JANI vs. CPSM
JANI (AllianzIM International Equity Buffer15 Uncapped Jan ETF) and CPSM (Calamos S&P 500 Structured Alt Protection ETF - May) are both Defined Outcome funds. Both are actively managed. A 0.68 correlation means they provide meaningful diversification when combined. JANI charges 0.79%/yr vs 0.69%/yr for CPSM.
Performance
JANI vs. CPSM - Performance Comparison
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Returns By Period
JANI
- 1D
- 0.12%
- 1M
- 1.34%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CPSM
- 1D
- -0.14%
- 1M
- -0.09%
- YTD
- 1.94%
- 6M
- 2.03%
- 1Y
- 5.15%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
JANI vs. CPSM - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
JANI AllianzIM International Equity Buffer15 Uncapped Jan ETF | 3.03% |
CPSM Calamos S&P 500 Structured Alt Protection ETF - May | 1.53% |
Correlation
The correlation between JANI and CPSM is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Feb 2, 2026 | 0.68 |
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Return for Risk
JANI vs. CPSM — Risk / Return Rank
JANI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CPSM
JANI vs. CPSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AllianzIM International Equity Buffer15 Uncapped Jan ETF (JANI) 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.
| JANI | CPSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.67 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 10.57 | — |
| Martin ratioReturn relative to average drawdown | — | 45.23 | — |
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Drawdowns
JANI vs. CPSM - Drawdown Comparison
The maximum JANI drawdown since its inception was -7.50%, which is greater than CPSM's maximum drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for JANI and CPSM.
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Drawdown Indicators
| JANI | CPSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.50% | -5.19% | -2.31% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.49% | — |
Current DrawdownCurrent decline from peak | -0.07% | -0.39% | +0.32% |
Average DrawdownAverage peak-to-trough decline | -2.34% | -0.20% | -2.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.11% | — |
Volatility
JANI vs. CPSM - Volatility Comparison
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Volatility by Period
| JANI | CPSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.66% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.16% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 13.62% | 1.65% | +11.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.62% | 5.05% | +8.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.62% | 5.05% | +8.57% |
JANI vs. CPSM - Expense Ratio Comparison
JANI has a 0.79% expense ratio, which is higher than CPSM's 0.69% expense ratio.
Dividends
JANI vs. CPSM - Dividend Comparison
Neither JANI nor CPSM has paid dividends to shareholders.
Frequently Asked Questions
JANI and CPSM have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CPSM is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CPSM is cheaper with a 0.69% expense ratio, compared with 0.79% for JANI.
JANI and CPSM have nearly identical dividend yields, around 0.00%.
They also come from different issuers: AllianzIM and Calamos. Their fees differ too: 0.79% for JANI and 0.69% for CPSM.
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