CPSO vs. CAIQ

Last updated Jul 12, 2026

CPSO (Calamos S&P 500 Structured Alt Protection ETF - October) and CAIQ (Calamos Nasdaq Autocallable Income ETF) are both exchange-traded funds - CPSO 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. CPSO is actively managed, while CAIQ is passively managed. Their correlation of 0.82 suggests significant overlap in exposure. CPSO charges 0.69%/yr vs 0.74%/yr for CAIQ.

Performance

CPSO 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 - October (CPSO) 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, CPSO achieves a 3.31% return, which is significantly lower than CAIQ's 12.40% return.

CPSO

• 1D: 0.07%
• 1M: 0.69%
• 6M: 2.98%
• YTD: 3.31%
• 1Y: 6.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAIQ

• 1D: 0.18%
• 1M: 0.33%
• 6M: 10.29%
• YTD: 12.40%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSO vs. CAIQ - Yearly Performance Comparison

	2026 (YTD)	2025
CPSO Calamos S&P 500 Structured Alt Protection ETF - October	3.31%	1.01%
CAIQ Calamos Nasdaq Autocallable Income ETF	12.40%	4.03%

Correlation

The correlation between CPSO and CAIQ is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025	0.82

Return for Risk

CPSO vs. CAIQ — Risk / Return Rank

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

CPSO

CPSO Risk / Return Rank: 94
CPSO Sharpe Ratio Rank: 95
CPSO Sortino Ratio Rank: 96
CPSO Omega Ratio Rank: 96
CPSO Calmar Ratio Rank: 90
CPSO Martin Ratio Rank: 94

CAIQ

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

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.

CPSO 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 - October (CPSO) 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.

	CPSO	CAIQ	Difference
Sharpe ratio: Return per unit of total volatility	3.00	—	—
Sortino ratio: Return per unit of downside risk	4.77	—	—
Omega ratio: Gain probability vs. loss probability	1.65	—	—
Calmar ratio: Return relative to maximum drawdown	4.37	—	—
Martin ratio: Return relative to average drawdown	21.75	—	—

Drawdowns

CPSO vs. CAIQ - Drawdown Comparison

The maximum CPSO drawdown since its inception was -3.23%, smaller than the maximum CAIQ drawdown of -9.06%. Use the drawdown chart below to compare losses from any high point for CPSO and CAIQ.

Drawdown Indicators

	CPSO	CAIQ	Difference
Max Drawdown Largest peak-to-trough decline	-3.23%	-9.06%	+5.83%
Max Drawdown (1Y) Largest decline over 1 year	-1.45%	—	—
Current Drawdown Current decline from peak	0.00%	-1.01%	+1.01%
Average Drawdown Average peak-to-trough decline	-0.32%	-1.66%	+1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	—	—

Volatility

Volatility by Period

	CPSO	CAIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.72%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.11%	13.37%	-11.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.97%	13.37%	-10.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.97%	13.37%	-10.40%

CPSO vs. CAIQ - Expense Ratio Comparison

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

Dividends

CPSO vs. CAIQ - Dividend Comparison

CPSO has not paid dividends to shareholders, while CAIQ's dividend yield for the trailing twelve months is around 10.10%.

Position	TTM	2025
CAIQ Calamos Nasdaq Autocallable Income ETF	10.10%	1.54%
CPSO Calamos S&P 500 Structured Alt Protection ETF - October	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPSO and CAIQ in my portfolio?

CPSO and CAIQ have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CPSO or CAIQ?

On fees, CPSO 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, CPSO or CAIQ?

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

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

CAIQ has the higher dividend yield at 10.10%, compared with 0.00% for CPSO.

What is the main difference between CPSO and CAIQ?

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