GSBD vs. CPSL
GSBD (Goldman Sachs BDC, Inc.) is a stock, while CPSL (Calamos Laddered S&P 500 Structured Alt Protection ETF) is Defined Outcome fund actively managed by Calamos. Over the past year, GSBD returned -11.27% vs 6.21% for CPSL. At a 0.30 correlation, their price movements are largely independent.
Performance
GSBD vs. CPSL - Performance Comparison
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Returns By Period
In the year-to-date period, GSBD achieves a 5.00% return, which is significantly higher than CPSL's 3.07% return.
GSBD
- 1D
- 1.34%
- 1M
- 0.63%
- 6M
- 3.33%
- YTD
- 5.00%
- 1Y
- -11.27%
- 3Y*
- -0.54%
- 5Y*
- -1.80%
- 10Y*
- 3.26%
CPSL
- 1D
- 0.07%
- 1M
- 0.25%
- 6M
- 2.71%
- YTD
- 3.07%
- 1Y
- 6.21%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GSBD vs. CPSL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GSBD Goldman Sachs BDC, Inc. | 5.00% | -8.81% | -6.51% |
CPSL Calamos Laddered S&P 500 Structured Alt Protection ETF | 3.07% | 6.43% | 2.24% |
Correlation
The correlation between GSBD and CPSL is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2024 | 0.30 |
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Return for Risk
GSBD vs. CPSL — Risk / Return Rank
GSBD
CPSL
GSBD vs. CPSL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs BDC, Inc. (GSBD) and Calamos Laddered S&P 500 Structured Alt Protection ETF (CPSL). 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.
| GSBD | CPSL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.33 | ||
| Sortino ratioReturn per unit of downside risk | -5.09 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.54 | -0.62 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 5.29 | -5.91 |
| Martin ratioReturn relative to average drawdown | -0.89 | 26.20 | -27.09 |
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Drawdowns
GSBD vs. CPSL - Drawdown Comparison
The maximum GSBD drawdown since its inception was -62.67%, which is greater than CPSL's maximum drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for GSBD and CPSL.
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Drawdown Indicators
| GSBD | CPSL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.67% | -3.72% | -58.95% |
Max Drawdown (1Y)Largest decline over 1 year | -18.34% | -1.18% | -17.16% |
Max Drawdown (3Y)Largest decline over 3 years | -29.59% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -29.59% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -62.67% | — | — |
Current DrawdownCurrent decline from peak | -20.47% | -0.07% | -20.40% |
Average DrawdownAverage peak-to-trough decline | -11.79% | -0.32% | -11.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.73% | 0.24% | +12.49% |
Volatility
GSBD vs. CPSL - Volatility Comparison
Goldman Sachs BDC, Inc. (GSBD) has a higher volatility of 9.07% compared to Calamos Laddered S&P 500 Structured Alt Protection ETF (CPSL) at 0.52%. This indicates that GSBD's price experiences larger fluctuations and is considered to be riskier than CPSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSBD | CPSL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | 0.52% | +8.55% |
Volatility (6M)Calculated over the trailing 6-month period | 18.19% | 1.60% | +16.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.02% | 2.22% | +19.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.61% | 3.27% | +16.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.13% | 3.27% | +27.86% |
Dividends
GSBD vs. CPSL - Dividend Comparison
GSBD's dividend yield for the trailing twelve months is around 17.00%, while CPSL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CPSL Calamos Laddered S&P 500 Structured Alt Protection ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GSBD Goldman Sachs BDC, Inc. | 17.00% | 20.26% | 14.88% | 12.29% | 13.12% | 10.18% | 9.41% | 8.46% | 9.79% | 8.12% | 7.65% | 9.47% |
Frequently Asked Questions
GSBD and CPSL have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSBD has higher volatility (9.07%) compared to CPSL (0.52%). In terms of maximum drawdown, GSBD dropped -62.67% vs CPSL's -3.72%.
CPSL currently has the higher Sharpe Ratio (2.81 vs -0.51), 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.
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