3.02%
• 1Y: 7.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EFIV

• 1D: -0.68%
• 1M: 4.63%
• YTD: 9.91%
• 6M: 10.51%
• 1Y: 30.49%
• 3Y*: 21.82%
• 5Y*: 14.48%
• 10Y*: —

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

CPSL vs. EFIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CPSL Calamos Laddered S&P 500 Structured Alt Protection ETF	2.71%	6.43%	2.32%
EFIV State Street SPDR S&P 500 ESG ETF	9.91%	18.47%	6.88%

Correlation

The correlation between CPSL and EFIV is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	0.77

The correlation between CPSL and EFIV has been stable across timeframes, ranging from 0.67 to 0.77 - a consistent structural relationship.

Return for Risk

CPSL vs. EFIV — 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: 90
CPSL Sortino Ratio Rank: 95
CPSL Omega Ratio Rank: 92
CPSL Calmar Ratio Rank: 91
CPSL Martin Ratio Rank: 95

EFIV

EFIV Risk / Return Rank: 76
EFIV Sharpe Ratio Rank: 79
EFIV Sortino Ratio Rank: 80
EFIV Omega Ratio Rank: 78
EFIV Calmar Ratio Rank: 65
EFIV Martin Ratio Rank: 77

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. EFIV - 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 State Street SPDR S&P 500 ESG ETF (EFIV). 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	EFIV	Difference
Sharpe ratio: Return per unit of total volatility	3.10	2.60	+0.50
Sortino ratio: Return per unit of downside risk	5.05	3.62	+1.42
Omega ratio: Gain probability vs. loss probability	1.62	1.47	+0.15
Calmar ratio: Return relative to maximum drawdown	6.04	3.24	+2.80
Martin ratio: Return relative to average drawdown	31.16	15.02	+16.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPSL vs. EFIV - Sharpe Ratio Comparison

The current CPSL Sharpe Ratio is 3.10, which is comparable to the EFIV Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of CPSL and EFIV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CPSL	EFIV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.10	2.60	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.86	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.01	1.06	+0.95

Drawdowns

CPSL vs. EFIV - Drawdown Comparison

The maximum CPSL drawdown since its inception was -3.72%, smaller than the maximum EFIV drawdown of -24.52%. Use the drawdown chart below to compare losses from any high point for CPSL and EFIV.

Drawdown Indicators

	CPSL	EFIV	Difference
Max Drawdown Largest peak-to-trough decline	-3.72%	-24.52%	+20.80%
Max Drawdown (1Y) Largest decline over 1 year	-1.18%	-9.44%	+8.26%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.23%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Current Drawdown Current decline from peak	-0.04%	-1.02%	+0.98%
Average Drawdown Average peak-to-trough decline	-0.33%	-4.81%	+4.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.23%	2.04%	-1.81%

Volatility

CPSL vs. EFIV - Volatility Comparison

The current volatility for Calamos Laddered S&P 500 Structured Alt Protection ETF (CPSL) is 0.39%, while State Street SPDR S&P 500 ESG ETF (EFIV) has a volatility of 3.14%. This indicates that CPSL experiences smaller price fluctuations and is considered to be less risky than EFIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSL	EFIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	3.14%	-2.75%
Volatility (6M) Calculated over the trailing 6-month period	1.57%	9.00%	-7.43%
Volatility (1Y) Calculated over the trailing 1-year period	2.35%	11.79%	-9.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.34%	16.92%	-13.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.34%	16.83%	-13.49%

CPSL vs. EFIV - Expense Ratio Comparison

CPSL has a 0.79% expense ratio, which is higher than EFIV's 0.10% expense ratio.

Dividends

CPSL vs. EFIV - Dividend Comparison

CPSL has not paid dividends to shareholders, while EFIV's dividend yield for the trailing twelve months is around 0.94%.

Position	TTM	2025	2024	2023	2022	2021	2020
CPSL Calamos Laddered S&P 500 Structured Alt Protection ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EFIV State Street SPDR S&P 500 ESG ETF	0.94%	1.03%	1.20%	1.37%	1.64%	1.19%	0.65%

Frequently Asked Questions

Can I hold both CPSL and EFIV in my portfolio?

CPSL and EFIV have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPSL or EFIV?

EFIV has higher volatility (3.14%) compared to CPSL (0.39%). In terms of maximum drawdown, CPSL dropped -3.72% vs EFIV's -24.52%.

Which ETF is better, CPSL or EFIV?

On 1-year performance, EFIV leads with 30.49% vs 7.09% for CPSL. On fees, EFIV is cheaper at 0.10% per year. On volatility, CPSL has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPSL or EFIV?

Over the 1-year period, EFIV has performed better with a 30.49% return vs 7.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSL or EFIV?

EFIV is cheaper with a 0.10% expense ratio, compared with 0.79% for CPSL.

Which ETF pays a higher dividend yield, CPSL or EFIV?

EFIV has the higher dividend yield at 0.94%, compared with 0.00% for CPSL.

What is the main difference between CPSL and EFIV?

CPSL is categorized as Defined Outcome, while EFIV is S&P 500. They also come from different issuers: Calamos and State Street. Their fees differ too: 0.79% for CPSL and 0.10% for EFIV.

Which has better risk-adjusted returns?

CPSL currently has the higher Sharpe Ratio (3.10 vs 2.60), 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.