CPST vs. QVMT
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 6.58% vs 32.14% for QVMT. Their 0.51 correlation means they have sometimes moved together and sometimes differently. CPST charges 0.69%/yr vs 0.13%/yr for QVMT.
Performance
CPST vs. QVMT - Performance Comparison
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Returns By Period
In the year-to-date period, CPST achieves a 3.52% return, which is significantly lower than QVMT's 14.62% return.
CPST
- 1D
- 0.16%
- 1M
- 0.54%
- 6M
- 3.05%
- YTD
- 3.52%
- 1Y
- 6.58%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.46%
QVMT
- 1D
- -0.50%
- 1M
- -2.65%
- 6M
- 11.45%
- YTD
- 14.62%
- 1Y
- 32.14%
- 3Y*
- 17.87%
- 5Y*
- 12.30%
- 10Y*
- 12.55%
- ALL TIME*
- 11.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $76.01K | $43.63K | $42.94K | |
| $936.15K | $987.45K | $703.91K |
CPST vs. QVMT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CPST Calamos S&P 500 Structured Alt Protection ETF - September | 3.52% | 6.73% | 1.97% |
QVMT Invesco S&P S&P 500 Concentrated QVM ETF | 14.62% | 19.08% | -0.96% |
Correlation
The correlation between CPST and QVMT is 0.50, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.50 |
Correlation (All Time) Calculated using the full available price history since Sep 3, 2024 | 0.51 |
The correlation between CPST and QVMT has been stable across timeframes, ranging from 0.50 to 0.51 - a consistent structural relationship.
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Return for Risk
CPST vs. QVMT — Risk / Return Rank
CPST
QVMT
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.
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.
| CPST | QVMT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.04 | ||
| Sortino ratioReturn per unit of downside risk | +2.13 | ||
| Omega ratioGain probability vs. loss probability | 1.68 | 1.35 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 4.42 | 3.27 | +1.15 |
| Martin ratioReturn relative to average drawdown | 23.90 | 13.45 | +10.45 |
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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
| CPST | QVMT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.79% | -48.05% | +44.26% |
Max Drawdown (1Y)Largest decline over 1 year | -1.42% | -9.23% | +7.81% |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.42% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -21.95% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.05% | — |
Current DrawdownCurrent decline from peak | 0.00% | -7.15% | +7.15% |
Average DrawdownAverage peak-to-trough decline | -0.32% | -6.29% | +5.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.26% | 2.25% | -1.99% |
Volatility
CPST vs. QVMT - Volatility Comparison
The current volatility for Calamos S&P 500 Structured Alt Protection ETF - September (CPST) is 0.33%, while Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) has a volatility of 6.32%. 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
| CPST | QVMT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.33% | 6.32% | -5.99% |
Volatility (6M)Calculated over the trailing 6-month period | 1.55% | 12.06% | -10.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.04% | 14.90% | -12.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.26% | 17.52% | -14.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.26% | 21.22% | -17.96% |
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 1.90%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 | 1.90% | 2.42% | 2.71% | 3.05% | 2.49% | 2.31% | 2.70% | 2.23% | 2.48% | 2.37% | 1.11% | 0.54% |
Frequently Asked Questions
CPST and QVMT have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QVMT has higher volatility (6.32%) compared to CPST (0.33%). In terms of maximum drawdown, CPST dropped -3.79% vs QVMT's -48.05%.
On 1-year performance, QVMT leads with 32.14% vs 6.58% for CPST. On fees, QVMT is cheaper at 0.13% per year. On volatility, CPST has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, QVMT has performed better with a 32.14% return vs 6.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QVMT is cheaper with a 0.13% expense ratio, compared with 0.69% for CPST.
QVMT has the higher dividend yield at 1.90%, compared with 0.00% for CPST.
CPST is categorized as Defined Outcome, while QVMT is S&P 500. CPST tracks MerQube Cap Protect US Lrg Cap PR Index - Sep, while QVMT tracks S&P 500 Quality, Value & Momentum Multi-factor Index. They also come from different issuers: Calamos and Invesco. Their fees differ too: 0.69% for CPST and 0.13% for QVMT.
CPST currently has the higher Sharpe Ratio (3.07 vs 2.04), 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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