FEBU vs. CPSM

Last updated Jun 24, 2026

FEBU (AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF) and CPSM (Calamos S&P 500 Structured Alt Protection ETF - May) are both Defined Outcome funds. Both are actively managed. Over the past year, FEBU returned 16.85% vs 5.15% for CPSM. A 0.69 correlation means they provide meaningful diversification when combined. FEBU charges 0.74%/yr vs 0.69%/yr for CPSM.

Performance

FEBU vs. CPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF (FEBU) 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, FEBU achieves a 6.09% return, which is significantly higher than CPSM's 1.94% return.

FEBU

• 1D: -0.88%
• 1M: -0.99%
• YTD: 6.09%
• 6M: 5.20%
• 1Y: 16.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSM

• 1D: -0.14%
• 1M: -0.09%
• YTD: 1.94%
• 6M: 2.03%
• 1Y: 5.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FEBU vs. CPSM - Yearly Performance Comparison

	2026 (YTD)	2025
FEBU AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF	6.09%	10.69%
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	1.94%	6.23%

Correlation

The correlation between FEBU and CPSM is 0.64, 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	0.64
Correlation (All Time) Calculated using the full available price history since Feb 3, 2025	0.69

The correlation between FEBU and CPSM has been stable across timeframes, ranging from 0.64 to 0.69 - a consistent structural relationship.

Return for Risk

FEBU vs. CPSM — Risk / Return Rank

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

FEBU

FEBU Risk / Return Rank: 58
FEBU Sharpe Ratio Rank: 56
FEBU Sortino Ratio Rank: 54
FEBU Omega Ratio Rank: 54
FEBU Calmar Ratio Rank: 62
FEBU Martin Ratio Rank: 64

CPSM

CPSM Risk / Return Rank: 96
CPSM Sharpe Ratio Rank: 93
CPSM Sortino Ratio Rank: 95
CPSM Omega Ratio Rank: 95
CPSM Calmar Ratio Rank: 97
CPSM Martin Ratio Rank: 97

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.

FEBU vs. CPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF (FEBU) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FEBU	CPSM	Difference
Sharpe ratio: Return per unit of total volatility	1.72	3.15	-1.43
Sortino ratio: Return per unit of downside risk	2.37	5.05	-2.68
Omega ratio: Gain probability vs. loss probability	1.31	1.67	-0.36
Calmar ratio: Return relative to maximum drawdown	2.83	10.57	-7.74
Martin ratio: Return relative to average drawdown	10.45	45.23	-34.78

FEBU vs. CPSM - Sharpe Ratio Comparison

The current FEBU Sharpe Ratio is 1.72, which is lower than the CPSM Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of FEBU 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.

Drawdowns

FEBU vs. CPSM - Drawdown Comparison

The maximum FEBU drawdown since its inception was -11.73%, which is greater than CPSM's maximum drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for FEBU and CPSM.

Drawdown Indicators

	FEBU	CPSM	Difference
Max Drawdown Largest peak-to-trough decline	-11.73%	-5.19%	-6.54%
Max Drawdown (1Y) Largest decline over 1 year	-5.99%	-0.49%	-5.50%
Current Drawdown Current decline from peak	-2.52%	-0.39%	-2.13%
Average Drawdown Average peak-to-trough decline	-1.89%	-0.20%	-1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	0.11%	+1.51%

Volatility

FEBU vs. CPSM - Volatility Comparison

AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF (FEBU) has a higher volatility of 3.69% compared to Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) at 0.66%. This indicates that FEBU'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

	FEBU	CPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.69%	0.66%	+3.03%
Volatility (6M) Calculated over the trailing 6-month period	7.43%	1.16%	+6.27%
Volatility (1Y) Calculated over the trailing 1-year period	9.88%	1.65%	+8.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.62%	5.05%	+6.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.62%	5.05%	+6.57%

FEBU vs. CPSM - Expense Ratio Comparison

FEBU has a 0.74% expense ratio, which is higher than CPSM's 0.69% expense ratio.

Dividends

FEBU vs. CPSM - Dividend Comparison

Neither FEBU nor CPSM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FEBU and CPSM in my portfolio?

FEBU and CPSM have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEBU or CPSM?

FEBU has higher volatility (3.69%) compared to CPSM (0.66%). In terms of maximum drawdown, FEBU dropped -11.73% vs CPSM's -5.19%.

Which ETF is better, FEBU or CPSM?

On 1-year performance, FEBU leads with 16.85% vs 5.15% for CPSM. On fees, CPSM is cheaper at 0.69% per year. On volatility, CPSM has been the lower-risk option at 0.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEBU or CPSM?

Over the 1-year period, FEBU has performed better with a 16.85% return vs 5.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEBU or CPSM?

CPSM is cheaper with a 0.69% expense ratio, compared with 0.74% for FEBU.

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

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

What is the main difference between FEBU and CPSM?

They also come from different issuers: Allianz and Calamos. Their fees differ too: 0.74% for FEBU and 0.69% for CPSM.

Which has better risk-adjusted returns?

CPSM currently has the higher Sharpe Ratio (3.15 vs 1.72), 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.