FB vs. CPSM

Last updated Jun 4, 2026

FB (ProShares S&P 500 Dynamic Daily Buffer ETF) and CPSM (Calamos S&P 500 Structured Alt Protection ETF - May) are both Defined Outcome funds. FB is passively managed, while CPSM is actively managed. At a 0.43 correlation, their price movements are largely independent. FB charges 0.58%/yr vs 0.69%/yr for CPSM.

Performance

FB vs. CPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Dynamic Daily Buffer ETF (FB) 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, FB achieves a 6.03% return, which is significantly higher than CPSM's 2.27% return.

FB

• 1D: -0.15%
• 1M: 1.90%
• YTD: 6.03%
• 6M: 6.64%
• 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)

FB vs. CPSM - Yearly Performance Comparison

	2026 (YTD)	2025
FB ProShares S&P 500 Dynamic Daily Buffer ETF	6.03%	6.72%
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	2.27%	2.90%

Correlation

The correlation between FB and CPSM is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 27, 2025	0.43

Return for Risk

FB 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.

FB vs. CPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Dynamic Daily Buffer ETF (FB) 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

	FB	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	3.04	1.54	+1.50

Drawdowns

FB vs. CPSM - Drawdown Comparison

The maximum FB drawdown since its inception was -1.38%, smaller than the maximum CPSM drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for FB and CPSM.

Drawdown Indicators

	FB	CPSM	Difference
Max Drawdown Largest peak-to-trough decline	-1.38%	-5.19%	+3.81%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.45%	—
Current Drawdown Current decline from peak	-0.15%	-0.06%	-0.09%
Average Drawdown Average peak-to-trough decline	-0.30%	-0.20%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.10%	—

Volatility

Volatility by Period

	FB	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	4.67%	1.57%	+3.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.67%	5.10%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.67%	5.10%	-0.43%

FB vs. CPSM - Expense Ratio Comparison

FB has a 0.58% expense ratio, which is lower than CPSM's 0.69% expense ratio.

Dividends

FB vs. CPSM - Dividend Comparison

FB's dividend yield for the trailing twelve months is around 1.23%, while CPSM has not paid dividends to shareholders.

Position	TTM	2025
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	0.00%	0.00%
FB ProShares S&P 500 Dynamic Daily Buffer ETF	1.23%	0.92%

Frequently Asked Questions

Can I hold both FB and CPSM in my portfolio?

FB and CPSM have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FB or CPSM?

On fees, FB is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FB or CPSM?

FB is cheaper with a 0.58% expense ratio, compared with 0.69% for CPSM.

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

FB has the higher dividend yield at 1.23%, compared with 0.00% for CPSM.

What is the main difference between FB and CPSM?

They also come from different issuers: ProShares and Calamos. Their fees differ too: 0.58% for FB and 0.69% for CPSM.