CPSP vs. COIO

Last updated Jul 15, 2026

CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) and COIO (Leverage Shares 2x Capped Accelerated COIN Monthly ETF) are both exchange-traded funds - CPSP is a S&P 500 fund actively managed by Calamos, while COIO is a Defined Outcome fund actively managed by Leverage Shares. Both are actively managed. At a 0.42 correlation, their price movements are largely independent. CPSP charges 0.69%/yr vs 0.77%/yr for COIO.

Performance

CPSP vs. COIO - 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 Leverage Shares 2x Capped Accelerated COIN Monthly ETF (COIO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSP achieves a 3.49% return, which is significantly higher than COIO's -18.06% return.

CPSP

• 1D: 0.07%
• 1M: 0.43%
• 6M: 3.29%
• YTD: 3.49%
• 1Y: 6.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

COIO

• 1D: 0.00%
• 1M: 5.56%
• 6M: -25.26%
• YTD: -18.06%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSP vs. COIO - Yearly Performance Comparison

	2026 (YTD)	2025
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	3.49%	2.08%
COIO Leverage Shares 2x Capped Accelerated COIN Monthly ETF	-18.06%	-29.74%

Correlation

The correlation between CPSP and COIO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 13, 2025	0.42

Return for Risk

CPSP vs. COIO — 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: 99
CPSP Martin Ratio Rank: 99

COIO

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.

CPSP vs. COIO - 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 Leverage Shares 2x Capped Accelerated COIN Monthly ETF (COIO). 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	COIO	Difference
Sharpe ratio: Return per unit of total volatility	4.74	—	—
Sortino ratio: Return per unit of downside risk	8.85	—	—
Omega ratio: Gain probability vs. loss probability	2.17	—	—
Calmar ratio: Return relative to maximum drawdown	16.96	—	—
Martin ratio: Return relative to average drawdown	73.97	—	—

Drawdowns

CPSP vs. COIO - Drawdown Comparison

The maximum CPSP drawdown since its inception was -1.73%, smaller than the maximum COIO drawdown of -62.48%. Use the drawdown chart below to compare losses from any high point for CPSP and COIO.

Drawdown Indicators

	CPSP	COIO	Difference
Max Drawdown Largest peak-to-trough decline	-1.73%	-62.48%	+60.75%
Max Drawdown (1Y) Largest decline over 1 year	-0.37%	—	—
Current Drawdown Current decline from peak	0.00%	-50.41%	+50.41%
Average Drawdown Average peak-to-trough decline	-0.09%	-33.99%	+33.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.09%	—	—

Volatility

Volatility by Period

	CPSP	COIO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.87%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.34%	62.25%	-60.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.33%	62.25%	-59.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.33%	62.25%	-59.92%

CPSP vs. COIO - Expense Ratio Comparison

CPSP has a 0.69% expense ratio, which is lower than COIO's 0.77% expense ratio.

Dividends

CPSP vs. COIO - Dividend Comparison

CPSP has not paid dividends to shareholders, while COIO's dividend yield for the trailing twelve months is around 85.68%.

Position	TTM	2025
COIO Leverage Shares 2x Capped Accelerated COIN Monthly ETF	85.68%	70.21%
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPSP and COIO in my portfolio?

CPSP and COIO have a correlation of 0.42, 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 COIO?

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 COIO?

CPSP is cheaper with a 0.69% expense ratio, compared with 0.77% for COIO.

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

COIO has the higher dividend yield at 85.68%, compared with 0.00% for CPSP.

What is the main difference between CPSP and COIO?

CPSP is categorized as S&P 500, while COIO is Defined Outcome. They also come from different issuers: Calamos and Leverage Shares. Their fees differ too: 0.69% for CPSP and 0.77% for COIO.