CPSU vs. CPSP

Last updated Jun 23, 2026

CPSU (Calamos S&P 500 Structured Alt Protection ETF - June) and CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) are both exchange-traded funds - CPSU is a Defined Outcome fund actively managed by Calamos, while CPSP is a S&P 500 fund actively managed by Calamos. Both are actively managed. Over the past year, CPSU returned 5.83% vs 6.88% for CPSP. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.69% expense ratio.

Performance

CPSU vs. CPSP - 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 S&P 500 Structured Alt Protection ETF - April (CPSP). 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 CPSP's 3.09% return.

CPSU

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

CPSP

• 1D: -0.06%
• 1M: 0.17%
• YTD: 3.09%
• 6M: 3.21%
• 1Y: 6.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSU vs. CPSP - Yearly Performance Comparison

	2026 (YTD)	2025
CPSU Calamos S&P 500 Structured Alt Protection ETF - June	1.92%	4.35%
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	3.09%	4.07%

Correlation

The correlation between CPSU and CPSP is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since Jun 2, 2025	0.70

The correlation between CPSU and CPSP has been stable across timeframes, ranging from 0.70 to 0.71 - a consistent structural relationship.

Return for Risk

CPSU vs. CPSP — 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

CPSP

CPSP Risk / Return Rank: 98
CPSP Sharpe Ratio Rank: 98
CPSP Sortino Ratio Rank: 99
CPSP Omega Ratio Rank: 98
CPSP Calmar Ratio Rank: 99
CPSP Martin Ratio Rank: 99

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. CPSP - 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 S&P 500 Structured Alt Protection ETF - April (CPSP). 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	CPSP	Difference
Sharpe ratio: Return per unit of total volatility	3.09	5.07	-1.97
Sortino ratio: Return per unit of downside risk	4.83	9.59	-4.75
Omega ratio: Gain probability vs. loss probability	1.77	2.28	-0.51
Calmar ratio: Return relative to maximum drawdown	5.69	18.43	-12.74
Martin ratio: Return relative to average drawdown	31.11	87.41	-56.30

CPSU vs. CPSP - Sharpe Ratio Comparison

The current CPSU Sharpe Ratio is 3.09, which is lower than the CPSP Sharpe Ratio of 5.07. The chart below compares the historical Sharpe Ratios of CPSU and CPSP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CPSU vs. CPSP - Drawdown Comparison

The maximum CPSU drawdown since its inception was -1.03%, smaller than the maximum CPSP drawdown of -1.73%. Use the drawdown chart below to compare losses from any high point for CPSU and CPSP.

Drawdown Indicators

	CPSU	CPSP	Difference
Max Drawdown Largest peak-to-trough decline	-1.03%	-1.73%	+0.70%
Max Drawdown (1Y) Largest decline over 1 year	-1.03%	-0.37%	-0.66%
Current Drawdown Current decline from peak	-0.54%	-0.20%	-0.34%
Average Drawdown Average peak-to-trough decline	-0.09%	-0.09%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	0.08%	+0.11%

Volatility

CPSU vs. CPSP - Volatility Comparison

Calamos S&P 500 Structured Alt Protection ETF - June (CPSU) has a higher volatility of 0.90% compared to Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) at 0.40%. This indicates that CPSU's price experiences larger fluctuations and is considered to be riskier than CPSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSU	CPSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	0.40%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	1.61%	0.87%	+0.74%
Volatility (1Y) Calculated over the trailing 1-year period	1.90%	1.37%	+0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.88%	2.38%	-0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.88%	2.38%	-0.50%

CPSU vs. CPSP - Expense Ratio Comparison

Both CPSU and CPSP have an expense ratio of 0.69%.

Dividends

CPSU vs. CPSP - Dividend Comparison

Neither CPSU nor CPSP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPSU and CPSP in my portfolio?

CPSU and CPSP have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPSU or CPSP?

CPSU has higher volatility (0.90%) compared to CPSP (0.40%). In terms of maximum drawdown, CPSU dropped -1.03% vs CPSP's -1.73%.

Which ETF is better, CPSU or CPSP?

On 1-year performance, CPSP leads with 6.88% vs 5.83% for CPSU. Both ETFs have the same 0.69% expense ratio. On volatility, CPSP has been the lower-risk option at 0.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPSU or CPSP?

Over the 1-year period, CPSP has performed better with a 6.88% return vs 5.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSU or CPSP?

CPSU and CPSP have the same expense ratio: 0.69% per year.

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

CPSU and CPSP have nearly identical dividend yields, around 0.00%.

What is the main difference between CPSU and CPSP?

CPSU is categorized as Defined Outcome, while CPSP is S&P 500.

Which has better risk-adjusted returns?

CPSP currently has the higher Sharpe Ratio (5.07 vs 3.09), 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.