DDTS vs. CPSM

Last updated Jun 4, 2026

DDTS (Innovator Equity Dual Directional 10 Buffer ETF) 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. DDTS charges 0.79%/yr vs 0.69%/yr for CPSM.

Performance

DDTS vs. CPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Dual Directional 10 Buffer ETF (DDTS) 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

In the year-to-date period, DDTS achieves a 5.10% return, which is significantly higher than CPSM's 2.27% return.

DDTS

• 1D: -0.22%
• 1M: 1.66%
• YTD: 5.10%
• 6M: 6.01%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSM

• 1D: -0.06%
• 1M: 0.71%
• YTD: 2.27%
• 6M: 2.72%
• 1Y: 5.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DDTS vs. CPSM - Yearly Performance Comparison

	2026 (YTD)	2025
DDTS Innovator Equity Dual Directional 10 Buffer ETF	5.10%	4.21%
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	2.27%	1.78%

Correlation

The correlation between DDTS 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 Sep 3, 2025	0.61

Return for Risk

DDTS vs. CPSM — Risk / Return Rank

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

CPSM

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

DDTS vs. CPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Dual Directional 10 Buffer ETF (DDTS) 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.

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

Sharpe Ratios by Period

	DDTS	CPSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.92	1.54	+0.38

Drawdowns

DDTS vs. CPSM - Drawdown Comparison

The maximum DDTS drawdown since its inception was -4.28%, smaller than the maximum CPSM drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for DDTS and CPSM.

Drawdown Indicators

	DDTS	CPSM	Difference
Max Drawdown Largest peak-to-trough decline	-4.28%	-5.19%	+0.91%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.45%	—
Current Drawdown Current decline from peak	-0.30%	-0.06%	-0.24%
Average Drawdown Average peak-to-trough decline	-0.52%	-0.20%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.10%	—

Volatility

Volatility by Period

	DDTS	CPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.35%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.72%	1.57%	+5.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.72%	5.10%	+1.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.72%	5.10%	+1.62%

DDTS vs. CPSM - Expense Ratio Comparison

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

Dividends

DDTS vs. CPSM - Dividend Comparison

Neither DDTS nor CPSM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DDTS and CPSM in my portfolio?

DDTS 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, DDTS 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, DDTS or CPSM?

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

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

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

What is the main difference between DDTS and CPSM?

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