CPSP vs. WNTR

Last updated Jun 25, 2026

CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - CPSP is a S&P 500 fund actively managed by Calamos, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, CPSP returned 6.40% vs 97.02% for WNTR. At a correlation of -0.35, they often move in opposite directions. CPSP charges 0.69%/yr vs 1.01%/yr for WNTR.

Performance

CPSP vs. WNTR - 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 YieldMax Short MSTR Option Income Strategy ETF (WNTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSP achieves a 3.03% return, which is significantly lower than WNTR's 10.46% return.

CPSP

• 1D: -0.02%
• 1M: 0.11%
• YTD: 3.03%
• 6M: 3.07%
• 1Y: 6.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WNTR

• 1D: 6.01%
• 1M: 37.47%
• YTD: 10.46%
• 6M: 14.06%
• 1Y: 97.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSP vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	3.03%	5.96%
WNTR YieldMax Short MSTR Option Income Strategy ETF	10.46%	45.60%

Correlation

The correlation between CPSP and WNTR is -0.35, 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	-0.35
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	-0.35

Return for Risk

CPSP vs. WNTR — 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: 98
CPSP Omega Ratio Rank: 98
CPSP Calmar Ratio Rank: 99
CPSP Martin Ratio Rank: 99

WNTR

WNTR Risk / Return Rank: 51
WNTR Sharpe Ratio Rank: 63
WNTR Sortino Ratio Rank: 49
WNTR Omega Ratio Rank: 52
WNTR Calmar Ratio Rank: 51
WNTR Martin Ratio Rank: 40

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. WNTR - 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 YieldMax Short MSTR Option Income Strategy ETF (WNTR). 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	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	4.78	1.85	+2.94
Sortino ratio: Return per unit of downside risk	8.92	2.20	+6.72
Omega ratio: Gain probability vs. loss probability	2.18	1.30	+0.88
Calmar ratio: Return relative to maximum drawdown	17.15	2.29	+14.86
Martin ratio: Return relative to average drawdown	78.24	5.85	+72.39

CPSP vs. WNTR - Sharpe Ratio Comparison

The current CPSP Sharpe Ratio is 4.78, which is higher than the WNTR Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of CPSP and WNTR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CPSP vs. WNTR - Drawdown Comparison

The maximum CPSP drawdown since its inception was -1.73%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for CPSP and WNTR.

Drawdown Indicators

	CPSP	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-1.73%	-42.65%	+40.92%
Max Drawdown (1Y) Largest decline over 1 year	-0.37%	-42.65%	+42.28%
Current Drawdown Current decline from peak	-0.26%	-9.88%	+9.62%
Average Drawdown Average peak-to-trough decline	-0.09%	-20.93%	+20.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	16.70%	-16.62%

Volatility

CPSP vs. WNTR - Volatility Comparison

The current volatility for Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) is 0.40%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 17.54%. This indicates that CPSP experiences smaller price fluctuations and is considered to be less risky than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSP	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	17.54%	-17.14%
Volatility (6M) Calculated over the trailing 6-month period	0.86%	45.99%	-45.13%
Volatility (1Y) Calculated over the trailing 1-year period	1.35%	52.83%	-51.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.37%	53.10%	-50.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.37%	53.10%	-50.73%

CPSP vs. WNTR - Expense Ratio Comparison

CPSP has a 0.69% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

CPSP vs. WNTR - Dividend Comparison

CPSP has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 96.66%.

Position	TTM	2025
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	0.00%	0.00%
WNTR YieldMax Short MSTR Option Income Strategy ETF	96.66%	58.56%

Frequently Asked Questions

Can I hold both CPSP and WNTR in my portfolio?

CPSP and WNTR have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPSP or WNTR?

WNTR has higher volatility (17.54%) compared to CPSP (0.40%). In terms of maximum drawdown, CPSP dropped -1.73% vs WNTR's -42.65%.

Which ETF is better, CPSP or WNTR?

On 1-year performance, WNTR leads with 97.02% vs 6.40% for CPSP. On fees, CPSP is cheaper at 0.69% per year. On volatility, CPSP has been the lower-risk option at 0.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPSP or WNTR?

Over the 1-year period, WNTR has performed better with a 97.02% return vs 6.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSP or WNTR?

CPSP is cheaper with a 0.69% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 96.66%, compared with 0.00% for CPSP.

What is the main difference between CPSP and WNTR?

CPSP is categorized as S&P 500, while WNTR is Derivative Income. They also come from different issuers: Calamos and YieldMax. Their fees differ too: 0.69% for CPSP and 1.01% for WNTR.

Which has better risk-adjusted returns?

CPSP currently has the higher Sharpe Ratio (4.78 vs 1.85), 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.