CPSY vs. PIT

Last updated Jun 24, 2026

CPSY (Calamos S&P 500 Structured Alt Protection ETF - January) and PIT (VanEck Commodity Strategy ETF) are both exchange-traded funds - CPSY is a Defined Outcome fund actively managed by Calamos, while PIT is a Commodities fund actively managed by VanEck. Both are actively managed. Over the past year, CPSY returned 7.07% vs 39.64% for PIT. At a correlation of -0.07, they often move in opposite directions. CPSY charges 0.69%/yr vs 0.55%/yr for PIT.

Performance

CPSY vs. PIT - 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 VanEck Commodity Strategy ETF (PIT). 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 PIT's 25.62% return.

CPSY

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

PIT

• 1D: -1.32%
• 1M: -11.78%
• YTD: 25.62%
• 6M: 23.58%
• 1Y: 39.64%
• 3Y*: 18.98%
• 5Y*: —
• 10Y*: —

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

CPSY vs. PIT - Yearly Performance Comparison

	2026 (YTD)	2025
CPSY Calamos S&P 500 Structured Alt Protection ETF - January	2.33%	6.74%
PIT VanEck Commodity Strategy ETF	25.62%	21.63%

Correlation

The correlation between CPSY and PIT is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	-0.07

Return for Risk

CPSY vs. PIT — 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

PIT

PIT Risk / Return Rank: 57
PIT Sharpe Ratio Rank: 59
PIT Sortino Ratio Rank: 52
PIT Omega Ratio Rank: 56
PIT Calmar Ratio Rank: 56
PIT Martin Ratio Rank: 63

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. PIT - 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 VanEck Commodity Strategy ETF (PIT). 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	PIT	Difference
Sharpe ratio: Return per unit of total volatility	3.54	1.85	+1.69
Sortino ratio: Return per unit of downside risk	5.76	2.40	+3.36
Omega ratio: Gain probability vs. loss probability	1.79	1.33	+0.46
Calmar ratio: Return relative to maximum drawdown	5.27	2.62	+2.65
Martin ratio: Return relative to average drawdown	27.15	10.88	+16.27

CPSY vs. PIT - Sharpe Ratio Comparison

The current CPSY Sharpe Ratio is 3.54, which is higher than the PIT Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of CPSY and PIT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CPSY vs. PIT - Drawdown Comparison

The maximum CPSY drawdown since its inception was -3.01%, smaller than the maximum PIT drawdown of -15.19%. Use the drawdown chart below to compare losses from any high point for CPSY and PIT.

Drawdown Indicators

	CPSY	PIT	Difference
Max Drawdown Largest peak-to-trough decline	-3.01%	-15.19%	+12.18%
Max Drawdown (1Y) Largest decline over 1 year	-1.35%	-15.19%	+13.84%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.19%	—
Current Drawdown Current decline from peak	-0.08%	-15.19%	+15.11%
Average Drawdown Average peak-to-trough decline	-0.32%	-4.08%	+3.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	3.66%	-3.40%

Volatility

CPSY vs. PIT - Volatility Comparison

The current volatility for Calamos S&P 500 Structured Alt Protection ETF - January (CPSY) is 0.54%, while VanEck Commodity Strategy ETF (PIT) has a volatility of 4.72%. This indicates that CPSY experiences smaller price fluctuations and is considered to be less risky than PIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSY	PIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	4.72%	-4.18%
Volatility (6M) Calculated over the trailing 6-month period	1.47%	19.40%	-17.93%
Volatility (1Y) Calculated over the trailing 1-year period	2.02%	21.66%	-19.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.05%	17.50%	-14.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.05%	17.50%	-14.45%

CPSY vs. PIT - Expense Ratio Comparison

CPSY has a 0.69% expense ratio, which is higher than PIT's 0.55% expense ratio.

Dividends

CPSY vs. PIT - Dividend Comparison

CPSY has not paid dividends to shareholders, while PIT's dividend yield for the trailing twelve months is around 7.10%.

Position	TTM	2025	2024	2023
CPSY Calamos S&P 500 Structured Alt Protection ETF - January	0.00%	0.00%	0.00%	0.00%
PIT VanEck Commodity Strategy ETF	7.10%	8.92%	3.59%	6.44%

Frequently Asked Questions

Can I hold both CPSY and PIT in my portfolio?

CPSY and PIT have a correlation of -0.11, 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 PIT?

PIT has higher volatility (4.72%) compared to CPSY (0.54%). In terms of maximum drawdown, CPSY dropped -3.01% vs PIT's -15.19%.

Which ETF is better, CPSY or PIT?

On 1-year performance, PIT leads with 39.64% vs 7.07% for CPSY. On fees, PIT is cheaper at 0.55% per year. On volatility, CPSY has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPSY or PIT?

Over the 1-year period, PIT has performed better with a 39.64% return vs 7.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSY or PIT?

PIT is cheaper with a 0.55% expense ratio, compared with 0.69% for CPSY.

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

PIT has the higher dividend yield at 7.10%, compared with 0.00% for CPSY.

What is the main difference between CPSY and PIT?

CPSY is categorized as Defined Outcome, while PIT is Commodities. They also come from different issuers: Calamos and VanEck. Their fees differ too: 0.69% for CPSY and 0.55% for PIT.

Which has better risk-adjusted returns?

CPSY currently has the higher Sharpe Ratio (3.54 vs 1.85), 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.