CPSY vs. CPST

Last updated Jun 4, 2026

CPSY (Calamos S&P 500 Structured Alt Protection ETF - January) and CPST (Calamos S&P 500 Structured Alt Protection ETF - September) are both Defined Outcome funds from Calamos. CPSY is actively managed, while CPST is passively managed. Over the past year, CPSY returned 7.60% vs 7.61% for CPST. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.69% expense ratio.

Performance

CPSY vs. CPST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos S&P 500 Structured Alt Protection ETF - January (CPSY) and Calamos S&P 500 Structured Alt Protection ETF - September (CPST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSY achieves a 2.37% return, which is significantly lower than CPST's 2.67% return.

CPSY

• 1D: 0.02%
• 1M: 0.80%
• YTD: 2.37%
• 6M: 2.92%
• 1Y: 7.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPST

• 1D: 0.00%
• 1M: 0.87%
• YTD: 2.67%
• 6M: 2.98%
• 1Y: 7.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSY vs. CPST - Yearly Performance Comparison

	2026 (YTD)	2025
CPSY Calamos S&P 500 Structured Alt Protection ETF - January	2.37%	6.83%
CPST Calamos S&P 500 Structured Alt Protection ETF - September	2.67%	6.69%

Correlation

The correlation between CPSY and CPST is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.83

The correlation between CPSY and CPST has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.

Return for Risk

CPSY vs. CPST — Risk / Return Rank

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

CPSY

CPSY Risk / Return Rank: 95
CPSY Sharpe Ratio Rank: 95
CPSY Sortino Ratio Rank: 97
CPSY Omega Ratio Rank: 96
CPSY Calmar Ratio Rank: 90
CPSY Martin Ratio Rank: 95

CPST

CPST Risk / Return Rank: 94
CPST Sharpe Ratio Rank: 94
CPST Sortino Ratio Rank: 97
CPST Omega Ratio Rank: 96
CPST Calmar Ratio Rank: 89
CPST Martin Ratio Rank: 95

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.

CPSY vs. CPST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos S&P 500 Structured Alt Protection ETF - January (CPSY) and Calamos S&P 500 Structured Alt Protection ETF - September (CPST). 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.

	CPSY	CPST	Difference
Sharpe ratio: Return per unit of total volatility	3.74	3.56	+0.18
Sortino ratio: Return per unit of downside risk	6.06	5.91	+0.15
Omega ratio: Gain probability vs. loss probability	1.84	1.82	+0.02
Calmar ratio: Return relative to maximum drawdown	5.67	5.38	+0.29
Martin ratio: Return relative to average drawdown	29.46	28.97	+0.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPSY vs. CPST - Sharpe Ratio Comparison

The current CPSY Sharpe Ratio is 3.74, which is comparable to the CPST Sharpe Ratio of 3.56. The chart below compares the historical Sharpe Ratios of CPSY and CPST, 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

	CPSY	CPST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.74	3.56	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	2.14	2.02	+0.12

Drawdowns

CPSY vs. CPST - Drawdown Comparison

The maximum CPSY drawdown since its inception was -3.01%, smaller than the maximum CPST drawdown of -3.79%. Use the drawdown chart below to compare losses from any high point for CPSY and CPST.

Drawdown Indicators

	CPSY	CPST	Difference
Max Drawdown Largest peak-to-trough decline	-3.01%	-3.79%	+0.78%
Max Drawdown (1Y) Largest decline over 1 year	-1.35%	-1.42%	+0.07%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.33%	-0.35%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.26%	0.00%

Volatility

CPSY vs. CPST - Volatility Comparison

Calamos S&P 500 Structured Alt Protection ETF - January (CPSY) and Calamos S&P 500 Structured Alt Protection ETF - September (CPST) have volatilities of 0.31% and 0.30%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSY	CPST	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.31%	0.30%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.42%	1.60%	-0.18%
Volatility (1Y) Calculated over the trailing 1-year period	2.04%	2.15%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.08%	3.37%	-0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.08%	3.37%	-0.29%

CPSY vs. CPST - Expense Ratio Comparison

Both CPSY and CPST have an expense ratio of 0.69%.

Dividends

CPSY vs. CPST - Dividend Comparison

Neither CPSY nor CPST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPSY and CPST in my portfolio?

CPSY and CPST have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPSY or CPST?

CPSY has higher volatility (0.31%) compared to CPST (0.30%). In terms of maximum drawdown, CPSY dropped -3.01% vs CPST's -3.79%.

Which ETF is better, CPSY or CPST?

On 1-year performance, CPST leads with 7.61% vs 7.60% for CPSY. Both ETFs have the same 0.69% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPSY or CPST?

Over the 1-year period, CPST has performed better with a 7.61% return vs 7.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSY or CPST?

CPSY and CPST have the same expense ratio: 0.69% per year.

Which ETF pays a higher dividend yield, CPSY or CPST?

CPSY and CPST have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

CPSY currently has the higher Sharpe Ratio (3.74 vs 3.56), 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.