CPSU vs. RBIL

Last updated Jun 24, 2026

CPSU (Calamos S&P 500 Structured Alt Protection ETF - June) and RBIL (F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF) are both exchange-traded funds - CPSU is a Defined Outcome fund actively managed by Calamos, while RBIL is a Inflation-Protected Bonds fund tracking the Bloomberg US Ultrashort TIPS 1-13 Months Index. CPSU is actively managed, while RBIL is passively managed. Over the past year, CPSU returned 5.46% vs 4.07% for RBIL. At a correlation of -0.11, they often move in opposite directions. CPSU charges 0.69%/yr vs 0.17%/yr for RBIL.

Performance

CPSU vs. RBIL - 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 F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSU achieves a 1.77% return, which is significantly lower than RBIL's 2.32% return.

CPSU

• 1D: -0.15%
• 1M: -0.38%
• YTD: 1.77%
• 6M: 1.85%
• 1Y: 5.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

RBIL

• 1D: 0.01%
• 1M: -0.19%
• YTD: 2.32%
• 6M: 2.37%
• 1Y: 4.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSU vs. RBIL - Yearly Performance Comparison

	2026 (YTD)	2025
CPSU Calamos S&P 500 Structured Alt Protection ETF - June	1.77%	4.35%
RBIL F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF	2.32%	1.92%

Correlation

The correlation between CPSU and RBIL is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Jun 2, 2025	-0.11

Return for Risk

CPSU vs. RBIL — 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: 95

RBIL

RBIL Risk / Return Rank: 97
RBIL Sharpe Ratio Rank: 97
RBIL Sortino Ratio Rank: 98
RBIL Omega Ratio Rank: 98
RBIL Calmar Ratio Rank: 96
RBIL Martin Ratio Rank: 97

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. RBIL - 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 F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL). 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	RBIL	Difference
Sharpe ratio: Return per unit of total volatility	2.90	4.35	-1.45
Sortino ratio: Return per unit of downside risk	4.50	6.69	-2.19
Omega ratio: Gain probability vs. loss probability	1.71	2.13	-0.42
Calmar ratio: Return relative to maximum drawdown	5.33	7.82	-2.49
Martin ratio: Return relative to average drawdown	28.38	42.95	-14.57

CPSU vs. RBIL - Sharpe Ratio Comparison

The current CPSU Sharpe Ratio is 2.90, which is lower than the RBIL Sharpe Ratio of 4.35. The chart below compares the historical Sharpe Ratios of CPSU and RBIL, 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. RBIL - Drawdown Comparison

The maximum CPSU drawdown since its inception was -1.03%, which is greater than RBIL's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for CPSU and RBIL.

Drawdown Indicators

	CPSU	RBIL	Difference
Max Drawdown Largest peak-to-trough decline	-1.03%	-0.52%	-0.51%
Max Drawdown (1Y) Largest decline over 1 year	-1.03%	-0.52%	-0.51%
Current Drawdown Current decline from peak	-0.69%	-0.50%	-0.19%
Average Drawdown Average peak-to-trough decline	-0.09%	-0.07%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	0.10%	+0.09%

Volatility

CPSU vs. RBIL - Volatility Comparison

Calamos S&P 500 Structured Alt Protection ETF - June (CPSU) has a higher volatility of 0.91% compared to F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL) at 0.36%. This indicates that CPSU's price experiences larger fluctuations and is considered to be riskier than RBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSU	RBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	0.36%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	1.61%	0.85%	+0.76%
Volatility (1Y) Calculated over the trailing 1-year period	1.90%	0.95%	+0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.88%	1.07%	+0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.88%	1.07%	+0.81%

CPSU vs. RBIL - Expense Ratio Comparison

CPSU has a 0.69% expense ratio, which is higher than RBIL's 0.17% expense ratio.

Dividends

CPSU vs. RBIL - Dividend Comparison

CPSU has not paid dividends to shareholders, while RBIL's dividend yield for the trailing twelve months is around 4.38%.

Position	TTM	2025
CPSU Calamos S&P 500 Structured Alt Protection ETF - June	0.00%	0.00%
RBIL F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF	4.38%	3.65%

Frequently Asked Questions

Can I hold both CPSU and RBIL in my portfolio?

CPSU and RBIL have a correlation of -0.10, 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 RBIL?

CPSU has higher volatility (0.91%) compared to RBIL (0.36%). In terms of maximum drawdown, CPSU dropped -1.03% vs RBIL's -0.52%.

Which ETF is better, CPSU or RBIL?

On 1-year performance, CPSU leads with 5.46% vs 4.07% for RBIL. On fees, RBIL is cheaper at 0.17% per year. On volatility, RBIL has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPSU or RBIL?

Over the 1-year period, CPSU has performed better with a 5.46% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSU or RBIL?

RBIL is cheaper with a 0.17% expense ratio, compared with 0.69% for CPSU.

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

RBIL has the higher dividend yield at 4.38%, compared with 0.00% for CPSU.

What is the main difference between CPSU and RBIL?

CPSU is categorized as Defined Outcome, while RBIL is Inflation-Protected Bonds. They also come from different issuers: Calamos and F/m. Their fees differ too: 0.69% for CPSU and 0.17% for RBIL.

Which has better risk-adjusted returns?

RBIL currently has the higher Sharpe Ratio (4.35 vs 2.90), 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.