DECM vs. CPSP

Last updated Jun 3, 2026

DECM (FT Vest U.S. Equity Max Buffer ETF - December) and CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) are both exchange-traded funds - DECM is a Defined Outcome fund tracking the S&P 500, while CPSP is a S&P 500 fund actively managed by Calamos. DECM is passively managed, while CPSP is actively managed. Over the past year, DECM returned 8.30% vs 7.13% for CPSP. A 0.77 correlation means they provide meaningful diversification when combined. DECM charges 0.85%/yr vs 0.69%/yr for CPSP.

Performance

DECM vs. CPSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Max Buffer ETF - December (DECM) and Calamos S&P 500 Structured Alt Protection ETF - April (CPSP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DECM achieves a 2.63% return, which is significantly lower than CPSP's 3.18% return.

DECM

• 1D: 0.03%
• 1M: 0.85%
• YTD: 2.63%
• 6M: 3.26%
• 1Y: 8.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSP

• 1D: 0.00%
• 1M: 0.60%
• YTD: 3.18%
• 6M: 3.74%
• 1Y: 7.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DECM vs. CPSP - Yearly Performance Comparison

	2026 (YTD)	2025
DECM FT Vest U.S. Equity Max Buffer ETF - December	2.63%	7.36%
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	3.18%	5.46%

Correlation

The correlation between DECM and CPSP is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.77

The correlation between DECM and CPSP has been stable across timeframes, ranging from 0.75 to 0.77 - a consistent structural relationship.

Return for Risk

DECM vs. CPSP — Risk / Return Rank

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

DECM

DECM Risk / Return Rank: 93
DECM Sharpe Ratio Rank: 93
DECM Sortino Ratio Rank: 96
DECM Omega Ratio Rank: 96
DECM Calmar Ratio Rank: 86
DECM Martin Ratio Rank: 93

CPSP

CPSP Risk / Return Rank: 98
CPSP Sharpe Ratio Rank: 98
CPSP Sortino Ratio Rank: 99
CPSP Omega Ratio Rank: 98
CPSP Calmar Ratio Rank: 98
CPSP Martin Ratio Rank: 99

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.

DECM vs. CPSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Max Buffer ETF - December (DECM) and Calamos S&P 500 Structured Alt Protection ETF - April (CPSP). 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.

	DECM	CPSP	Difference
Sharpe ratio Return per unit of total volatility	3.59	5.08	-1.49
Sortino ratio Return per unit of downside risk	5.70	9.15	-3.45
Omega ratio Gain probability vs. loss probability	1.81	2.31	-0.50
Calmar ratio Return relative to maximum drawdown	4.92	19.11	-14.19
Martin ratio Return relative to average drawdown	25.76	96.35	-70.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DECM vs. CPSP - Sharpe Ratio Comparison

The current DECM Sharpe Ratio is 3.59, which is comparable to the CPSP Sharpe Ratio of 5.08. The chart below compares the historical Sharpe Ratios of DECM and CPSP, 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

	DECM	CPSP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.59	5.08	-1.49
Sharpe Ratio (All Time) Calculated using the full available price history	2.20	3.17	-0.97

Drawdowns

DECM vs. CPSP - Drawdown Comparison

The maximum DECM drawdown since its inception was -3.00%, which is greater than CPSP's maximum drawdown of -1.73%. Use the drawdown chart below to compare losses from any high point for DECM and CPSP.

Drawdown Indicators

	DECM	CPSP	Difference
Max Drawdown Largest peak-to-trough decline	-3.00%	-1.73%	-1.27%
Max Drawdown (1Y) Largest decline over 1 year	-1.71%	-0.37%	-1.34%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.37%	-0.08%	-0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	0.07%	+0.26%

Volatility

DECM vs. CPSP - Volatility Comparison

FT Vest U.S. Equity Max Buffer ETF - December (DECM) has a higher volatility of 0.34% compared to Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) at 0.32%. This indicates that DECM's price experiences larger fluctuations and is considered to be riskier than CPSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DECM	CPSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.34%	0.32%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	1.78%	0.84%	+0.94%
Volatility (1Y) Calculated over the trailing 1-year period	2.33%	1.42%	+0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.97%	2.37%	+0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.97%	2.37%	+0.60%

DECM vs. CPSP - Expense Ratio Comparison

DECM has a 0.85% expense ratio, which is higher than CPSP's 0.69% expense ratio.

Dividends

DECM vs. CPSP - Dividend Comparison

Neither DECM nor CPSP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DECM and CPSP in my portfolio?

DECM and CPSP have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DECM or CPSP?

DECM has higher volatility (0.34%) compared to CPSP (0.32%). In terms of maximum drawdown, DECM dropped -3.00% vs CPSP's -1.73%.

Which ETF is better, DECM or CPSP?

On 1-year performance, DECM leads with 8.30% vs 7.13% for CPSP. On fees, CPSP is cheaper at 0.69% 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, DECM or CPSP?

Over the 1-year period, DECM has performed better with a 8.30% return vs 7.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DECM or CPSP?

CPSP is cheaper with a 0.69% expense ratio, compared with 0.85% for DECM.

Which ETF pays a higher dividend yield, DECM or CPSP?

DECM and CPSP have nearly identical dividend yields, around 0.00%.

What is the main difference between DECM and CPSP?

DECM is categorized as Defined Outcome, while CPSP is S&P 500. They also come from different issuers: FT Vest and Calamos. Their fees differ too: 0.85% for DECM and 0.69% for CPSP.

Which has better risk-adjusted returns?

CPSP currently has the higher Sharpe Ratio (5.08 vs 3.59), 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.