CPST vs. UGA

Last updated Jun 4, 2026

CPST (Calamos S&P 500 Structured Alt Protection ETF - September) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - CPST is a Defined Outcome fund tracking the MerQube Cap Protect US Lrg Cap PR Index - Sep, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past year, CPST returned 7.61% vs 80.94% for UGA. At a correlation of -0.08, they often move in opposite directions. CPST charges 0.69%/yr vs 0.75%/yr for UGA.

Performance

CPST vs. UGA - 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 United States Gasoline Fund LP (UGA). 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 UGA's 75.49% return.

CPST

• 1D: 0.00%
• 1M: 0.87%
• YTD: 2.67%
• 6M: 2.98%
• 1Y: 7.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UGA

• 1D: -0.19%
• 1M: -12.35%
• YTD: 75.49%
• 6M: 64.35%
• 1Y: 80.94%
• 3Y*: 22.21%
• 5Y*: 25.10%
• 10Y*: 14.43%

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

CPST vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CPST Calamos S&P 500 Structured Alt Protection ETF - September	2.67%	6.73%	2.30%
UGA United States Gasoline Fund LP	75.49%	-2.00%	6.78%

Correlation

The correlation between CPST and UGA is -0.25, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.25
Correlation (All Time) Calculated using the full available price history since Sep 4, 2024	-0.08

The correlation between CPST and UGA shifts across timeframes, from -0.25 (1 year) to -0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CPST vs. UGA — 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: 89
CPST Martin Ratio Rank: 95

UGA

UGA Risk / Return Rank: 69
UGA Sharpe Ratio Rank: 69
UGA Sortino Ratio Rank: 57
UGA Omega Ratio Rank: 60
UGA Calmar Ratio Rank: 89
UGA Martin Ratio Rank: 71

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. UGA - 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 United States Gasoline Fund LP (UGA). 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	UGA	Difference
Sharpe ratio Return per unit of total volatility	3.56	2.32	+1.25
Sortino ratio Return per unit of downside risk	5.91	2.75	+3.16
Omega ratio Gain probability vs. loss probability	1.82	1.37	+0.44
Calmar ratio Return relative to maximum drawdown	5.38	5.47	-0.09
Martin ratio Return relative to average drawdown	28.97	13.25	+15.72
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. UGA - Sharpe Ratio Comparison

The current CPST Sharpe Ratio is 3.56, which is higher than the UGA Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of CPST and UGA, 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	UGA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.56	2.32	+1.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.73	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.02	0.12	+1.90

Drawdowns

CPST vs. UGA - Drawdown Comparison

The maximum CPST drawdown since its inception was -3.79%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for CPST and UGA.

Drawdown Indicators

	CPST	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-3.79%	-86.59%	+82.80%
Max Drawdown (1Y) Largest decline over 1 year	-1.42%	-14.88%	+13.46%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.68%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	0.00%	-12.35%	+12.35%
Average Drawdown Average peak-to-trough decline	-0.35%	-36.76%	+36.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	6.13%	-5.87%

Volatility

CPST vs. UGA - Volatility Comparison

The current volatility for Calamos S&P 500 Structured Alt Protection ETF - September (CPST) is 0.30%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that CPST experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPST	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	11.66%	-11.36%
Volatility (6M) Calculated over the trailing 6-month period	1.60%	30.41%	-28.81%
Volatility (1Y) Calculated over the trailing 1-year period	2.15%	35.14%	-32.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.37%	34.38%	-31.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.37%	37.27%	-33.90%

CPST vs. UGA - Expense Ratio Comparison

CPST has a 0.69% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

CPST vs. UGA - Dividend Comparison

Neither CPST nor UGA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPST and UGA in my portfolio?

CPST and UGA have a correlation of -0.25, 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 UGA?

UGA has higher volatility (11.66%) compared to CPST (0.30%). In terms of maximum drawdown, CPST dropped -3.79% vs UGA's -86.59%.

Which ETF is better, CPST or UGA?

On 1-year performance, UGA leads with 80.94% vs 7.61% for CPST. On fees, CPST is cheaper at 0.69% per year. On volatility, CPST has been the lower-risk option at 0.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPST or UGA?

Over the 1-year period, UGA has performed better with a 80.94% return vs 7.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPST or UGA?

CPST is cheaper with a 0.69% expense ratio, compared with 0.75% for UGA.

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

CPST and UGA have nearly identical dividend yields, around 0.00%.

What is the main difference between CPST and UGA?

CPST is categorized as Defined Outcome, while UGA is Oil & Gas. CPST tracks MerQube Cap Protect US Lrg Cap PR Index - Sep, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Calamos and Concierge Technologies. Their fees differ too: 0.69% for CPST and 0.75% for UGA.

Which has better risk-adjusted returns?

CPST currently has the higher Sharpe Ratio (3.56 vs 2.32), 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.