CPSL vs. SPYG

Last updated Jun 4, 2026

CPSL (Calamos Laddered S&P 500 Structured Alt Protection ETF) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both exchange-traded funds - CPSL is a Defined Outcome fund actively managed by Calamos, while SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. CPSL is actively managed, while SPYG is passively managed. Over the past year, CPSL returned 7.09% vs 33.95% for SPYG. A 0.75 correlation means they provide meaningful diversification when combined. CPSL charges 0.79%/yr vs 0.04%/yr for SPYG.

Performance

CPSL vs. SPYG - 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 Portfolio S&P 500 Growth ETF (SPYG). 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 SPYG's 13.75% return.

CPSL

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

SPYG

• 1D: -0.98%
• 1M: 7.38%
• YTD: 13.75%
• 6M: 13.57%
• 1Y: 33.95%
• 3Y*: 28.16%
• 5Y*: 16.07%
• 10Y*: 18.20%

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

CPSL vs. SPYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CPSL Calamos Laddered S&P 500 Structured Alt Protection ETF	2.71%	6.43%	2.32%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	13.75%	22.09%	14.16%

Correlation

The correlation between CPSL and SPYG is 0.65, 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	0.65
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	0.75

The correlation between CPSL and SPYG has been stable across timeframes, ranging from 0.65 to 0.75 - a consistent structural relationship.

Return for Risk

CPSL vs. SPYG — 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

SPYG

SPYG Risk / Return Rank: 57
SPYG Sharpe Ratio Rank: 62
SPYG Sortino Ratio Rank: 60
SPYG Omega Ratio Rank: 59
SPYG Calmar Ratio Rank: 49
SPYG Martin Ratio Rank: 57

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. SPYG - 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 Portfolio S&P 500 Growth ETF (SPYG). 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	SPYG	Difference
Sharpe ratio: Return per unit of total volatility	3.10	2.12	+0.98
Sortino ratio: Return per unit of downside risk	5.05	2.90	+2.15
Omega ratio: Gain probability vs. loss probability	1.62	1.37	+0.25
Calmar ratio: Return relative to maximum drawdown	6.04	2.48	+3.56
Martin ratio: Return relative to average drawdown	31.16	10.25	+20.90
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. SPYG - Sharpe Ratio Comparison

The current CPSL Sharpe Ratio is 3.10, which is higher than the SPYG Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of CPSL and SPYG, 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	SPYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.10	2.12	+0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.76	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.88	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.01	0.35	+1.66

Drawdowns

CPSL vs. SPYG - Drawdown Comparison

The maximum CPSL drawdown since its inception was -3.72%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for CPSL and SPYG.

Drawdown Indicators

	CPSL	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-3.72%	-67.63%	+63.91%
Max Drawdown (1Y) Largest decline over 1 year	-1.18%	-13.76%	+12.58%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.67%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.67%	—
Current Drawdown Current decline from peak	-0.04%	-1.13%	+1.09%
Average Drawdown Average peak-to-trough decline	-0.33%	-24.33%	+24.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.23%	3.32%	-3.09%

Volatility

CPSL vs. SPYG - Volatility Comparison

The current volatility for Calamos Laddered S&P 500 Structured Alt Protection ETF (CPSL) is 0.39%, while State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a volatility of 4.35%. This indicates that CPSL experiences smaller price fluctuations and is considered to be less risky than SPYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSL	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	4.35%	-3.96%
Volatility (6M) Calculated over the trailing 6-month period	1.57%	12.46%	-10.89%
Volatility (1Y) Calculated over the trailing 1-year period	2.35%	16.06%	-13.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.34%	21.17%	-17.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.34%	20.64%	-17.30%

CPSL vs. SPYG - Expense Ratio Comparison

CPSL has a 0.79% expense ratio, which is higher than SPYG's 0.04% expense ratio.

Dividends

CPSL vs. SPYG - Dividend Comparison

CPSL has not paid dividends to shareholders, while SPYG's dividend yield for the trailing twelve months is around 0.47%.

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%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.47%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both CPSL and SPYG in my portfolio?

CPSL and SPYG have a correlation of 0.65, 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 SPYG?

SPYG has higher volatility (4.35%) compared to CPSL (0.39%). In terms of maximum drawdown, CPSL dropped -3.72% vs SPYG's -67.63%.

Which ETF is better, CPSL or SPYG?

On 1-year performance, SPYG leads with 33.95% vs 7.09% for CPSL. On fees, SPYG is cheaper at 0.04% 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 SPYG?

Over the 1-year period, SPYG has performed better with a 33.95% 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 SPYG?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.79% for CPSL.

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

SPYG has the higher dividend yield at 0.47%, compared with 0.00% for CPSL.

What is the main difference between CPSL and SPYG?

CPSL is categorized as Defined Outcome, while SPYG is S&P 500. They also come from different issuers: Calamos and State Street. Their fees differ too: 0.79% for CPSL and 0.04% for SPYG.

Which has better risk-adjusted returns?

CPSL currently has the higher Sharpe Ratio (3.10 vs 2.12), 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.