CPSM vs. CAIQ

Last updated Aug 4, 2026

CPSM (Calamos S&P 500 Structured Alt Protection ETF - May) and CAIQ (Calamos Nasdaq Autocallable Income ETF) are both exchange-traded funds - CPSM 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. CPSM is actively managed, while CAIQ is passively managed. Their 0.64 correlation means they have sometimes moved together and sometimes differently. CPSM charges 0.69%/yr vs 0.74%/yr for CAIQ.

Performance

CPSM vs. CAIQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) 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, CPSM achieves a 2.72% return, which is significantly lower than CAIQ's 9.99% return.

CPSM

• 1D: 0.17%
• 1M: 0.44%
• 6M: 2.35%
• YTD: 2.72%
• 1Y: 5.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.46%

CAIQ

• 1D: 0.92%
• 1M: -1.51%
• 6M: 8.48%
• YTD: 9.99%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAIQ Calamos Nasdaq Autocallable Income ETF	$5.54M	$5.63M	$5.17M
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	$102.78K	$72.25K	$161.61K

CPSM vs. CAIQ - Yearly Performance Comparison

	2026 (YTD)	2025
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	2.72%	0.88%
CAIQ Calamos Nasdaq Autocallable Income ETF	9.99%	4.03%

Correlation

The correlation between CPSM and CAIQ is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025	0.64

Return for Risk

CPSM vs. CAIQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CPSM

CPSM Risk / Return Rank: 97
CPSM Sharpe Ratio Rank: 96
CPSM Sortino Ratio Rank: 97
CPSM Omega Ratio Rank: 96
CPSM Calmar Ratio Rank: 98
CPSM Martin Ratio Rank: 98

CAIQ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CPSM vs. CAIQ - Risk-Adjusted Trends Comparison

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

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CPSM	CAIQ	Difference
Sharpe ratio: Return per unit of total volatility	3.12	—	—
Sortino ratio: Return per unit of downside risk	5.04	—	—
Omega ratio: Gain probability vs. loss probability	1.65	—	—
Calmar ratio: Return relative to maximum drawdown	10.61	—	—
Martin ratio: Return relative to average drawdown	40.17	—	—

Drawdowns

CPSM vs. CAIQ - Drawdown Comparison

The maximum CPSM drawdown since its inception was -5.19%, smaller than the maximum CAIQ drawdown of -9.06%. Use the drawdown chart below to compare losses from any high point for CPSM and CAIQ.

Drawdown Indicators

	CPSM	CAIQ	Difference
Max Drawdown Largest peak-to-trough decline	-5.19%	-9.06%	+3.87%
Max Drawdown (1Y) Largest decline over 1 year	-0.49%	—	—
Current Drawdown Current decline from peak	0.00%	-3.14%	+3.14%
Average Drawdown Average peak-to-trough decline	-0.20%	-1.84%	+1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	—	—

Volatility

Volatility by Period

	CPSM	CAIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.47%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.25%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.67%	13.52%	-11.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.93%	13.52%	-8.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.93%	13.52%	-8.59%

CPSM vs. CAIQ - Expense Ratio Comparison

CPSM has a 0.69% expense ratio, which is lower than CAIQ's 0.74% expense ratio.

Dividends

CPSM vs. CAIQ - Dividend Comparison

CPSM has not paid dividends to shareholders, while CAIQ's dividend yield for the trailing twelve months is around 11.97%.

Position	TTM	2025
CAIQ Calamos Nasdaq Autocallable Income ETF	11.97%	1.54%
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPSM and CAIQ in my portfolio?

CPSM and CAIQ have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CPSM or CAIQ?

On fees, CPSM is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CPSM or CAIQ?

CPSM is cheaper with a 0.69% expense ratio, compared with 0.74% for CAIQ.

Which ETF pays a higher dividend yield, CPSM or CAIQ?

CAIQ has the higher dividend yield at 11.97%, compared with 0.00% for CPSM.

What is the main difference between CPSM and CAIQ?

CPSM is categorized as Defined Outcome, while CAIQ is Nasdaq-100. Their fees differ too: 0.69% for CPSM and 0.74% for CAIQ.