CPSU vs. TPYP
CPSU (Calamos S&P 500 Structured Alt Protection ETF - June) and TPYP (Tortoise North American Pipeline Fund) are both exchange-traded funds - CPSU is a Defined Outcome fund actively managed by Calamos, while TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index. CPSU is actively managed, while TPYP is passively managed. Over the past year, CPSU returned 5.55% vs 22.13% for TPYP. Their -0.12 correlation means they have often moved in opposite directions in the past. CPSU charges 0.69%/yr vs 0.40%/yr for TPYP.
Performance
CPSU vs. TPYP - Performance Comparison
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Returns By Period
In the year-to-date period, CPSU achieves a 2.96% return, which is significantly lower than TPYP's 20.31% return.
CPSU
- 1D
- 0.00%
- 1M
- 0.74%
- 6M
- 2.60%
- YTD
- 2.96%
- 1Y
- 5.55%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.30%
TPYP
- 1D
- -1.47%
- 1M
- 0.33%
- 6M
- 10.96%
- YTD
- 20.31%
- 1Y
- 22.13%
- 3Y*
- 23.42%
- 5Y*
- 18.93%
- 10Y*
- 11.32%
- ALL TIME*
- 9.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $63.67K | $38.91K | $281.96K | |
| $2.68M | $2.32M | $2.66M |
CPSU vs. TPYP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CPSU Calamos S&P 500 Structured Alt Protection ETF - June | 2.96% | 4.35% |
TPYP Tortoise North American Pipeline Fund | 20.31% | 2.81% |
Correlation
The correlation between CPSU and TPYP is -0.18, 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. | -0.18 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2025 | -0.12 |
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Return for Risk
CPSU vs. TPYP — Risk / Return Rank
CPSU
TPYP
CPSU vs. TPYP - 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 Tortoise North American Pipeline Fund (TPYP). 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 | TPYP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.10 | ||
| Sortino ratioReturn per unit of downside risk | +1.91 | ||
| Omega ratioGain probability vs. loss probability | 1.66 | 1.27 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 5.42 | 3.25 | +2.17 |
| Martin ratioReturn relative to average drawdown | 23.55 | 7.64 | +15.91 |
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Drawdowns
CPSU vs. TPYP - Drawdown Comparison
The maximum CPSU drawdown since its inception was -1.03%, smaller than the maximum TPYP drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for CPSU and TPYP.
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Drawdown Indicators
| CPSU | TPYP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.03% | -51.91% | +50.88% |
Max Drawdown (1Y)Largest decline over 1 year | -1.03% | -6.84% | +5.81% |
Max Drawdown (3Y)Largest decline over 3 years | — | -13.17% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.96% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -51.91% | — |
Current DrawdownCurrent decline from peak | 0.00% | -5.54% | +5.54% |
Average DrawdownAverage peak-to-trough decline | -0.11% | -7.82% | +7.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.24% | 2.91% | -2.67% |
Volatility
CPSU vs. TPYP - Volatility Comparison
The current volatility for Calamos S&P 500 Structured Alt Protection ETF - June (CPSU) is 0.92%, while Tortoise North American Pipeline Fund (TPYP) has a volatility of 4.74%. This indicates that CPSU experiences smaller price fluctuations and is considered to be less risky than TPYP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPSU | TPYP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 4.74% | -3.82% |
Volatility (6M)Calculated over the trailing 6-month period | 1.85% | 11.18% | -9.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.06% | 13.98% | -11.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.99% | 17.41% | -15.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.99% | 21.90% | -19.91% |
CPSU vs. TPYP - Expense Ratio Comparison
CPSU has a 0.69% expense ratio, which is higher than TPYP's 0.40% expense ratio.
Dividends
CPSU vs. TPYP - Dividend Comparison
CPSU has not paid dividends to shareholders, while TPYP's dividend yield for the trailing twelve months is around 3.28%.
| 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% |
TPYP Tortoise North American Pipeline Fund | 3.28% | 3.91% | 3.95% | 4.83% | 4.48% | 4.86% | 6.14% | 4.45% | 4.58% | 3.71% | 3.49% | 2.56% |
Frequently Asked Questions
CPSU and TPYP have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TPYP has higher volatility (4.74%) compared to CPSU (0.92%). In terms of maximum drawdown, CPSU dropped -1.03% vs TPYP's -51.91%.
On 1-year performance, TPYP leads with 22.13% vs 5.55% for CPSU. On fees, TPYP is cheaper at 0.40% 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.
Over the 1-year period, TPYP has performed better with a 22.13% return vs 5.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TPYP is cheaper with a 0.40% expense ratio, compared with 0.69% for CPSU.
TPYP has the higher dividend yield at 3.28%, compared with 0.00% for CPSU.
CPSU is categorized as Defined Outcome, while TPYP is Energy Equities. They also come from different issuers: Calamos and Tortoise. Their fees differ too: 0.69% for CPSU and 0.40% for TPYP.
CPSU currently has the higher Sharpe Ratio (2.70 vs 1.60), 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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