CPSP vs. AIOO

Last updated Jun 4, 2026

CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) and AIOO (AllianzIM U.S. Equity Buffer100 Protection ETF) are both exchange-traded funds - CPSP is a S&P 500 fund actively managed by Calamos, while AIOO is a Defined Outcome fund actively managed by Allianz. Both are actively managed. A 0.55 correlation means they provide meaningful diversification when combined. CPSP charges 0.69%/yr vs 0.64%/yr for AIOO.

Performance

CPSP vs. AIOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) and AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSP achieves a 3.18% return, which is significantly higher than AIOO's 2.34% return.

CPSP

• 1D: 0.00%
• 1M: 0.60%
• YTD: 3.18%
• 6M: 3.74%
• 1Y: 7.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AIOO

• 1D: -0.13%
• 1M: 1.13%
• YTD: 2.34%
• 6M: 2.33%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSP vs. AIOO - Yearly Performance Comparison

	2026 (YTD)	2025
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	3.18%	2.96%
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	2.34%	2.67%

Correlation

The correlation between CPSP and AIOO is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 2, 2025	0.55

Return for Risk

CPSP vs. AIOO — Risk / Return Rank

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

CPSP

CPSP Risk / Return Rank: 98
CPSP Sharpe Ratio Rank: 98
CPSP Sortino Ratio Rank: 99
CPSP Omega Ratio Rank: 98
CPSP Calmar Ratio Rank: 98
CPSP Martin Ratio Rank: 99

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.

CPSP vs. AIOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) and AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). 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.

	CPSP	AIOO	Difference
Sharpe ratio: Return per unit of total volatility	5.08	—	—
Sortino ratio: Return per unit of downside risk	9.15	—	—
Omega ratio: Gain probability vs. loss probability	2.31	—	—
Calmar ratio: Return relative to maximum drawdown	19.11	—	—
Martin ratio: Return relative to average drawdown	96.35	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CPSP	AIOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.08	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.17	2.79	+0.38

Drawdowns

CPSP vs. AIOO - Drawdown Comparison

The maximum CPSP drawdown since its inception was -1.73%, which is greater than AIOO's maximum drawdown of -0.74%. Use the drawdown chart below to compare losses from any high point for CPSP and AIOO.

Drawdown Indicators

	CPSP	AIOO	Difference
Max Drawdown Largest peak-to-trough decline	-1.73%	-0.74%	-0.99%
Max Drawdown (1Y) Largest decline over 1 year	-0.37%	—	—
Current Drawdown Current decline from peak	0.00%	-0.13%	+0.13%
Average Drawdown Average peak-to-trough decline	-0.08%	-0.17%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	—	—

Volatility

Volatility by Period

	CPSP	AIOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.32%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.84%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.42%	1.99%	-0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.37%	1.99%	+0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.37%	1.99%	+0.38%

CPSP vs. AIOO - Expense Ratio Comparison

CPSP has a 0.69% expense ratio, which is higher than AIOO's 0.64% expense ratio.

Dividends

CPSP vs. AIOO - Dividend Comparison

Neither CPSP nor AIOO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPSP and AIOO in my portfolio?

CPSP and AIOO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CPSP or AIOO?

On fees, AIOO is cheaper at 0.64% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CPSP or AIOO?

AIOO is cheaper with a 0.64% expense ratio, compared with 0.69% for CPSP.

Which ETF pays a higher dividend yield, CPSP or AIOO?

CPSP and AIOO have nearly identical dividend yields, around 0.00%.

What is the main difference between CPSP and AIOO?

CPSP is categorized as S&P 500, while AIOO is Defined Outcome. They also come from different issuers: Calamos and Allianz. Their fees differ too: 0.69% for CPSP and 0.64% for AIOO.