CPSU vs. SPXT
CPSU (Calamos S&P 500 Structured Alt Protection ETF - June) and SPXT (ProShares S&P 500 Ex-Technology ETF) are both exchange-traded funds - CPSU is a Defined Outcome fund actively managed by Calamos, while SPXT is a S&P 500 fund tracking the S&P 500 Ex-Information Technology Index. CPSU is actively managed, while SPXT is passively managed. Over the past year, CPSU returned 6.43% vs 15.02% for SPXT. A 0.69 correlation means they provide meaningful diversification when combined. CPSU charges 0.69%/yr vs 0.09%/yr for SPXT.
Performance
CPSU vs. SPXT - Performance Comparison
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Returns By Period
In the year-to-date period, CPSU achieves a 2.29% return, which is significantly lower than SPXT's 2.70% return.
CPSU
- 1D
- -0.05%
- 1M
- 0.45%
- YTD
- 2.29%
- 6M
- 2.84%
- 1Y
- 6.43%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPXT
- 1D
- -0.15%
- 1M
- -1.41%
- YTD
- 2.70%
- 6M
- 3.39%
- 1Y
- 15.02%
- 3Y*
- 16.34%
- 5Y*
- 9.16%
- 10Y*
- 11.34%
CPSU vs. SPXT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CPSU Calamos S&P 500 Structured Alt Protection ETF - June | 2.29% | 4.15% |
SPXT ProShares S&P 500 Ex-Technology ETF | 2.70% | 12.30% |
Correlation
The correlation between CPSU and SPXT is 0.69, 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 | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2025 | 0.69 |
The correlation between CPSU and SPXT has been stable across timeframes, ranging from 0.69 to 0.69 - a consistent structural relationship.
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Return for Risk
CPSU vs. SPXT — Risk / Return Rank
CPSU
SPXT
CPSU vs. SPXT - 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 ProShares S&P 500 Ex-Technology ETF (SPXT). 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.
| CPSU | SPXT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.30 | ||
| Sortino ratioReturn per unit of downside risk | +4.21 | ||
| Omega ratioGain probability vs. loss probability | 1.97 | 1.26 | +0.71 |
| Calmar ratioReturn relative to maximum drawdown | 6.29 | 1.91 | +4.38 |
| Martin ratioReturn relative to average drawdown | 42.62 | 8.32 | +34.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CPSU | SPXT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.76 | 1.46 | +2.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.63 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.70 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.81 | 0.72 | +3.08 |
Drawdowns
CPSU vs. SPXT - Drawdown Comparison
The maximum CPSU drawdown since its inception was -1.03%, smaller than the maximum SPXT drawdown of -34.38%. Use the drawdown chart below to compare losses from any high point for CPSU and SPXT.
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Drawdown Indicators
| CPSU | SPXT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.03% | -34.38% | +33.35% |
Max Drawdown (1Y)Largest decline over 1 year | -1.03% | -7.90% | +6.87% |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.58% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -21.47% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.38% | — |
Current DrawdownCurrent decline from peak | -0.15% | -2.52% | +2.37% |
Average DrawdownAverage peak-to-trough decline | -0.07% | -4.14% | +4.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.15% | 1.81% | -1.66% |
Volatility
CPSU vs. SPXT - Volatility Comparison
The current volatility for Calamos S&P 500 Structured Alt Protection ETF - June (CPSU) is 0.29%, while ProShares S&P 500 Ex-Technology ETF (SPXT) has a volatility of 2.57%. This indicates that CPSU experiences smaller price fluctuations and is considered to be less risky than SPXT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPSU | SPXT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.29% | 2.57% | -2.28% |
Volatility (6M)Calculated over the trailing 6-month period | 1.39% | 7.53% | -6.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.72% | 10.34% | -8.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.72% | 14.71% | -12.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.72% | 16.23% | -14.51% |
CPSU vs. SPXT - Expense Ratio Comparison
CPSU has a 0.69% expense ratio, which is higher than SPXT's 0.09% expense ratio.
Dividends
CPSU vs. SPXT - Dividend Comparison
CPSU has not paid dividends to shareholders, while SPXT's dividend yield for the trailing twelve months is around 1.39%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
SPXT ProShares S&P 500 Ex-Technology ETF | 1.39% | 1.38% | 1.29% | 1.53% | 1.86% | 1.15% | 1.63% | 1.63% | 2.03% | 1.55% | 2.67% | 0.56% |
Frequently Asked Questions
CPSU and SPXT have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXT has higher volatility (2.57%) compared to CPSU (0.29%). In terms of maximum drawdown, CPSU dropped -1.03% vs SPXT's -34.38%.
On 1-year performance, SPXT leads with 15.02% vs 6.43% for CPSU. On fees, SPXT is cheaper at 0.09% per year. On volatility, CPSU has been the lower-risk option at 0.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPXT has performed better with a 15.02% return vs 6.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXT is cheaper with a 0.09% expense ratio, compared with 0.69% for CPSU.
SPXT has the higher dividend yield at 1.39%, compared with 0.00% for CPSU.
CPSU is categorized as Defined Outcome, while SPXT is S&P 500. They also come from different issuers: Calamos and ProShares. Their fees differ too: 0.69% for CPSU and 0.09% for SPXT.
CPSU currently has the higher Sharpe Ratio (3.76 vs 1.46), 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.
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