CPSM vs. RBIL

Last updated Jun 24, 2026

CPSM (Calamos S&P 500 Structured Alt Protection ETF - May) and RBIL (F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF) are both exchange-traded funds - CPSM is a Defined Outcome fund actively managed by Calamos, while RBIL is a Inflation-Protected Bonds fund tracking the Bloomberg US Ultrashort TIPS 1-13 Months Index. CPSM is actively managed, while RBIL is passively managed. Over the past year, CPSM returned 5.15% vs 4.07% for RBIL. At a correlation of -0.12, they often move in opposite directions. CPSM charges 0.69%/yr vs 0.17%/yr for RBIL.

Performance

CPSM vs. RBIL - 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 F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSM achieves a 1.94% return, which is significantly lower than RBIL's 2.32% return.

CPSM

• 1D: -0.14%
• 1M: -0.09%
• YTD: 1.94%
• 6M: 2.03%
• 1Y: 5.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

RBIL

• 1D: 0.01%
• 1M: -0.19%
• YTD: 2.32%
• 6M: 2.37%
• 1Y: 4.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSM vs. RBIL - Yearly Performance Comparison

	2026 (YTD)	2025
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	1.94%	5.92%
RBIL F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF	2.32%	2.85%

Correlation

The correlation between CPSM and RBIL is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Feb 25, 2025	-0.12

Return for Risk

CPSM vs. RBIL — Risk / Return Rank

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

CPSM

CPSM Risk / Return Rank: 96
CPSM Sharpe Ratio Rank: 93
CPSM Sortino Ratio Rank: 95
CPSM Omega Ratio Rank: 95
CPSM Calmar Ratio Rank: 97
CPSM Martin Ratio Rank: 97

RBIL

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

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.

CPSM vs. RBIL - 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 F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL). 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	RBIL	Difference
Sharpe ratio: Return per unit of total volatility	3.15	4.35	-1.20
Sortino ratio: Return per unit of downside risk	5.05	6.69	-1.64
Omega ratio: Gain probability vs. loss probability	1.67	2.13	-0.46
Calmar ratio: Return relative to maximum drawdown	10.57	7.82	+2.75
Martin ratio: Return relative to average drawdown	45.23	42.95	+2.28

CPSM vs. RBIL - Sharpe Ratio Comparison

The current CPSM Sharpe Ratio is 3.15, which is comparable to the RBIL Sharpe Ratio of 4.35. The chart below compares the historical Sharpe Ratios of CPSM and RBIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CPSM vs. RBIL - Drawdown Comparison

The maximum CPSM drawdown since its inception was -5.19%, which is greater than RBIL's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for CPSM and RBIL.

Drawdown Indicators

	CPSM	RBIL	Difference
Max Drawdown Largest peak-to-trough decline	-5.19%	-0.52%	-4.67%
Max Drawdown (1Y) Largest decline over 1 year	-0.49%	-0.52%	+0.03%
Current Drawdown Current decline from peak	-0.39%	-0.50%	+0.11%
Average Drawdown Average peak-to-trough decline	-0.20%	-0.07%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	0.10%	+0.01%

Volatility

CPSM vs. RBIL - Volatility Comparison

Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) has a higher volatility of 0.66% compared to F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL) at 0.36%. This indicates that CPSM's price experiences larger fluctuations and is considered to be riskier than RBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSM	RBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	0.36%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	1.16%	0.85%	+0.31%
Volatility (1Y) Calculated over the trailing 1-year period	1.65%	0.95%	+0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.05%	1.07%	+3.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.05%	1.07%	+3.98%

CPSM vs. RBIL - Expense Ratio Comparison

CPSM has a 0.69% expense ratio, which is higher than RBIL's 0.17% expense ratio.

Dividends

CPSM vs. RBIL - Dividend Comparison

CPSM has not paid dividends to shareholders, while RBIL's dividend yield for the trailing twelve months is around 4.38%.

Position	TTM	2025
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	0.00%	0.00%
RBIL F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF	4.38%	3.65%

Frequently Asked Questions

Can I hold both CPSM and RBIL in my portfolio?

CPSM and RBIL have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPSM or RBIL?

CPSM has higher volatility (0.66%) compared to RBIL (0.36%). In terms of maximum drawdown, CPSM dropped -5.19% vs RBIL's -0.52%.

Which ETF is better, CPSM or RBIL?

On 1-year performance, CPSM leads with 5.15% vs 4.07% for RBIL. On fees, RBIL is cheaper at 0.17% per year. On volatility, RBIL has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPSM or RBIL?

Over the 1-year period, CPSM has performed better with a 5.15% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSM or RBIL?

RBIL is cheaper with a 0.17% expense ratio, compared with 0.69% for CPSM.

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

RBIL has the higher dividend yield at 4.38%, compared with 0.00% for CPSM.

What is the main difference between CPSM and RBIL?

CPSM is categorized as Defined Outcome, while RBIL is Inflation-Protected Bonds. They also come from different issuers: Calamos and F/m. Their fees differ too: 0.69% for CPSM and 0.17% for RBIL.

Which has better risk-adjusted returns?

RBIL currently has the higher Sharpe Ratio (4.35 vs 3.15), 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.