CPSY vs. XOMO

Last updated Aug 4, 2026

CPSY (Calamos S&P 500 Structured Alt Protection ETF - January) and XOMO (YieldMax XOM Option Income Strategy ETF) are both exchange-traded funds - CPSY is a Defined Outcome fund actively managed by Calamos, while XOMO is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, CPSY returned 6.68% vs 29.81% for XOMO. Their -0.02 correlation means they have often moved in opposite directions in the past. CPSY charges 0.69%/yr vs 1.01%/yr for XOMO.

Performance

CPSY vs. XOMO - 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 YieldMax XOM Option Income Strategy ETF (XOMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSY achieves a 3.15% return, which is significantly lower than XOMO's 20.15% return.

CPSY

• 1D: 0.18%
• 1M: 0.63%
• 6M: 2.64%
• YTD: 3.15%
• 1Y: 6.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.27%

XOMO

• 1D: -0.09%
• 1M: 10.85%
• 6M: 7.87%
• YTD: 20.15%
• 1Y: 29.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.81%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CPSY Calamos S&P 500 Structured Alt Protection ETF - January	$91.07K	$49.68K	$31.54K
XOMO YieldMax XOM Option Income Strategy ETF	$559.24K	$694.66K	$715.05K

CPSY vs. XOMO - Yearly Performance Comparison

	2026 (YTD)	2025
CPSY Calamos S&P 500 Structured Alt Protection ETF - January	3.15%	6.74%
XOMO YieldMax XOM Option Income Strategy ETF	20.15%	6.90%

Correlation

The correlation between CPSY and XOMO is -0.22, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.22
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	-0.02

Over the past year, the inverse relationship between CPSY and XOMO has strengthened: their correlation has moved from -0.02 to -0.22, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

CPSY vs. XOMO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CPSY

CPSY Risk / Return Rank: 96
CPSY Sharpe Ratio Rank: 96
CPSY Sortino Ratio Rank: 97
CPSY Omega Ratio Rank: 97
CPSY Calmar Ratio Rank: 94
CPSY Martin Ratio Rank: 96

XOMO

XOMO Risk / Return Rank: 52
XOMO Sharpe Ratio Rank: 59
XOMO Sortino Ratio Rank: 55
XOMO Omega Ratio Rank: 57
XOMO Calmar Ratio Rank: 46
XOMO Martin Ratio Rank: 40

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CPSY vs. XOMO - 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 YieldMax XOM Option Income Strategy ETF (XOMO). 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	XOMO	Difference
Sharpe ratio: Return per unit of total volatility	3.27	1.45	+1.82
Sortino ratio: Return per unit of downside risk	5.27	1.96	+3.31
Omega ratio: Gain probability vs. loss probability	1.71	1.26	+0.45
Calmar ratio: Return relative to maximum drawdown	4.98	1.74	+3.25
Martin ratio: Return relative to average drawdown	25.45	4.35	+21.10

CPSY vs. XOMO - Sharpe Ratio Comparison

The current CPSY Sharpe Ratio is 3.27, which is higher than the XOMO Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of CPSY and XOMO, 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. XOMO - Drawdown Comparison

The maximum CPSY drawdown since its inception was -3.01%, smaller than the maximum XOMO drawdown of -18.90%. Use the drawdown chart below to compare losses from any high point for CPSY and XOMO.

Drawdown Indicators

	CPSY	XOMO	Difference
Max Drawdown Largest peak-to-trough decline	-3.01%	-18.90%	+15.89%
Max Drawdown (1Y) Largest decline over 1 year	-1.35%	-17.25%	+15.90%
Current Drawdown Current decline from peak	0.00%	-7.65%	+7.65%
Average Drawdown Average peak-to-trough decline	-0.31%	-7.50%	+7.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	6.89%	-6.63%

Volatility

CPSY vs. XOMO - Volatility Comparison

The current volatility for Calamos S&P 500 Structured Alt Protection ETF - January (CPSY) is 0.71%, while YieldMax XOM Option Income Strategy ETF (XOMO) has a volatility of 6.21%. This indicates that CPSY experiences smaller price fluctuations and is considered to be less risky than XOMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSY	XOMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.71%	6.21%	-5.50%
Volatility (6M) Calculated over the trailing 6-month period	1.58%	17.24%	-15.66%
Volatility (1Y) Calculated over the trailing 1-year period	2.06%	20.67%	-18.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.00%	19.19%	-16.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.00%	19.19%	-16.19%

CPSY vs. XOMO - Expense Ratio Comparison

CPSY has a 0.69% expense ratio, which is lower than XOMO's 1.01% expense ratio.

Dividends

CPSY vs. XOMO - Dividend Comparison

CPSY has not paid dividends to shareholders, while XOMO's dividend yield for the trailing twelve months is around 37.07%.

Position	TTM	2025	2024	2023
CPSY Calamos S&P 500 Structured Alt Protection ETF - January	0.00%	0.00%	0.00%	0.00%
XOMO YieldMax XOM Option Income Strategy ETF	37.07%	31.64%	26.94%	5.13%

Frequently Asked Questions

Can I hold both CPSY and XOMO in my portfolio?

CPSY and XOMO have a correlation of -0.22, 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 XOMO?

XOMO has higher volatility (6.21%) compared to CPSY (0.71%). In terms of maximum drawdown, CPSY dropped -3.01% vs XOMO's -18.90%.

Which ETF is better, CPSY or XOMO?

On 1-year performance, XOMO leads with 29.81% vs 6.68% for CPSY. On fees, CPSY is cheaper at 0.69% per year. On volatility, CPSY has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPSY or XOMO?

Over the 1-year period, XOMO has performed better with a 29.81% return vs 6.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSY or XOMO?

CPSY is cheaper with a 0.69% expense ratio, compared with 1.01% for XOMO.

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

XOMO has the higher dividend yield at 37.07%, compared with 0.00% for CPSY.

What is the main difference between CPSY and XOMO?

CPSY is categorized as Defined Outcome, while XOMO is Derivative Income. They also come from different issuers: Calamos and YieldMax. Their fees differ too: 0.69% for CPSY and 1.01% for XOMO.

Which has better risk-adjusted returns?

CPSY currently has the higher Sharpe Ratio (3.27 vs 1.45), 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.