CPST vs. SPYD

Last updated Apr 14, 2026

CPST (Calamos S&P 500 Structured Alt Protection ETF - September) and SPYD (SPDR Portfolio S&P 500 High Dividend ETF) are both exchange-traded funds — CPST is a Defined Outcome fund tracking the MerQube Cap Protect US Lrg Cap PR Index - Sep, while SPYD is a S&P 500 fund tracking the S&P 500 High Dividend Index. Both are passively managed. Over the past year, CPST returned 9.21% vs 16.53% for SPYD. At 0.44, their price movements are largely independent. CPST charges 0.69%/yr vs 0.07%/yr for SPYD.

Performance

CPST vs. SPYD - 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 SPDR Portfolio S&P 500 High Dividend ETF (SPYD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPST achieves a 1.02% return, which is significantly lower than SPYD's 7.04% return.

CPST

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

SPYD

• 1D: 0.13%
• 1M: 1.11%
• YTD: 7.04%
• 6M: 7.98%
• 1Y: 16.53%
• 3Y*: 11.48%
• 5Y*: 7.73%
• 10Y*: 8.51%

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

CPST vs. SPYD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CPST Calamos S&P 500 Structured Alt Protection ETF - September	1.02%	6.73%	2.30%
SPYD SPDR Portfolio S&P 500 High Dividend ETF	7.04%	4.65%	-1.69%

Correlation

The correlation between CPST and SPYD is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Sep 4, 2024	0.44

Return for Risk

CPST vs. SPYD — 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: 91
CPST Sortino Ratio Rank: 96
CPST Omega Ratio Rank: 96
CPST Calmar Ratio Rank: 92
CPST Martin Ratio Rank: 96

SPYD

SPYD Risk / Return Rank: 34
SPYD Sharpe Ratio Rank: 27
SPYD Sortino Ratio Rank: 28
SPYD Omega Ratio Rank: 25
SPYD Calmar Ratio Rank: 49
SPYD Martin Ratio Rank: 40

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. SPYD - 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 SPDR Portfolio S&P 500 High Dividend ETF (SPYD). 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	SPYD	Difference
Sharpe ratio Return per unit of total volatility	3.40	1.34	+2.06
Sortino ratio Return per unit of downside risk	5.87	2.02	+3.86
Omega ratio Gain probability vs. loss probability	1.81	1.23	+0.57
Calmar ratio Return relative to maximum drawdown	6.25	2.90	+3.35
Martin ratio Return relative to average drawdown	30.44	8.55	+21.89
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. SPYD - Sharpe Ratio Comparison

The current CPST Sharpe Ratio is 3.40, which is higher than the SPYD Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of CPST and SPYD, 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	SPYD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.40	1.34	+2.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.48	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.43	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.82	0.46	+1.36

Drawdowns

CPST vs. SPYD - Drawdown Comparison

The maximum CPST drawdown since its inception was -3.79%, smaller than the maximum SPYD drawdown of -46.42%. Use the drawdown chart below to compare losses from any high point for CPST and SPYD.

Drawdown Indicators

	CPST	SPYD	Difference
Max Drawdown Largest peak-to-trough decline	-3.79%	-46.42%	+42.63%
Max Drawdown (1Y) Largest decline over 1 year	-1.42%	-7.05%	+5.63%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.25%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.42%	—
Current Drawdown Current decline from peak	0.00%	-3.69%	+3.69%
Average Drawdown Average peak-to-trough decline	-0.37%	-6.23%	+5.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	2.39%	-2.10%

Volatility

CPST vs. SPYD - Volatility Comparison

The current volatility for Calamos S&P 500 Structured Alt Protection ETF - September (CPST) is 1.15%, while SPDR Portfolio S&P 500 High Dividend ETF (SPYD) has a volatility of 2.97%. This indicates that CPST experiences smaller price fluctuations and is considered to be less risky than SPYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPST	SPYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	2.97%	-1.82%
Volatility (6M) Calculated over the trailing 6-month period	1.73%	8.33%	-6.60%
Volatility (1Y) Calculated over the trailing 1-year period	2.73%	12.55%	-9.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.49%	16.24%	-12.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.49%	19.79%	-16.30%

CPST vs. SPYD - Expense Ratio Comparison

CPST has a 0.69% expense ratio, which is higher than SPYD's 0.07% expense ratio.

Dividends

CPST vs. SPYD - Dividend Comparison

CPST has not paid dividends to shareholders, while SPYD's dividend yield for the trailing twelve months is around 4.34%.

	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%
SPYD SPDR Portfolio S&P 500 High Dividend ETF	4.34%	4.52%	4.31%	4.66%	5.01%	3.68%	4.95%	4.42%	4.75%	4.63%	4.34%	1.13%