CPSY vs. PBOG

Last updated Jun 24, 2026

CPSY (Calamos S&P 500 Structured Alt Protection ETF - January) and PBOG (Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF) are both exchange-traded funds - CPSY is a Defined Outcome fund actively managed by Calamos, while PBOG is a Energy Equities fund tracking the BITA Global Oil & Gas Select Index. CPSY is actively managed, while PBOG is passively managed. At a correlation of -0.32, they often move in opposite directions. CPSY charges 0.69%/yr vs 0.13%/yr for PBOG.

Performance

CPSY vs. PBOG - 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 Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF (PBOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSY achieves a 2.33% return, which is significantly lower than PBOG's 20.33% return.

CPSY

• 1D: 0.00%
• 1M: 0.22%
• YTD: 2.33%
• 6M: 2.47%
• 1Y: 7.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBOG

• 1D: 0.25%
• 1M: -9.73%
• YTD: 20.33%
• 6M: 21.36%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSY vs. PBOG - Yearly Performance Comparison

	2026 (YTD)	2025
CPSY Calamos S&P 500 Structured Alt Protection ETF - January	2.33%	0.99%
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF	20.33%	1.39%

Correlation

The correlation between CPSY and PBOG is -0.32, 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 (All Time) Calculated using the full available price history since Nov 25, 2025	-0.32

Return for Risk

CPSY vs. PBOG — 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: 96
CPSY Sortino Ratio Rank: 97
CPSY Omega Ratio Rank: 96
CPSY Calmar Ratio Rank: 91
CPSY Martin Ratio Rank: 95

PBOG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. PBOG - 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 Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF (PBOG). 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.

	CPSY	PBOG	Difference
Sharpe ratio: Return per unit of total volatility	3.54	—	—
Sortino ratio: Return per unit of downside risk	5.76	—	—
Omega ratio: Gain probability vs. loss probability	1.79	—	—
Calmar ratio: Return relative to maximum drawdown	5.27	—	—
Martin ratio: Return relative to average drawdown	27.15	—	—

Drawdowns

CPSY vs. PBOG - Drawdown Comparison

The maximum CPSY drawdown since its inception was -3.01%, smaller than the maximum PBOG drawdown of -16.46%. Use the drawdown chart below to compare losses from any high point for CPSY and PBOG.

Drawdown Indicators

	CPSY	PBOG	Difference
Max Drawdown Largest peak-to-trough decline	-3.01%	-16.46%	+13.45%
Max Drawdown (1Y) Largest decline over 1 year	-1.35%	—	—
Current Drawdown Current decline from peak	-0.08%	-15.19%	+15.11%
Average Drawdown Average peak-to-trough decline	-0.32%	-3.86%	+3.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	—	—

Volatility

Volatility by Period

	CPSY	PBOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.47%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.02%	23.95%	-21.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.05%	23.95%	-20.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.05%	23.95%	-20.90%

CPSY vs. PBOG - Expense Ratio Comparison

CPSY has a 0.69% expense ratio, which is higher than PBOG's 0.13% expense ratio.

Dividends

CPSY vs. PBOG - Dividend Comparison

CPSY has not paid dividends to shareholders, while PBOG's dividend yield for the trailing twelve months is around 0.14%.

Position	TTM	2025
CPSY Calamos S&P 500 Structured Alt Protection ETF - January	0.00%	0.00%
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF	0.14%	0.17%

Frequently Asked Questions

Can I hold both CPSY and PBOG in my portfolio?

CPSY and PBOG have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CPSY or PBOG?

On fees, PBOG is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CPSY or PBOG?

PBOG is cheaper with a 0.13% expense ratio, compared with 0.69% for CPSY.

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

PBOG has the higher dividend yield at 0.14%, compared with 0.00% for CPSY.

What is the main difference between CPSY and PBOG?

CPSY is categorized as Defined Outcome, while PBOG is Energy Equities. They also come from different issuers: Calamos and Portfolio Building Blocks. Their fees differ too: 0.69% for CPSY and 0.13% for PBOG.