CPST vs. QVMT

Last updated Jun 3, 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 7.84% vs 35.16% 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.

Returns By Period

In the year-to-date period, CPST achieves a 2.67% return, which is significantly lower than QVMT's 16.90% return.

CPST

• 1D: 0.07%
• 1M: 0.82%
• YTD: 2.67%
• 6M: 3.20%
• 1Y: 7.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QVMT

• 1D: 0.85%
• 1M: 4.32%
• YTD: 16.90%
• 6M: 20.75%
• 1Y: 35.16%
• 3Y*: 22.58%
• 5Y*: 11.41%
• 10Y*: 13.26%

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

CPST vs. QVMT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CPST Calamos S&P 500 Structured Alt Protection ETF - September	2.67%	6.73%	2.30%
QVMT Invesco S&P S&P 500 Concentrated QVM ETF	16.90%	19.08%	0.01%

Correlation

The correlation between CPST and QVMT is 0.51, 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	0.51
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 0.51 - a consistent structural relationship.

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: 94
CPST Sharpe Ratio Rank: 94
CPST Sortino Ratio Rank: 97
CPST Omega Ratio Rank: 96
CPST Calmar Ratio Rank: 90
CPST Martin Ratio Rank: 95

QVMT

QVMT Risk / Return Rank: 86
QVMT Sharpe Ratio Rank: 85
QVMT Sortino Ratio Rank: 88
QVMT Omega Ratio Rank: 79
QVMT Calmar Ratio Rank: 90
QVMT Martin Ratio Rank: 88

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.

	CPST	QVMT	Difference
Sharpe ratio Return per unit of total volatility	3.66	2.83	+0.83
Sortino ratio Return per unit of downside risk	6.09	4.03	+2.05
Omega ratio Gain probability vs. loss probability	1.84	1.48	+0.36
Calmar ratio Return relative to maximum drawdown	5.58	5.59	-0.01
Martin ratio Return relative to average drawdown	30.14	19.90	+10.24
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 3.66, which is comparable to the QVMT Sharpe Ratio of 2.83. 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.

Sharpe Ratios by Period

	CPST	QVMT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.66	2.83	+0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.02	0.59	+1.44

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.

Drawdown Indicators

	CPST	QVMT	Difference
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 (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 Drawdown Current decline from peak	0.00%	-0.67%	+0.67%
Average Drawdown Average peak-to-trough decline	-0.35%	-6.34%	+5.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	1.76%	-1.50%

Volatility

CPST vs. QVMT - Volatility Comparison

The current volatility for Calamos S&P 500 Structured Alt Protection ETF - September (CPST) is 0.32%, while Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) has a volatility of 3.23%. 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.

Volatility by Period

	CPST	QVMT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.32%	3.23%	-2.91%
Volatility (6M) Calculated over the trailing 6-month period	1.60%	8.99%	-7.39%
Volatility (1Y) Calculated over the trailing 1-year period	2.15%	12.48%	-10.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.37%	17.28%	-13.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.37%	21.08%	-17.71%

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 2.06%.

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	2.06%	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

Can I hold both CPST and QVMT in my portfolio?

CPST and QVMT have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPST or QVMT?

QVMT has higher volatility (3.23%) compared to CPST (0.32%). In terms of maximum drawdown, CPST dropped -3.79% vs QVMT's -48.05%.

Which ETF is better, CPST or QVMT?

On 1-year performance, QVMT leads with 35.16% vs 7.84% for CPST. On fees, QVMT is cheaper at 0.13% per year. On volatility, CPST has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPST or QVMT?

Over the 1-year period, QVMT has performed better with a 35.16% return vs 7.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPST or QVMT?

QVMT is cheaper with a 0.13% expense ratio, compared with 0.69% for CPST.

Which ETF pays a higher dividend yield, CPST or QVMT?

QVMT has the higher dividend yield at 2.06%, compared with 0.00% for CPST.

What is the main difference between CPST and QVMT?

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.

Which has better risk-adjusted returns?

CPST currently has the higher Sharpe Ratio (3.66 vs 2.83), 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.