CPST vs. CPNS

Last updated Apr 18, 2026

CPST (Calamos S&P 500 Structured Alt Protection ETF - September) and CPNS (Calamos Nasdaq-100 Structured Alt Protection ETF - September) are both Defined Outcome funds from Calamos — CPST tracks the MerQube Cap Protect US Lrg Cap PR Index - Sep while CPNS tracks the MerQube Cap Protect US Large Cap Tech PR Index - Sep. Both are passively managed. Over the past year, CPST returned 10.58% vs 11.05% for CPNS. A 0.78 correlation means they provide meaningful diversification when combined. Both charge a 0.69% expense ratio.

Performance

CPST vs. CPNS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos S&P 500 Structured Alt Protection ETF - September (CPST) and Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPST achieves a 1.63% return, which is significantly lower than CPNS's 1.77% return.

CPST

• 1D: 0.31%
• 1M: 1.46%
• YTD: 1.63%
• 6M: 2.51%
• 1Y: 10.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPNS

• 1D: 0.16%
• 1M: 1.44%
• YTD: 1.77%
• 6M: 2.49%
• 1Y: 11.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPST vs. CPNS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CPST Calamos S&P 500 Structured Alt Protection ETF - September	1.63%	6.73%	2.30%
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	1.77%	7.25%	2.79%

Correlation

The correlation between CPST and CPNS is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (All Time) Calculated using the full available price history since Sep 4, 2024	0.78

The correlation between CPST and CPNS has been stable across timeframes, ranging from 0.78 to 0.78 — a consistent structural relationship.

Return for Risk

CPST vs. CPNS — Risk / Return Rank

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

CPST

CPST Risk / Return Rank: 96
CPST Sharpe Ratio Rank: 95
CPST Sortino Ratio Rank: 98
CPST Omega Ratio Rank: 97
CPST Calmar Ratio Rank: 93
CPST Martin Ratio Rank: 96

CPNS

CPNS Risk / Return Rank: 96
CPNS Sharpe Ratio Rank: 96
CPNS Sortino Ratio Rank: 98
CPNS Omega Ratio Rank: 97
CPNS Calmar Ratio Rank: 95
CPNS Martin Ratio Rank: 97

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.

CPST vs. CPNS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos S&P 500 Structured Alt Protection ETF - September (CPST) and Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS). 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.

	CPST	CPNS	Difference
Sharpe ratio Return per unit of total volatility	3.97	4.23	-0.26
Sortino ratio Return per unit of downside risk	7.13	7.26	-0.12
Omega ratio Gain probability vs. loss probability	1.98	2.05	-0.06
Calmar ratio Return relative to maximum drawdown	7.02	7.80	-0.78
Martin ratio Return relative to average drawdown	36.16	41.34	-5.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPST vs. CPNS - Sharpe Ratio Comparison

The current CPST Sharpe Ratio is 3.97, which is comparable to the CPNS Sharpe Ratio of 4.23. The chart below compares the historical Sharpe Ratios of CPST and CPNS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CPST	CPNS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.97	4.23	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	1.92	2.07	-0.15

Drawdowns

CPST vs. CPNS - Drawdown Comparison

The maximum CPST drawdown since its inception was -3.79%, smaller than the maximum CPNS drawdown of -3.99%. Use the drawdown chart below to compare losses from any high point for CPST and CPNS.

Drawdown Indicators

	CPST	CPNS	Difference
Max Drawdown Largest peak-to-trough decline	-3.79%	-3.99%	+0.20%
Max Drawdown (1Y) Largest decline over 1 year	-1.42%	-1.31%	-0.11%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.37%	-0.38%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.28%	0.25%	+0.03%

Volatility

CPST vs. CPNS - Volatility Comparison

Calamos S&P 500 Structured Alt Protection ETF - September (CPST) and Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS) have volatilities of 1.13% and 1.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPST	CPNS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	1.12%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.72%	1.86%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	2.69%	2.64%	+0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.48%	3.59%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.48%	3.59%	-0.11%

CPST vs. CPNS - Expense Ratio Comparison

Both CPST and CPNS have an expense ratio of 0.69%.

Dividends

CPST vs. CPNS - Dividend Comparison

Neither CPST nor CPNS has paid dividends to shareholders.

Tickers have no history of dividend payments