CPSN vs. APRB

Last updated Aug 4, 2026

CPSN (Calamos S&P 500 Structured Alt Protection ETF - November) and APRB (Aptus April Buffer ETF) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.84 means they have usually moved in the same direction. CPSN charges 0.69%/yr vs 0.25%/yr for APRB.

Performance

CPSN vs. APRB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos S&P 500 Structured Alt Protection ETF - November (CPSN) and Aptus April Buffer ETF (APRB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSN achieves a 3.65% return, which is significantly lower than APRB's 6.08% return.

CPSN

• 1D: 0.22%
• 1M: 0.76%
• 6M: 3.14%
• YTD: 3.65%
• 1Y: 6.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.08%

APRB

• 1D: 0.28%
• 1M: 0.99%
• 6M: 4.73%
• YTD: 6.08%
• 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)
APRB Aptus April Buffer ETF	$26.14K	$47.18K	$43.83K
CPSN Calamos S&P 500 Structured Alt Protection ETF - November	$76.42K	$66.49K	$70.52K

CPSN vs. APRB - Yearly Performance Comparison

	2026 (YTD)	2025
CPSN Calamos S&P 500 Structured Alt Protection ETF - November	3.65%	0.98%
APRB Aptus April Buffer ETF	6.08%	2.48%

Correlation

The correlation between CPSN and APRB is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 14, 2025	0.84

Return for Risk

CPSN vs. APRB — Risk / Return Rank

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

CPSN

CPSN Risk / Return Rank: 95
CPSN Sharpe Ratio Rank: 96
CPSN Sortino Ratio Rank: 96
CPSN Omega Ratio Rank: 96
CPSN Calmar Ratio Rank: 90
CPSN Martin Ratio Rank: 95

APRB

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.

CPSN vs. APRB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos S&P 500 Structured Alt Protection ETF - November (CPSN) and Aptus April Buffer ETF (APRB). 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.

	CPSN	APRB	Difference
Sharpe ratio: Return per unit of total volatility	3.03	—	—
Sortino ratio: Return per unit of downside risk	4.88	—	—
Omega ratio: Gain probability vs. loss probability	1.65	—	—
Calmar ratio: Return relative to maximum drawdown	4.08	—	—
Martin ratio: Return relative to average drawdown	21.68	—	—

Drawdowns

CPSN vs. APRB - Drawdown Comparison

The maximum CPSN drawdown since its inception was -3.23%, smaller than the maximum APRB drawdown of -4.59%. Use the drawdown chart below to compare losses from any high point for CPSN and APRB.

Drawdown Indicators

	CPSN	APRB	Difference
Max Drawdown Largest peak-to-trough decline	-3.23%	-4.59%	+1.36%
Max Drawdown (1Y) Largest decline over 1 year	-1.63%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.30%	-0.65%	+0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	—	—

Volatility

Volatility by Period

	CPSN	APRB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.86%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.19%	5.71%	-3.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.06%	5.71%	-2.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.06%	5.71%	-2.65%

CPSN vs. APRB - Expense Ratio Comparison

CPSN has a 0.69% expense ratio, which is higher than APRB's 0.25% expense ratio.

Dividends

CPSN vs. APRB - Dividend Comparison

Neither CPSN nor APRB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPSN and APRB in my portfolio?

CPSN and APRB have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CPSN or APRB?

On fees, APRB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CPSN or APRB?

APRB is cheaper with a 0.25% expense ratio, compared with 0.69% for CPSN.

Which ETF pays a higher dividend yield, CPSN or APRB?

CPSN and APRB have nearly identical dividend yields, around 0.00%.

What is the main difference between CPSN and APRB?

They also come from different issuers: Calamos and Aptus. Their fees differ too: 0.69% for CPSN and 0.25% for APRB.