CPSU vs. USO

Last updated Jun 4, 2026

CPSU (Calamos S&P 500 Structured Alt Protection ETF - June) and USO (United States Oil Fund LP) are both exchange-traded funds - CPSU is a Defined Outcome fund actively managed by Calamos, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. CPSU is actively managed, while USO is passively managed. Over the past year, CPSU returned 6.43% vs 101.55% for USO. At a correlation of -0.27, they often move in opposite directions. CPSU charges 0.69%/yr vs 0.86%/yr for USO.

Performance

CPSU vs. USO - 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 United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSU achieves a 2.29% return, which is significantly lower than USO's 103.67% return.

CPSU

• 1D: -0.05%
• 1M: 0.45%
• YTD: 2.29%
• 6M: 2.84%
• 1Y: 6.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USO

• 1D: 2.62%
• 1M: -4.57%
• YTD: 103.67%
• 6M: 99.35%
• 1Y: 101.55%
• 3Y*: 29.98%
• 5Y*: 24.41%
• 10Y*: 4.07%

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

CPSU vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025
CPSU Calamos S&P 500 Structured Alt Protection ETF - June	2.29%	4.15%
USO United States Oil Fund LP	103.67%	-0.56%

Correlation

The correlation between CPSU and USO is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.27
Correlation (All Time) Calculated using the full available price history since Jun 3, 2025	-0.27

Return for Risk

CPSU vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CPSU

CPSU Risk / Return Rank: 96
CPSU Sharpe Ratio Rank: 95
CPSU Sortino Ratio Rank: 97
CPSU Omega Ratio Rank: 97
CPSU Calmar Ratio Rank: 92
CPSU Martin Ratio Rank: 97

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 69
USO Sortino Ratio Rank: 60
USO Omega Ratio Rank: 61
USO Calmar Ratio Rank: 87
USO Martin Ratio Rank: 54

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. USO - 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 United States Oil Fund LP (USO). 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	USO	Difference
Sharpe ratio: Return per unit of total volatility	3.76	2.31	+1.45
Sortino ratio: Return per unit of downside risk	6.32	2.89	+3.43
Omega ratio: Gain probability vs. loss probability	1.97	1.38	+0.58
Calmar ratio: Return relative to maximum drawdown	6.29	5.01	+1.28
Martin ratio: Return relative to average drawdown	42.62	9.42	+33.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPSU vs. USO - Sharpe Ratio Comparison

The current CPSU Sharpe Ratio is 3.76, which is higher than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of CPSU and USO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CPSU	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.76	2.31	+1.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.68	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.81	-0.18	+3.98

Drawdowns

CPSU vs. USO - Drawdown Comparison

The maximum CPSU drawdown since its inception was -1.03%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for CPSU and USO.

Drawdown Indicators

	CPSU	USO	Difference
Max Drawdown Largest peak-to-trough decline	-1.03%	-98.19%	+97.16%
Max Drawdown (1Y) Largest decline over 1 year	-1.03%	-20.39%	+19.36%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-36.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-86.75%	—
Current Drawdown Current decline from peak	-0.15%	-85.01%	+84.86%
Average Drawdown Average peak-to-trough decline	-0.07%	-75.30%	+75.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.15%	10.82%	-10.67%

Volatility

CPSU vs. USO - Volatility Comparison

The current volatility for Calamos S&P 500 Structured Alt Protection ETF - June (CPSU) is 0.29%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that CPSU experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSU	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.29%	14.87%	-14.58%
Volatility (6M) Calculated over the trailing 6-month period	1.39%	38.23%	-36.84%
Volatility (1Y) Calculated over the trailing 1-year period	1.72%	44.20%	-42.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.72%	36.06%	-34.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.72%	39.00%	-37.28%

CPSU vs. USO - Expense Ratio Comparison

CPSU has a 0.69% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

CPSU vs. USO - Dividend Comparison

Neither CPSU nor USO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPSU and USO in my portfolio?

CPSU and USO have a correlation of -0.27, 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 USO?

USO has higher volatility (14.87%) compared to CPSU (0.29%). In terms of maximum drawdown, CPSU dropped -1.03% vs USO's -98.19%.

Which ETF is better, CPSU or USO?

On 1-year performance, USO leads with 101.55% vs 6.43% for CPSU. On fees, CPSU is cheaper at 0.69% 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.

Which ETF has performed better, CPSU or USO?

Over the 1-year period, USO has performed better with a 101.55% return vs 6.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSU or USO?

CPSU is cheaper with a 0.69% expense ratio, compared with 0.86% for USO.

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

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

What is the main difference between CPSU and USO?

CPSU is categorized as Defined Outcome, while USO is Oil & Gas. They also come from different issuers: Calamos and USCF. Their fees differ too: 0.69% for CPSU and 0.86% for USO.

Which has better risk-adjusted returns?

CPSU currently has the higher Sharpe Ratio (3.76 vs 2.31), 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.