CSM vs. GSPY

Last updated Jun 3, 2026

CSM (Proshares Large Cap Core Plus) and GSPY (Gotham Enhanced 500 ETF) are both exchange-traded funds - CSM is a Long-Short fund tracking the Credit Suisse 130/30 Large-Cap Index, while GSPY is a Large Cap Blend Equities fund actively managed by Gotham. CSM is passively managed, while GSPY is actively managed. Over the past 5 years, CSM returned 13.79%/yr vs 14.05%/yr for GSPY. With a 0.97 correlation, they move nearly in lockstep. CSM charges 0.45%/yr vs 0.50%/yr for GSPY.

Performance

CSM vs. GSPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Large Cap Core Plus (CSM) and Gotham Enhanced 500 ETF (GSPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSM achieves a 9.53% return, which is significantly lower than GSPY's 11.85% return.

CSM

• 1D: -0.34%
• 1M: 5.19%
• YTD: 9.53%
• 6M: 11.44%
• 1Y: 30.50%
• 3Y*: 22.38%
• 5Y*: 13.79%
• 10Y*: 14.46%

GSPY

• 1D: -0.07%
• 1M: 5.54%
• YTD: 11.85%
• 6M: 12.83%
• 1Y: 31.08%
• 3Y*: 22.52%
• 5Y*: 14.05%
• 10Y*: —

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

CSM vs. GSPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CSM Proshares Large Cap Core Plus	9.53%	21.84%	22.09%	23.50%	-18.27%	33.13%	0.85%
GSPY Gotham Enhanced 500 ETF	11.85%	18.28%	23.58%	26.01%	-17.07%	27.53%	0.58%

Correlation

The correlation between CSM and GSPY is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Dec 30, 2020	0.97

The correlation between CSM and GSPY has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

CSM vs. GSPY - Sectors Allocation Comparison

Sectors	CSM	GSPY
Technology	28.7%	36.0%
Financial Services	16.3%	11.7%
Industrials	9.0%	8.6%
Consumer Cyclical	8.7%	10.3%
Healthcare	8.5%	9.6%
Communication Services	7.7%	10.5%
Consumer Defensive	4.9%	6.0%
Utilities	3.8%	0.8%
Real Estate	3.1%	2.2%
Energy	3.1%	3.2%
Basic Materials	1.9%	1.3%

Return for Risk

CSM vs. GSPY — Risk / Return Rank

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

CSM

CSM Risk / Return Rank: 74
CSM Sharpe Ratio Rank: 78
CSM Sortino Ratio Rank: 78
CSM Omega Ratio Rank: 75
CSM Calmar Ratio Rank: 64
CSM Martin Ratio Rank: 74

GSPY

GSPY Risk / Return Rank: 75
GSPY Sharpe Ratio Rank: 76
GSPY Sortino Ratio Rank: 72
GSPY Omega Ratio Rank: 76
GSPY Calmar Ratio Rank: 71
GSPY Martin Ratio Rank: 81

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.

CSM vs. GSPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Large Cap Core Plus (CSM) and Gotham Enhanced 500 ETF (GSPY). 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.

	CSM	GSPY	Difference
Sharpe ratio Return per unit of total volatility	2.57	2.52	+0.05
Sortino ratio Return per unit of downside risk	3.52	3.31	+0.22
Omega ratio Gain probability vs. loss probability	1.45	1.46	-0.01
Calmar ratio Return relative to maximum drawdown	3.26	3.65	-0.39
Martin ratio Return relative to average drawdown	14.22	16.53	-2.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSM vs. GSPY - Sharpe Ratio Comparison

The current CSM Sharpe Ratio is 2.57, which is comparable to the GSPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of CSM and GSPY, 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

	CSM	GSPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.57	2.52	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.85	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.96	-0.10

Drawdowns

CSM vs. GSPY - Drawdown Comparison

The maximum CSM drawdown since its inception was -36.11%, which is greater than GSPY's maximum drawdown of -23.30%. Use the drawdown chart below to compare losses from any high point for CSM and GSPY.

Drawdown Indicators

	CSM	GSPY	Difference
Max Drawdown Largest peak-to-trough decline	-36.11%	-23.30%	-12.81%
Max Drawdown (1Y) Largest decline over 1 year	-9.40%	-8.62%	-0.78%
Max Drawdown (3Y) Largest decline over 3 years	-18.30%	-18.67%	+0.37%
Max Drawdown (5Y) Largest decline over 5 years	-23.82%	-23.30%	-0.52%
Max Drawdown (10Y) Largest decline over 10 years	-36.11%	—	—
Current Drawdown Current decline from peak	-0.34%	-0.07%	-0.27%
Average Drawdown Average peak-to-trough decline	-4.04%	-4.76%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	1.91%	+0.24%

Volatility

CSM vs. GSPY - Volatility Comparison

Proshares Large Cap Core Plus (CSM) and Gotham Enhanced 500 ETF (GSPY) have volatilities of 2.74% and 2.75%, 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

	CSM	GSPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	2.75%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	8.78%	8.86%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	11.91%	12.37%	-0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.11%	16.55%	+0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.38%	16.33%	+2.05%

CSM vs. GSPY - Expense Ratio Comparison

CSM has a 0.45% expense ratio, which is lower than GSPY's 0.50% expense ratio.

Dividends

CSM vs. GSPY - Dividend Comparison

CSM's dividend yield for the trailing twelve months is around 1.00%, less than GSPY's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSM Proshares Large Cap Core Plus	1.00%	1.04%	1.06%	1.17%	1.37%	0.78%	1.21%	1.41%	1.54%	1.28%	1.49%	1.67%
GSPY Gotham Enhanced 500 ETF	2.34%	2.61%	0.84%	1.06%	1.25%	0.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CSM and GSPY in my portfolio?

With a correlation of 0.96, CSM and GSPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CSM or GSPY?

GSPY has higher volatility (2.75%) compared to CSM (2.74%). In terms of maximum drawdown, CSM dropped -36.11% vs GSPY's -23.30%.

Which ETF is better, CSM or GSPY?

On 5-year performance, GSPY leads with 14.05% vs 13.79% for CSM. On fees, CSM is cheaper at 0.45% per year. 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, CSM or GSPY?

Over the 5-year period, GSPY has performed better with a 14.05% return vs 13.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSM or GSPY?

CSM is cheaper with a 0.45% expense ratio, compared with 0.50% for GSPY.

Which ETF pays a higher dividend yield, CSM or GSPY?

GSPY has the higher dividend yield at 2.34%, compared with 1.00% for CSM.

What is the main difference between CSM and GSPY?

CSM is categorized as Long-Short, while GSPY is Large Cap Blend Equities. They also come from different issuers: ProShares and Gotham. Their fees differ too: 0.45% for CSM and 0.50% for GSPY.

Which has better risk-adjusted returns?

CSM currently has the higher Sharpe Ratio (2.57 vs 2.52), 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.