DIVG vs. CPSM

Last updated Jun 4, 2026

DIVG (Invesco S&P 500 High Dividend Growers ETF) and CPSM (Calamos S&P 500 Structured Alt Protection ETF - May) are both exchange-traded funds - DIVG is a S&P 500 fund tracking the S&P 500 High Dividend Growth Index - Benchmark TR Gross, while CPSM is a Defined Outcome fund actively managed by Calamos. DIVG is passively managed, while CPSM is actively managed. Over the past year, DIVG returned 20.94% vs 5.88% for CPSM. At a 0.43 correlation, their price movements are largely independent. DIVG charges 0.39%/yr vs 0.69%/yr for CPSM.

Performance

DIVG vs. CPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 High Dividend Growers ETF (DIVG) 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, DIVG achieves a 10.58% return, which is significantly higher than CPSM's 2.27% return.

DIVG

• 1D: -0.63%
• 1M: 0.59%
• YTD: 10.58%
• 6M: 10.78%
• 1Y: 20.94%
• 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)

DIVG vs. CPSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DIVG Invesco S&P 500 High Dividend Growers ETF	10.58%	11.31%	13.29%
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	2.27%	7.21%	6.67%

Correlation

The correlation between DIVG and CPSM is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since May 2, 2024	0.43

Return for Risk

DIVG vs. CPSM — Risk / Return Rank

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

DIVG

DIVG Risk / Return Rank: 65
DIVG Sharpe Ratio Rank: 58
DIVG Sortino Ratio Rank: 61
DIVG Omega Ratio Rank: 54
DIVG Calmar Ratio Rank: 79
DIVG Martin Ratio Rank: 70

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.

DIVG vs. CPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 High Dividend Growers ETF (DIVG) 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.

	DIVG	CPSM	Difference
Sharpe ratio: Return per unit of total volatility	1.97	3.78	-1.80
Sortino ratio: Return per unit of downside risk	2.90	6.33	-3.43
Omega ratio: Gain probability vs. loss probability	1.34	1.84	-0.50
Calmar ratio: Return relative to maximum drawdown	4.10	13.01	-8.91
Martin ratio: Return relative to average drawdown	13.12	61.11	-47.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DIVG vs. CPSM - Sharpe Ratio Comparison

The current DIVG Sharpe Ratio is 1.97, which is lower than the CPSM Sharpe Ratio of 3.78. The chart below compares the historical Sharpe Ratios of DIVG and CPSM, 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

	DIVG	CPSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	3.78	-1.80
Sharpe Ratio (All Time) Calculated using the full available price history	1.39	1.54	-0.15

Drawdowns

DIVG vs. CPSM - Drawdown Comparison

The maximum DIVG drawdown since its inception was -14.95%, which is greater than CPSM's maximum drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for DIVG and CPSM.

Drawdown Indicators

	DIVG	CPSM	Difference
Max Drawdown Largest peak-to-trough decline	-14.95%	-5.19%	-9.76%
Max Drawdown (1Y) Largest decline over 1 year	-5.13%	-0.45%	-4.68%
Current Drawdown Current decline from peak	-1.20%	-0.06%	-1.14%
Average Drawdown Average peak-to-trough decline	-2.29%	-0.20%	-2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	0.10%	+1.50%

Volatility

DIVG vs. CPSM - Volatility Comparison

Invesco S&P 500 High Dividend Growers ETF (DIVG) has a higher volatility of 2.53% compared to Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) at 0.35%. This indicates that DIVG's price experiences larger fluctuations and is considered to be riskier than CPSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIVG	CPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.53%	0.35%	+2.18%
Volatility (6M) Calculated over the trailing 6-month period	7.33%	1.14%	+6.19%
Volatility (1Y) Calculated over the trailing 1-year period	10.66%	1.57%	+9.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.19%	5.10%	+8.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.19%	5.10%	+8.09%

DIVG vs. CPSM - Expense Ratio Comparison

DIVG has a 0.39% expense ratio, which is lower than CPSM's 0.69% expense ratio.

Dividends

DIVG vs. CPSM - Dividend Comparison

DIVG's dividend yield for the trailing twelve months is around 3.10%, while CPSM has not paid dividends to shareholders.

Position	TTM	2025	2024
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	0.00%	0.00%	0.00%
DIVG Invesco S&P 500 High Dividend Growers ETF	3.10%	3.15%	4.08%

Frequently Asked Questions

Can I hold both DIVG and CPSM in my portfolio?

DIVG and CPSM have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIVG or CPSM?

DIVG has higher volatility (2.53%) compared to CPSM (0.35%). In terms of maximum drawdown, DIVG dropped -14.95% vs CPSM's -5.19%.

Which ETF is better, DIVG or CPSM?

On 1-year performance, DIVG leads with 20.94% vs 5.88% for CPSM. On fees, DIVG is cheaper at 0.39% per year. On volatility, CPSM has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIVG or CPSM?

Over the 1-year period, DIVG has performed better with a 20.94% return vs 5.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIVG or CPSM?

DIVG is cheaper with a 0.39% expense ratio, compared with 0.69% for CPSM.

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

DIVG has the higher dividend yield at 3.10%, compared with 0.00% for CPSM.

What is the main difference between DIVG and CPSM?

DIVG is categorized as S&P 500, while CPSM is Defined Outcome. They also come from different issuers: Invesco and Calamos. Their fees differ too: 0.39% for DIVG and 0.69% for CPSM.

Which has better risk-adjusted returns?

CPSM currently has the higher Sharpe Ratio (3.78 vs 1.97), 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.