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CPST vs. QVMT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CPST vs. QVMT

Last updated Apr 14, 2026

CPST (Calamos S&P 500 Structured Alt Protection ETF - September) and QVMT (Invesco S&P S&P 500 Concentrated QVM ETF) are both exchange-traded funds — CPST is a Defined Outcome fund tracking the MerQube Cap Protect US Lrg Cap PR Index - Sep, while QVMT is a S&P 500 fund tracking the S&P 500 Quality, Value & Momentum Multi-factor Index. Both are passively managed. Over the past year, CPST returned 9.21% vs 34.44% for QVMT. A 0.51 correlation means they provide meaningful diversification when combined. CPST charges 0.69%/yr vs 0.13%/yr for QVMT.

Performance

CPST vs. QVMT - 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 Invesco S&P S&P 500 Concentrated QVM ETF (QVMT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CPST achieves a 1.02% return, which is significantly lower than QVMT's 9.82% return.

CPST

1D
0.13%
1M
0.92%
YTD
1.02%
6M
2.02%
1Y
9.21%
3Y*
—
5Y*
—
10Y*
—

QVMT

1D
0.62%
1M
4.58%
YTD
9.82%
6M
18.00%
1Y
34.44%
3Y*
18.37%
5Y*
11.91%
10Y*
12.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CPST vs. QVMT - Yearly Performance Comparison

2026 (YTD)20252024
CPST
Calamos S&P 500 Structured Alt Protection ETF - September		1.02%6.73%2.30%
QVMT
Invesco S&P S&P 500 Concentrated QVM ETF		9.82%19.08%0.01%

Correlation

The correlation between CPST and QVMT is 0.54, 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

0.54

Correlation (All Time)
Calculated using the full available price history since Sep 4, 2024

0.51

The correlation between CPST and QVMT has been stable across timeframes, ranging from 0.51 to 0.54 — a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Calamos S&P 500 Structured Alt Protection ETF - September

Invesco S&P S&P 500 Concentrated QVM ETF

Often compared with CPST:
CPST vs. SPYD
Often compared with QVMT:
QVMT vs. SPVMQVMT vs. VOOQVMT vs. XCLRQVMT vs. IGMQVMT vs. RSPUQVMT vs. IVVQVMT vs. SPMO

Return for Risk

CPST vs. QVMT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CPST
CPST Risk / Return Rank: 9494
Overall Rank
CPST Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
CPST Sortino Ratio Rank: 9696
Sortino Ratio Rank
CPST Omega Ratio Rank: 9696
Omega Ratio Rank
CPST Calmar Ratio Rank: 9292
Calmar Ratio Rank
CPST Martin Ratio Rank: 9696
Martin Ratio Rank
QVMT
QVMT Risk / Return Rank: 7676
Overall Rank
QVMT Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
QVMT Sortino Ratio Rank: 7676
Sortino Ratio Rank
QVMT Omega Ratio Rank: 6868
Omega Ratio Rank
QVMT Calmar Ratio Rank: 8484
Calmar Ratio Rank
QVMT Martin Ratio Rank: 7979
Martin Ratio Rank
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. QVMT - 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 Invesco S&P S&P 500 Concentrated QVM ETF (QVMT). 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.

CPSTQVMTDifference

Sharpe ratio

Return per unit of total volatility

3.40

2.64

+0.76

Sortino ratio

Return per unit of downside risk

5.87

3.76

+2.11

Omega ratio

Gain probability vs. loss probability

1.81

1.45

+0.36

Calmar ratio

Return relative to maximum drawdown

6.25

5.07

+1.18

Martin ratio

Return relative to average drawdown

30.44

17.17

+13.27

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. QVMT - Sharpe Ratio Comparison

The current CPST Sharpe Ratio is 3.40, which is comparable to the QVMT Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of CPST and QVMT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

CPSTQVMTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.40

2.64

+0.76

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.69

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.59

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.82

0.56

+1.26

Drawdowns

CPST vs. QVMT - Drawdown Comparison

The maximum CPST drawdown since its inception was -3.79%, smaller than the maximum QVMT drawdown of -48.05%. Use the drawdown chart below to compare losses from any high point for CPST and QVMT.

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Drawdown Indicators

CPSTQVMTDifference

Max Drawdown

Largest peak-to-trough decline

-3.79%

-48.05%

+44.26%

Max Drawdown (1Y)

Largest decline over 1 year

-1.42%

-6.25%

+4.83%

Max Drawdown (5Y)

Largest decline over 5 years

—

-21.95%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-48.05%

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-0.37%

-6.42%

+6.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.29%

1.85%

-1.56%

Volatility

CPST vs. QVMT - Volatility Comparison

The current volatility for Calamos S&P 500 Structured Alt Protection ETF - September (CPST) is 1.15%, while Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) has a volatility of 4.61%. This indicates that CPST experiences smaller price fluctuations and is considered to be less risky than QVMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CPSTQVMTDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.15%

4.61%

-3.46%

Volatility (6M)

Calculated over the trailing 6-month period

1.73%

9.77%

-8.04%

Volatility (1Y)

Calculated over the trailing 1-year period

2.73%

13.18%

-10.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.49%

17.37%

-13.88%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.49%

21.10%

-17.61%

CPST vs. QVMT - Expense Ratio Comparison

CPST has a 0.69% expense ratio, which is higher than QVMT's 0.13% expense ratio.

Dividends

CPST vs. QVMT - Dividend Comparison

CPST has not paid dividends to shareholders, while QVMT's dividend yield for the trailing twelve months is around 2.19%.

TTM20252024202320222021202020192018201720162015
CPST
Calamos S&P 500 Structured Alt Protection ETF - September		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
QVMT
Invesco S&P S&P 500 Concentrated QVM ETF		2.19%2.42%2.71%3.05%2.49%2.31%2.70%2.23%2.48%2.37%1.11%0.54%