DMAR vs. CPSM

Last updated Jun 4, 2026

DMAR (FT Cboe Vest U.S. Equity Deep Buffer ETF - March) and CPSM (Calamos S&P 500 Structured Alt Protection ETF - May) are both exchange-traded funds - DMAR is a Options Trading fund actively managed by FT Vest, while CPSM is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Over the past year, DMAR returned 14.75% vs 5.88% for CPSM. A 0.68 correlation means they provide meaningful diversification when combined. DMAR charges 0.85%/yr vs 0.69%/yr for CPSM.

Performance

DMAR vs. CPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Deep Buffer ETF - March (DMAR) 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, DMAR achieves a 7.21% return, which is significantly higher than CPSM's 2.27% return.

DMAR

• 1D: -0.10%
• 1M: 1.43%
• YTD: 7.21%
• 6M: 8.16%
• 1Y: 14.75%
• 3Y*: 12.11%
• 5Y*: 7.74%
• 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)

DMAR vs. CPSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DMAR FT Cboe Vest U.S. Equity Deep Buffer ETF - March	7.21%	9.13%	12.06%
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	2.27%	7.21%	6.67%

Correlation

The correlation between DMAR and CPSM is 0.56, 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	0.56
Correlation (All Time) Calculated using the full available price history since May 2, 2024	0.68

The correlation between DMAR and CPSM shifts across timeframes, from 0.56 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DMAR vs. CPSM — Risk / Return Rank

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

DMAR

DMAR Risk / Return Rank: 97
DMAR Sharpe Ratio Rank: 96
DMAR Sortino Ratio Rank: 98
DMAR Omega Ratio Rank: 98
DMAR Calmar Ratio Rank: 96
DMAR Martin Ratio Rank: 98

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.

DMAR vs. CPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Deep Buffer ETF - March (DMAR) 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.

	DMAR	CPSM	Difference
Sharpe ratio: Return per unit of total volatility	4.07	3.78	+0.30
Sortino ratio: Return per unit of downside risk	7.00	6.33	+0.67
Omega ratio: Gain probability vs. loss probability	2.04	1.84	+0.20
Calmar ratio: Return relative to maximum drawdown	9.68	13.01	-3.33
Martin ratio: Return relative to average drawdown	62.37	61.11	+1.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DMAR vs. CPSM - Sharpe Ratio Comparison

The current DMAR Sharpe Ratio is 4.07, which is comparable to the CPSM Sharpe Ratio of 3.78. The chart below compares the historical Sharpe Ratios of DMAR 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

	DMAR	CPSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.07	3.78	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.11	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	1.54	-0.38

Drawdowns

DMAR vs. CPSM - Drawdown Comparison

The maximum DMAR drawdown since its inception was -9.84%, which is greater than CPSM's maximum drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for DMAR and CPSM.

Drawdown Indicators

	DMAR	CPSM	Difference
Max Drawdown Largest peak-to-trough decline	-9.84%	-5.19%	-4.65%
Max Drawdown (1Y) Largest decline over 1 year	-1.53%	-0.45%	-1.08%
Max Drawdown (3Y) Largest decline over 3 years	-9.16%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.84%	—	—
Current Drawdown Current decline from peak	-0.13%	-0.06%	-0.07%
Average Drawdown Average peak-to-trough decline	-1.85%	-0.20%	-1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.24%	0.10%	+0.14%

Volatility

DMAR vs. CPSM - Volatility Comparison

FT Cboe Vest U.S. Equity Deep Buffer ETF - March (DMAR) has a higher volatility of 0.67% compared to Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) at 0.35%. This indicates that DMAR'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

	DMAR	CPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	0.35%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	2.74%	1.14%	+1.60%
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	1.57%	+2.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.04%	5.10%	+1.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.97%	5.10%	+1.87%

DMAR vs. CPSM - Expense Ratio Comparison

DMAR has a 0.85% expense ratio, which is higher than CPSM's 0.69% expense ratio.

Dividends

DMAR vs. CPSM - Dividend Comparison

Neither DMAR nor CPSM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DMAR and CPSM in my portfolio?

DMAR and CPSM have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DMAR or CPSM?

DMAR has higher volatility (0.67%) compared to CPSM (0.35%). In terms of maximum drawdown, DMAR dropped -9.84% vs CPSM's -5.19%.

Which ETF is better, DMAR or CPSM?

On 1-year performance, DMAR leads with 14.75% vs 5.88% for CPSM. On fees, CPSM is cheaper at 0.69% 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, DMAR or CPSM?

Over the 1-year period, DMAR has performed better with a 14.75% return vs 5.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DMAR or CPSM?

CPSM is cheaper with a 0.69% expense ratio, compared with 0.85% for DMAR.

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

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

What is the main difference between DMAR and CPSM?

DMAR is categorized as Options Trading, while CPSM is Defined Outcome. They also come from different issuers: FT Vest and Calamos. Their fees differ too: 0.85% for DMAR and 0.69% for CPSM.

Which has better risk-adjusted returns?

DMAR currently has the higher Sharpe Ratio (4.07 vs 3.78), 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.