CPSR vs. NVDO

Last updated Jun 6, 2026

CPSR (Calamos S&P 500 Structured Alt Protection ETF - March) and NVDO (Leverage Shares 2x Capped Accelerated NVDA Monthly ETF) are both Defined Outcome funds. CPSR is passively managed, while NVDO is actively managed. At a 0.48 correlation, their price movements are largely independent. CPSR charges 0.69%/yr vs 0.77%/yr for NVDO.

Performance

CPSR vs. NVDO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos S&P 500 Structured Alt Protection ETF - March (CPSR) and Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSR achieves a 2.30% return, which is significantly lower than NVDO's 14.63% return.

CPSR

• 1D: -0.16%
• 1M: 0.10%
• YTD: 2.30%
• 6M: 2.77%
• 1Y: 7.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDO

• 1D: -5.25%
• 1M: 6.30%
• YTD: 14.63%
• 6M: 23.06%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSR vs. NVDO - Yearly Performance Comparison

	2026 (YTD)	2025
CPSR Calamos S&P 500 Structured Alt Protection ETF - March	2.30%	2.52%
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	14.63%	11.12%

Correlation

The correlation between CPSR and NVDO is 0.48, 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 14, 2025	0.48

Return for Risk

CPSR vs. NVDO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CPSR

CPSR Risk / Return Rank: 96
CPSR Sharpe Ratio Rank: 96
CPSR Sortino Ratio Rank: 98
CPSR Omega Ratio Rank: 97
CPSR Calmar Ratio Rank: 94
CPSR Martin Ratio Rank: 96

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.

CPSR vs. NVDO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos S&P 500 Structured Alt Protection ETF - March (CPSR) and Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). 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.

	CPSR	NVDO	Difference
Sharpe ratio: Return per unit of total volatility	3.99	—	—
Sortino ratio: Return per unit of downside risk	6.66	—	—
Omega ratio: Gain probability vs. loss probability	1.92	—	—
Calmar ratio: Return relative to maximum drawdown	6.50	—	—
Martin ratio: Return relative to average drawdown	31.57	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CPSR	NVDO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.99	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.73	1.08	+0.65

Drawdowns

CPSR vs. NVDO - Drawdown Comparison

The maximum CPSR drawdown since its inception was -3.40%, smaller than the maximum NVDO drawdown of -16.25%. Use the drawdown chart below to compare losses from any high point for CPSR and NVDO.

Drawdown Indicators

	CPSR	NVDO	Difference
Max Drawdown Largest peak-to-trough decline	-3.40%	-16.25%	+12.85%
Max Drawdown (1Y) Largest decline over 1 year	-1.12%	—	—
Current Drawdown Current decline from peak	-0.23%	-6.14%	+5.91%
Average Drawdown Average peak-to-trough decline	-0.38%	-4.97%	+4.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.23%	—	—

Volatility

Volatility by Period

	CPSR	NVDO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.31%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.30%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.83%	32.39%	-30.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.93%	32.39%	-28.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.93%	32.39%	-28.46%

CPSR vs. NVDO - Expense Ratio Comparison

CPSR has a 0.69% expense ratio, which is lower than NVDO's 0.77% expense ratio.

Dividends

CPSR vs. NVDO - Dividend Comparison

CPSR has not paid dividends to shareholders, while NVDO's dividend yield for the trailing twelve months is around 14.53%.

Position	TTM	2025
CPSR Calamos S&P 500 Structured Alt Protection ETF - March	0.00%	0.00%
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	14.53%	16.66%

Frequently Asked Questions

Can I hold both CPSR and NVDO in my portfolio?

CPSR and NVDO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CPSR or NVDO?

On fees, CPSR 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, CPSR or NVDO?

CPSR is cheaper with a 0.69% expense ratio, compared with 0.77% for NVDO.

Which ETF pays a higher dividend yield, CPSR or NVDO?

NVDO has the higher dividend yield at 14.53%, compared with 0.00% for CPSR.

What is the main difference between CPSR and NVDO?

They also come from different issuers: Calamos and Leverage Shares. Their fees differ too: 0.69% for CPSR and 0.77% for NVDO.