CPSP vs. CAIQ

Last updated Aug 5, 2026

CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) and CAIQ (Calamos Nasdaq Autocallable Income ETF) are both exchange-traded funds - CPSP is a S&P 500 fund actively managed by Calamos, while CAIQ is a Nasdaq-100 fund tracking the MerQube Nasdaq-100 Vol Advantage Autocallable Index. CPSP is actively managed, while CAIQ is passively managed. Their 0.63 correlation means they have sometimes moved together and sometimes differently. CPSP charges 0.69%/yr vs 0.74%/yr for CAIQ.

Performance

CPSP 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 - April (CPSP) 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, CPSP achieves a 3.93% return, which is significantly lower than CAIQ's 12.29% return.

CPSP

• 1D: 0.13%
• 1M: 0.60%
• 6M: 3.42%
• YTD: 3.93%
• 1Y: 6.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.45%

CAIQ

• 1D: 2.09%
• 1M: 0.55%
• 6M: 12.58%
• YTD: 12.29%
• 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	$5.68M	$5.62M	$5.21M
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	$54.58K	$124.03K	$65.43K

CPSP vs. CAIQ - Yearly Performance Comparison

	2026 (YTD)	2025
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	3.93%	1.11%
CAIQ Calamos Nasdaq Autocallable Income ETF	12.29%	4.03%

Correlation

The correlation between CPSP and CAIQ is 0.63, 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	0.63

Return for Risk

CPSP vs. CAIQ — Risk / Return Rank

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

CPSP

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

CPSP 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 - April (CPSP) 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.

	CPSP	CAIQ	Difference
Sharpe ratio: Return per unit of total volatility	4.61	—	—
Sortino ratio: Return per unit of downside risk	8.37	—	—
Omega ratio: Gain probability vs. loss probability	2.13	—	—
Calmar ratio: Return relative to maximum drawdown	17.11	—	—
Martin ratio: Return relative to average drawdown	65.90	—	—

Drawdowns

CPSP vs. CAIQ - Drawdown Comparison

The maximum CPSP drawdown since its inception was -1.73%, smaller than the maximum CAIQ drawdown of -9.06%. Use the drawdown chart below to compare losses from any high point for CPSP and CAIQ.

Drawdown Indicators

	CPSP	CAIQ	Difference
Max Drawdown Largest peak-to-trough decline	-1.73%	-9.06%	+7.33%
Max Drawdown (1Y) Largest decline over 1 year	-0.37%	—	—
Current Drawdown Current decline from peak	0.00%	-1.11%	+1.11%
Average Drawdown Average peak-to-trough decline	-0.09%	-1.84%	+1.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	—	—

Volatility

Volatility by Period

	CPSP	CAIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.53%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.98%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.40%	13.69%	-12.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.32%	13.69%	-11.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.32%	13.69%	-11.37%

CPSP vs. CAIQ - Expense Ratio Comparison

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

Dividends

CPSP vs. CAIQ - Dividend Comparison

CPSP has not paid dividends to shareholders, while CAIQ's dividend yield for the trailing twelve months is around 11.73%.

Position	TTM	2025
CAIQ Calamos Nasdaq Autocallable Income ETF	11.73%	1.54%
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPSP and CAIQ in my portfolio?

CPSP and CAIQ have a correlation of 0.63, 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 CAIQ?

On fees, CPSP 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, CPSP or CAIQ?

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

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

CAIQ has the higher dividend yield at 11.73%, compared with 0.00% for CPSP.

What is the main difference between CPSP and CAIQ?

CPSP is categorized as S&P 500, while CAIQ is Nasdaq-100. Their fees differ too: 0.69% for CPSP and 0.74% for CAIQ.