CPSY vs. DBE
CPSY (Calamos S&P 500 Structured Alt Protection ETF - January) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - CPSY is a Defined Outcome fund actively managed by Calamos, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. CPSY is actively managed, while DBE is passively managed. Over the past year, CPSY returned 7.60% vs 84.41% for DBE. At a correlation of -0.16, they often move in opposite directions. CPSY charges 0.69%/yr vs 0.78%/yr for DBE.
Performance
CPSY vs. DBE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CPSY achieves a 2.37% return, which is significantly lower than DBE's 83.68% return.
CPSY
- 1D
- 0.02%
- 1M
- 0.80%
- YTD
- 2.37%
- 6M
- 2.92%
- 1Y
- 7.60%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DBE
- 1D
- 2.33%
- 1M
- -5.45%
- YTD
- 83.68%
- 6M
- 74.95%
- 1Y
- 84.41%
- 3Y*
- 23.42%
- 5Y*
- 19.66%
- 10Y*
- 12.03%
CPSY vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CPSY Calamos S&P 500 Structured Alt Protection ETF - January | 2.37% | 6.83% |
DBE Invesco DB Energy Fund | 83.68% | -3.68% |
Correlation
The correlation between CPSY and DBE is -0.31, 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 | -0.31 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025 | -0.16 |
The correlation between CPSY and DBE shifts across timeframes, from -0.31 (1 year) to -0.16 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CPSY vs. DBE — Risk / Return Rank
CPSY
DBE
CPSY vs. DBE - 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 Invesco DB Energy Fund (DBE). 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 | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.31 | ||
| Sortino ratioReturn per unit of downside risk | +3.11 | ||
| Omega ratioGain probability vs. loss probability | 1.84 | 1.40 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 5.67 | 5.89 | -0.22 |
| Martin ratioReturn relative to average drawdown | 29.46 | 11.53 | +17.93 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| CPSY | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.74 | 2.43 | +1.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.14 | 0.09 | +2.05 |
Drawdowns
CPSY vs. DBE - Drawdown Comparison
The maximum CPSY drawdown since its inception was -3.01%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for CPSY and DBE.
Loading charts...
Drawdown Indicators
| CPSY | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.01% | -86.69% | +83.68% |
Max Drawdown (1Y)Largest decline over 1 year | -1.35% | -14.41% | +13.06% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.89% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | 0.00% | -30.27% | +30.27% |
Average DrawdownAverage peak-to-trough decline | -0.33% | -57.31% | +56.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.26% | 7.35% | -7.09% |
Volatility
CPSY vs. DBE - Volatility Comparison
The current volatility for Calamos S&P 500 Structured Alt Protection ETF - January (CPSY) is 0.31%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that CPSY experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CPSY | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.31% | 12.95% | -12.64% |
Volatility (6M)Calculated over the trailing 6-month period | 1.42% | 30.86% | -29.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.04% | 34.97% | -32.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.08% | 29.39% | -26.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.08% | 28.33% | -25.25% |
CPSY vs. DBE - Expense Ratio Comparison
CPSY has a 0.69% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
CPSY vs. DBE - Dividend Comparison
CPSY has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CPSY Calamos S&P 500 Structured Alt Protection ETF - January | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
Frequently Asked Questions
CPSY and DBE have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.95%) compared to CPSY (0.31%). In terms of maximum drawdown, CPSY dropped -3.01% vs DBE's -86.69%.
On 1-year performance, DBE leads with 84.41% vs 7.60% for CPSY. On fees, CPSY is cheaper at 0.69% per year. On volatility, CPSY has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DBE has performed better with a 84.41% return vs 7.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CPSY is cheaper with a 0.69% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.10%, compared with 0.00% for CPSY.
CPSY is categorized as Defined Outcome, while DBE is Oil & Gas. They also come from different issuers: Calamos and Invesco. Their fees differ too: 0.69% for CPSY and 0.78% for DBE.
CPSY currently has the higher Sharpe Ratio (3.74 vs 2.43), 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.
Find the right allocation for CPSY and DBE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer