CPSL vs. SPHD

Last updated Jun 4, 2026

CPSL (Calamos Laddered S&P 500 Structured Alt Protection ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - CPSL is a Defined Outcome fund actively managed by Calamos, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. CPSL is actively managed, while SPHD is passively managed. Over the past year, CPSL returned 7.09% vs 8.12% for SPHD. At a 0.31 correlation, their price movements are largely independent. CPSL charges 0.79%/yr vs 0.30%/yr for SPHD.

Performance

CPSL vs. SPHD - 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 Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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 SPHD's 4.38% return.

CPSL

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

SPHD

• 1D: -0.89%
• 1M: -0.82%
• YTD: 4.38%
• 6M: 4.63%
• 1Y: 8.12%
• 3Y*: 11.42%
• 5Y*: 5.48%
• 10Y*: 7.08%

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

CPSL vs. SPHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CPSL Calamos Laddered S&P 500 Structured Alt Protection ETF	2.71%	6.43%	2.32%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.38%	3.41%	-1.66%

Correlation

The correlation between CPSL and SPHD is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	0.31

Return for Risk

CPSL vs. SPHD — 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

SPHD

SPHD Risk / Return Rank: 21
SPHD Sharpe Ratio Rank: 21
SPHD Sortino Ratio Rank: 21
SPHD Omega Ratio Rank: 19
SPHD Calmar Ratio Rank: 23
SPHD Martin Ratio Rank: 22

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. SPHD - 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 Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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	SPHD	Difference
Sharpe ratio: Return per unit of total volatility	3.10	0.74	+2.37
Sortino ratio: Return per unit of downside risk	5.05	1.15	+3.90
Omega ratio: Gain probability vs. loss probability	1.62	1.13	+0.49
Calmar ratio: Return relative to maximum drawdown	6.04	1.11	+4.93
Martin ratio: Return relative to average drawdown	31.16	2.78	+28.38
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. SPHD - Sharpe Ratio Comparison

The current CPSL Sharpe Ratio is 3.10, which is higher than the SPHD Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of CPSL and SPHD, 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	SPHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.10	0.74	+2.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.39	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.40	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.01	0.58	+1.43

Drawdowns

CPSL vs. SPHD - Drawdown Comparison

The maximum CPSL drawdown since its inception was -3.72%, smaller than the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for CPSL and SPHD.

Drawdown Indicators

	CPSL	SPHD	Difference
Max Drawdown Largest peak-to-trough decline	-3.72%	-41.39%	+37.67%
Max Drawdown (1Y) Largest decline over 1 year	-1.18%	-7.33%	+6.15%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.29%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.39%	—
Current Drawdown Current decline from peak	-0.04%	-5.37%	+5.33%
Average Drawdown Average peak-to-trough decline	-0.33%	-4.70%	+4.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.23%	2.93%	-2.70%

Volatility

CPSL vs. SPHD - Volatility Comparison

The current volatility for Calamos Laddered S&P 500 Structured Alt Protection ETF (CPSL) is 0.39%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 2.99%. This indicates that CPSL experiences smaller price fluctuations and is considered to be less risky than SPHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSL	SPHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	2.99%	-2.60%
Volatility (6M) Calculated over the trailing 6-month period	1.57%	7.55%	-5.98%
Volatility (1Y) Calculated over the trailing 1-year period	2.35%	11.04%	-8.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.34%	14.16%	-10.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.34%	17.64%	-14.30%

CPSL vs. SPHD - Expense Ratio Comparison

CPSL has a 0.79% expense ratio, which is higher than SPHD's 0.30% expense ratio.

Dividends

CPSL vs. SPHD - Dividend Comparison

CPSL has not paid dividends to shareholders, while SPHD's dividend yield for the trailing twelve months is around 4.62%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPSL Calamos Laddered S&P 500 Structured Alt Protection ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.62%	4.02%	3.41%	4.48%	3.89%	3.45%	4.89%	4.07%	4.40%	3.14%	3.83%	3.49%

Frequently Asked Questions

Can I hold both CPSL and SPHD in my portfolio?

CPSL and SPHD have a correlation of 0.24, 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 SPHD?

SPHD has higher volatility (2.99%) compared to CPSL (0.39%). In terms of maximum drawdown, CPSL dropped -3.72% vs SPHD's -41.39%.

Which ETF is better, CPSL or SPHD?

On 1-year performance, SPHD leads with 8.12% vs 7.09% for CPSL. On fees, SPHD is cheaper at 0.30% 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 SPHD?

Over the 1-year period, SPHD has performed better with a 8.12% 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 SPHD?

SPHD is cheaper with a 0.30% expense ratio, compared with 0.79% for CPSL.

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

SPHD has the higher dividend yield at 4.62%, compared with 0.00% for CPSL.

What is the main difference between CPSL and SPHD?

CPSL is categorized as Defined Outcome, while SPHD is Dividend. They also come from different issuers: Calamos and Invesco. Their fees differ too: 0.79% for CPSL and 0.30% for SPHD.

Which has better risk-adjusted returns?

CPSL currently has the higher Sharpe Ratio (3.10 vs 0.74), 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.