CPSU vs. CAIQ

Last updated Jun 23, 2026

CPSU (Calamos S&P 500 Structured Alt Protection ETF - June) and CAIQ (Calamos Nasdaq Autocallable Income ETF) are both exchange-traded funds - CPSU is a Defined Outcome fund actively managed by Calamos, while CAIQ is a Nasdaq-100 fund tracking the MerQube Nasdaq-100 Vol Advantage Autocallable Index. CPSU is actively managed, while CAIQ is passively managed. A 0.72 correlation means they provide meaningful diversification when combined. CPSU charges 0.69%/yr vs 0.74%/yr for CAIQ.

Performance

CPSU vs. CAIQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos S&P 500 Structured Alt Protection ETF - June (CPSU) and Calamos Nasdaq Autocallable Income ETF (CAIQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSU achieves a 1.92% return, which is significantly lower than CAIQ's 12.63% return.

CPSU

• 1D: -0.07%
• 1M: -0.23%
• YTD: 1.92%
• 6M: 2.05%
• 1Y: 5.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAIQ

• 1D: -0.15%
• 1M: 0.21%
• YTD: 12.63%
• 6M: 12.38%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSU vs. CAIQ - Yearly Performance Comparison

	2026 (YTD)	2025
CPSU Calamos S&P 500 Structured Alt Protection ETF - June	1.92%	1.16%
CAIQ Calamos Nasdaq Autocallable Income ETF	12.63%	4.03%

Correlation

The correlation between CPSU and CAIQ is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025	0.72

Return for Risk

CPSU vs. CAIQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CPSU

CPSU Risk / Return Rank: 94
CPSU Sharpe Ratio Rank: 92
CPSU Sortino Ratio Rank: 95
CPSU Omega Ratio Rank: 96
CPSU Calmar Ratio Rank: 91
CPSU Martin Ratio Rank: 96

CAIQ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

CPSU vs. CAIQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos S&P 500 Structured Alt Protection ETF - June (CPSU) and Calamos Nasdaq Autocallable Income ETF (CAIQ). 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.

	CPSU	CAIQ	Difference
Sharpe ratio: Return per unit of total volatility	3.09	—	—
Sortino ratio: Return per unit of downside risk	4.83	—	—
Omega ratio: Gain probability vs. loss probability	1.77	—	—
Calmar ratio: Return relative to maximum drawdown	5.69	—	—
Martin ratio: Return relative to average drawdown	31.11	—	—

Drawdowns

CPSU vs. CAIQ - Drawdown Comparison

The maximum CPSU drawdown since its inception was -1.03%, smaller than the maximum CAIQ drawdown of -9.06%. Use the drawdown chart below to compare losses from any high point for CPSU and CAIQ.

Drawdown Indicators

	CPSU	CAIQ	Difference
Max Drawdown Largest peak-to-trough decline	-1.03%	-9.06%	+8.03%
Max Drawdown (1Y) Largest decline over 1 year	-1.03%	—	—
Current Drawdown Current decline from peak	-0.54%	-0.81%	+0.27%
Average Drawdown Average peak-to-trough decline	-0.09%	-1.68%	+1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	—	—

Volatility

Volatility by Period

	CPSU	CAIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.61%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.90%	13.75%	-11.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.88%	13.75%	-11.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.88%	13.75%	-11.87%

CPSU vs. CAIQ - Expense Ratio Comparison

CPSU has a 0.69% expense ratio, which is lower than CAIQ's 0.74% expense ratio.

Dividends

CPSU vs. CAIQ - Dividend Comparison

CPSU has not paid dividends to shareholders, while CAIQ's dividend yield for the trailing twelve months is around 8.53%.

Position	TTM	2025
CAIQ Calamos Nasdaq Autocallable Income ETF	8.53%	1.54%
CPSU Calamos S&P 500 Structured Alt Protection ETF - June	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPSU and CAIQ in my portfolio?

CPSU and CAIQ have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CPSU or CAIQ?

On fees, CPSU is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CPSU or CAIQ?

CPSU is cheaper with a 0.69% expense ratio, compared with 0.74% for CAIQ.

Which ETF pays a higher dividend yield, CPSU or CAIQ?

CAIQ has the higher dividend yield at 8.53%, compared with 0.00% for CPSU.

What is the main difference between CPSU and CAIQ?

CPSU is categorized as Defined Outcome, while CAIQ is Nasdaq-100. Their fees differ too: 0.69% for CPSU and 0.74% for CAIQ.