CPSU vs. DBE

Last updated Aug 6, 2026

CPSU (Calamos S&P 500 Structured Alt Protection ETF - June) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - CPSU is a Defined Outcome fund actively managed by Calamos, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. CPSU is actively managed, while DBE is passively managed. Over the past year, CPSU returned 5.55% vs 57.60% for DBE. Their -0.27 correlation means they have often moved in opposite directions in the past. CPSU charges 0.69%/yr vs 0.78%/yr for DBE.

Performance

CPSU vs. DBE - 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 Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSU achieves a 2.96% return, which is significantly lower than DBE's 63.53% return.

CPSU

• 1D: 0.00%
• 1M: 0.74%
• 6M: 2.60%
• YTD: 2.96%
• 1Y: 5.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.30%

DBE

• 1D: -0.24%
• 1M: 9.43%
• 6M: 46.31%
• YTD: 63.53%
• 1Y: 57.60%
• 3Y*: 13.46%
• 5Y*: 16.54%
• 10Y*: 11.73%
• ALL TIME*: 2.05%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CPSU Calamos S&P 500 Structured Alt Protection ETF - June	$63.67K	$38.91K	$281.96K
DBE Invesco DB Energy Fund	$1.42M	$1.12M	$1.57M

CPSU vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025
CPSU Calamos S&P 500 Structured Alt Protection ETF - June	2.96%	4.35%
DBE Invesco DB Energy Fund	63.53%	4.68%

Correlation

The correlation between CPSU and DBE is -0.26, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.26
Correlation (All Time) Calculated using the full available price history since Jun 2, 2025	-0.27

Return for Risk

CPSU vs. DBE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CPSU

CPSU Risk / Return Rank: 95
CPSU Sharpe Ratio Rank: 93
CPSU Sortino Ratio Rank: 95
CPSU Omega Ratio Rank: 96
CPSU Calmar Ratio Rank: 94
CPSU Martin Ratio Rank: 96

DBE

DBE Risk / Return Rank: 54
DBE Sharpe Ratio Rank: 55
DBE Sortino Ratio Rank: 52
DBE Omega Ratio Rank: 51
DBE Calmar Ratio Rank: 58
DBE Martin Ratio Rank: 54

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CPSU vs. DBE - 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 Invesco DB Energy Fund (DBE). 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	DBE	Difference
Sharpe ratio: Return per unit of total volatility	2.70	1.53	+1.17
Sortino ratio: Return per unit of downside risk	4.18	2.11	+2.07
Omega ratio: Gain probability vs. loss probability	1.66	1.26	+0.39
Calmar ratio: Return relative to maximum drawdown	5.42	2.34	+3.08
Martin ratio: Return relative to average drawdown	23.55	7.22	+16.33

CPSU vs. DBE - Sharpe Ratio Comparison

The current CPSU Sharpe Ratio is 2.70, which is higher than the DBE Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of CPSU and DBE, 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. DBE - Drawdown Comparison

The maximum CPSU drawdown since its inception was -1.03%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for CPSU and DBE.

Drawdown Indicators

	CPSU	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-1.03%	-86.69%	+85.66%
Max Drawdown (1Y) Largest decline over 1 year	-1.03%	-24.72%	+23.69%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.72%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-60.84%	—
Current Drawdown Current decline from peak	0.00%	-37.92%	+37.92%
Average Drawdown Average peak-to-trough decline	-0.11%	-57.12%	+57.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.24%	8.00%	-7.76%

Volatility

CPSU vs. DBE - Volatility Comparison

The current volatility for Calamos S&P 500 Structured Alt Protection ETF - June (CPSU) is 0.92%, while Invesco DB Energy Fund (DBE) has a volatility of 15.65%. This indicates that CPSU experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSU	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	15.65%	-14.73%
Volatility (6M) Calculated over the trailing 6-month period	1.85%	33.76%	-31.91%
Volatility (1Y) Calculated over the trailing 1-year period	2.06%	37.85%	-35.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.99%	30.19%	-28.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.99%	28.63%	-26.64%

CPSU vs. DBE - Expense Ratio Comparison

CPSU has a 0.69% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

CPSU vs. DBE - Dividend Comparison

CPSU has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.36%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CPSU Calamos S&P 500 Structured Alt Protection ETF - June	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DBE Invesco DB Energy Fund	2.36%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%

Frequently Asked Questions

Can I hold both CPSU and DBE in my portfolio?

CPSU and DBE have a correlation of -0.26, 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 DBE?

DBE has higher volatility (15.65%) compared to CPSU (0.92%). In terms of maximum drawdown, CPSU dropped -1.03% vs DBE's -86.69%.

Which ETF is better, CPSU or DBE?

On 1-year performance, DBE leads with 57.60% vs 5.55% for CPSU. On fees, CPSU is cheaper at 0.69% per year. On volatility, CPSU has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPSU or DBE?

Over the 1-year period, DBE has performed better with a 57.60% return vs 5.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSU or DBE?

CPSU is cheaper with a 0.69% expense ratio, compared with 0.78% for DBE.

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

DBE has the higher dividend yield at 2.36%, compared with 0.00% for CPSU.

What is the main difference between CPSU and DBE?

CPSU is categorized as Defined Outcome, while DBE is Oil & Gas. They also come from different issuers: Calamos and Invesco. Their fees differ too: 0.69% for CPSU and 0.78% for DBE.

Which has better risk-adjusted returns?

CPSU currently has the higher Sharpe Ratio (2.70 vs 1.53), 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.