DDSQ vs. CPSM

Last updated Jun 23, 2026

DDSQ (Innovator Equity Dual Directional 5 Buffer ETF - Quarterly) and CPSM (Calamos S&P 500 Structured Alt Protection ETF - May) are both Defined Outcome funds. Both are actively managed. A 0.61 correlation means they provide meaningful diversification when combined. DDSQ charges 0.79%/yr vs 0.69%/yr for CPSM.

Performance

DDSQ vs. CPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Dual Directional 5 Buffer ETF - Quarterly (DDSQ) and Calamos S&P 500 Structured Alt Protection ETF - May (CPSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DDSQ

• 1D: 0.12%
• 1M: 0.62%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSM

• 1D: -0.07%
• 1M: 0.05%
• YTD: 2.08%
• 6M: 2.19%
• 1Y: 5.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DDSQ vs. CPSM - Yearly Performance Comparison

	2026 (YTD)
DDSQ Innovator Equity Dual Directional 5 Buffer ETF - Quarterly	9.75%
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	2.08%

Correlation

The correlation between DDSQ and CPSM is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 2, 2026	0.61

Return for Risk

DDSQ vs. CPSM — Risk / Return Rank

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

DDSQ

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

CPSM

CPSM Risk / Return Rank: 96
CPSM Sharpe Ratio Rank: 94
CPSM Sortino Ratio Rank: 96
CPSM Omega Ratio Rank: 95
CPSM Calmar Ratio Rank: 97
CPSM Martin Ratio Rank: 98

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.

DDSQ vs. CPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Dual Directional 5 Buffer ETF - Quarterly (DDSQ) and Calamos S&P 500 Structured Alt Protection ETF - May (CPSM). 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.

	DDSQ	CPSM	Difference
Sharpe ratio: Return per unit of total volatility	—	3.35	—
Sortino ratio: Return per unit of downside risk	—	5.42	—
Omega ratio: Gain probability vs. loss probability	—	1.73	—
Calmar ratio: Return relative to maximum drawdown	—	11.26	—
Martin ratio: Return relative to average drawdown	—	49.30	—

Drawdowns

DDSQ vs. CPSM - Drawdown Comparison

The maximum DDSQ drawdown since its inception was -3.69%, smaller than the maximum CPSM drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for DDSQ and CPSM.

Drawdown Indicators

	DDSQ	CPSM	Difference
Max Drawdown Largest peak-to-trough decline	-3.69%	-5.19%	+1.50%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.49%	—
Current Drawdown Current decline from peak	0.00%	-0.25%	+0.25%
Average Drawdown Average peak-to-trough decline	-0.33%	-0.20%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.11%	—

Volatility

Volatility by Period

	DDSQ	CPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.64%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.17%	—
Volatility (1Y) Calculated over the trailing 1-year period	11.12%	1.65%	+9.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.12%	5.05%	+6.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.12%	5.05%	+6.07%

DDSQ vs. CPSM - Expense Ratio Comparison

DDSQ has a 0.79% expense ratio, which is higher than CPSM's 0.69% expense ratio.

Dividends

DDSQ vs. CPSM - Dividend Comparison

Neither DDSQ nor CPSM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DDSQ and CPSM in my portfolio?

DDSQ and CPSM have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DDSQ or CPSM?

On fees, CPSM is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DDSQ or CPSM?

CPSM is cheaper with a 0.69% expense ratio, compared with 0.79% for DDSQ.

Which ETF pays a higher dividend yield, DDSQ or CPSM?

DDSQ and CPSM have nearly identical dividend yields, around 0.00%.

What is the main difference between DDSQ and CPSM?

They also come from different issuers: Innovator and Calamos. Their fees differ too: 0.79% for DDSQ and 0.69% for CPSM.