CPSP vs. OILK
CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) and OILK (ProShares K-1 Free Crude Oil Strategy ETF) are both exchange-traded funds - CPSP is a S&P 500 fund actively managed by Calamos, while OILK is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index. CPSP is actively managed, while OILK is passively managed. Over the past year, CPSP returned 7.13% vs 58.99% for OILK. At a correlation of -0.18, they often move in opposite directions. CPSP charges 0.69%/yr vs 0.68%/yr for OILK.
Performance
CPSP vs. OILK - Performance Comparison
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Returns By Period
In the year-to-date period, CPSP achieves a 3.18% return, which is significantly lower than OILK's 64.22% return.
CPSP
- 1D
- 0.00%
- 1M
- 0.60%
- YTD
- 3.18%
- 6M
- 3.74%
- 1Y
- 7.13%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OILK
- 1D
- 1.40%
- 1M
- -1.65%
- YTD
- 64.22%
- 6M
- 60.70%
- 1Y
- 58.99%
- 3Y*
- 19.03%
- 5Y*
- 17.73%
- 10Y*
- —
CPSP vs. OILK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CPSP Calamos S&P 500 Structured Alt Protection ETF - April | 3.18% | 5.46% |
OILK ProShares K-1 Free Crude Oil Strategy ETF | 64.22% | -11.93% |
Correlation
The correlation between CPSP and OILK is -0.28, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.28 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025 | -0.18 |
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Return for Risk
CPSP vs. OILK — Risk / Return Rank
CPSP
OILK
CPSP vs. OILK - 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 ProShares K-1 Free Crude Oil Strategy ETF (OILK). 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 | OILK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.01 | ||
| Sortino ratioReturn per unit of downside risk | +6.56 | ||
| Omega ratioGain probability vs. loss probability | 2.31 | 1.34 | +0.97 |
| Calmar ratioReturn relative to maximum drawdown | 19.11 | 3.42 | +15.69 |
| Martin ratioReturn relative to average drawdown | 96.35 | 6.91 | +89.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CPSP | OILK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 5.08 | 2.06 | +3.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.59 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.17 | 0.12 | +3.06 |
Drawdowns
CPSP vs. OILK - Drawdown Comparison
The maximum CPSP drawdown since its inception was -1.73%, smaller than the maximum OILK drawdown of -83.76%. Use the drawdown chart below to compare losses from any high point for CPSP and OILK.
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Drawdown Indicators
| CPSP | OILK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.73% | -83.76% | +82.03% |
Max Drawdown (1Y)Largest decline over 1 year | -0.37% | -17.35% | +16.98% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.42% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.69% | — |
Current DrawdownCurrent decline from peak | 0.00% | -3.66% | +3.66% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -32.61% | +32.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.07% | 8.56% | -8.49% |
Volatility
CPSP vs. OILK - Volatility Comparison
The current volatility for Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) is 0.32%, while ProShares K-1 Free Crude Oil Strategy ETF (OILK) has a volatility of 10.44%. This indicates that CPSP experiences smaller price fluctuations and is considered to be less risky than OILK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPSP | OILK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.32% | 10.44% | -10.12% |
Volatility (6M)Calculated over the trailing 6-month period | 0.84% | 23.26% | -22.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.42% | 28.75% | -27.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.37% | 30.12% | -27.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.37% | 35.97% | -33.60% |
CPSP vs. OILK - Expense Ratio Comparison
CPSP has a 0.69% expense ratio, which is higher than OILK's 0.68% expense ratio.
Dividends
CPSP vs. OILK - Dividend Comparison
CPSP has not paid dividends to shareholders, while OILK's dividend yield for the trailing twelve months is around 8.18%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CPSP Calamos S&P 500 Structured Alt Protection ETF - April | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
OILK ProShares K-1 Free Crude Oil Strategy ETF | 8.18% | 4.79% | 3.11% | 5.80% | 17.32% | 68.82% | 0.13% | 0.94% | 0.58% | 6.17% |
Frequently Asked Questions
CPSP and OILK have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILK has higher volatility (10.44%) compared to CPSP (0.32%). In terms of maximum drawdown, CPSP dropped -1.73% vs OILK's -83.76%.
On 1-year performance, OILK leads with 58.99% vs 7.13% for CPSP. On fees, OILK is cheaper at 0.68% per year. On volatility, CPSP has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, OILK has performed better with a 58.99% return vs 7.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OILK is cheaper with a 0.68% expense ratio, compared with 0.69% for CPSP.
OILK has the higher dividend yield at 8.18%, compared with 0.00% for CPSP.
CPSP is categorized as S&P 500, while OILK is Oil & Gas. They also come from different issuers: Calamos and ProShares. Their fees differ too: 0.69% for CPSP and 0.68% for OILK.
CPSP currently has the higher Sharpe Ratio (5.08 vs 2.06), 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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