CPSP vs. GSG
CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - CPSP is a S&P 500 fund actively managed by Calamos, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. CPSP is actively managed, while GSG is passively managed. Over the past year, CPSP returned 6.38% vs 36.06% for GSG. Their -0.13 correlation means they have often moved in opposite directions in the past. CPSP charges 0.69%/yr vs 0.75%/yr for GSG.
Performance
CPSP vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, CPSP achieves a 3.93% return, which is significantly lower than GSG's 32.05% return.
CPSP
- 1D
- 0.13%
- 1M
- 0.60%
- 6M
- 3.42%
- YTD
- 3.93%
- 1Y
- 6.38%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.45%
GSG
- 1D
- -2.34%
- 1M
- 7.33%
- 6M
- 21.51%
- YTD
- 32.05%
- 1Y
- 36.06%
- 3Y*
- 12.37%
- 5Y*
- 13.92%
- 10Y*
- 7.99%
- ALL TIME*
- -2.38%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $54.58K | $124.03K | $65.43K | |
| $18.82M | $16.77M | $25.29M |
CPSP vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CPSP Calamos S&P 500 Structured Alt Protection ETF - April | 3.93% | 5.96% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.05% | 1.27% |
Correlation
The correlation between CPSP and GSG is -0.19, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.19 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025 | -0.13 |
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Return for Risk
CPSP vs. GSG — Risk / Return Rank
CPSP
GSG
CPSP vs. GSG - 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 iShares S&P GSCI Commodity-Indexed Trust (GSG). 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 | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.13 | ||
| Sortino ratioReturn per unit of downside risk | +6.34 | ||
| Omega ratioGain probability vs. loss probability | 2.13 | 1.26 | +0.87 |
| Calmar ratioReturn relative to maximum drawdown | 17.11 | 1.93 | +15.18 |
| Martin ratioReturn relative to average drawdown | 65.90 | 6.13 | +59.77 |
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Drawdowns
CPSP vs. GSG - Drawdown Comparison
The maximum CPSP drawdown since its inception was -1.73%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for CPSP and GSG.
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Drawdown Indicators
| CPSP | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.73% | -89.62% | +87.89% |
Max Drawdown (1Y)Largest decline over 1 year | -0.37% | -18.81% | +18.44% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.81% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | 0.00% | -60.13% | +60.13% |
Average DrawdownAverage peak-to-trough decline | -0.09% | -63.67% | +63.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.10% | 5.90% | -5.80% |
Volatility
CPSP vs. GSG - Volatility Comparison
The current volatility for Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) is 0.53%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 9.06%. This indicates that CPSP experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPSP | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.53% | 9.06% | -8.53% |
Volatility (6M)Calculated over the trailing 6-month period | 0.98% | 22.00% | -21.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.40% | 24.45% | -23.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.32% | 22.90% | -20.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.32% | 22.09% | -19.77% |
CPSP vs. GSG - Expense Ratio Comparison
CPSP has a 0.69% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
CPSP vs. GSG - Dividend Comparison
Neither CPSP nor GSG has paid dividends to shareholders.
Frequently Asked Questions
CPSP and GSG have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (9.06%) compared to CPSP (0.53%). In terms of maximum drawdown, CPSP dropped -1.73% vs GSG's -89.62%.
On 1-year performance, GSG leads with 36.06% vs 6.38% for CPSP. On fees, CPSP is cheaper at 0.69% per year. On volatility, CPSP has been the lower-risk option at 0.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GSG has performed better with a 36.06% return vs 6.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CPSP is cheaper with a 0.69% expense ratio, compared with 0.75% for GSG.
CPSP and GSG have nearly identical dividend yields, around 0.00%.
CPSP is categorized as S&P 500, while GSG is Commodities. They also come from different issuers: Calamos and iShares. Their fees differ too: 0.69% for CPSP and 0.75% for GSG.
CPSP currently has the higher Sharpe Ratio (4.61 vs 1.48), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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