JULU vs. CPSM

Last updated Jun 6, 2026

JULU (AllianzIM U.S. Equity Buffer15 Uncapped Jul 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, JULU returned 19.68% vs 5.62% for CPSM. A 0.66 correlation means they provide meaningful diversification when combined. JULU charges 0.74%/yr vs 0.69%/yr for CPSM.

Performance

JULU vs. CPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer15 Uncapped Jul ETF (JULU) 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, JULU achieves a 6.33% return, which is significantly higher than CPSM's 2.04% return.

JULU

• 1D: -2.62%
• 1M: 0.22%
• YTD: 6.33%
• 6M: 6.00%
• 1Y: 19.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSM

• 1D: -0.22%
• 1M: 0.33%
• YTD: 2.04%
• 6M: 2.46%
• 1Y: 5.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JULU vs. CPSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JULU AllianzIM U.S. Equity Buffer15 Uncapped Jul ETF	6.33%	12.19%	5.59%
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	2.04%	7.21%	3.81%

Correlation

The correlation between JULU and CPSM is 0.60, 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	0.60
Correlation (All Time) Calculated using the full available price history since Jul 2, 2024	0.66

The correlation between JULU and CPSM has been stable across timeframes, ranging from 0.60 to 0.66 - a consistent structural relationship.

Return for Risk

JULU vs. CPSM — Risk / Return Rank

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

JULU

JULU Risk / Return Rank: 64
JULU Sharpe Ratio Rank: 64
JULU Sortino Ratio Rank: 63
JULU Omega Ratio Rank: 64
JULU Calmar Ratio Rank: 60
JULU Martin Ratio Rank: 67

CPSM

CPSM Risk / Return Rank: 97
CPSM Sharpe Ratio Rank: 95
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.

JULU vs. CPSM - Risk-Adjusted Trends Comparison

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

	JULU	CPSM	Difference
Sharpe ratio: Return per unit of total volatility	1.97	3.57	-1.59
Sortino ratio: Return per unit of downside risk	2.70	5.89	-3.18
Omega ratio: Gain probability vs. loss probability	1.36	1.78	-0.42
Calmar ratio: Return relative to maximum drawdown	2.81	12.44	-9.63
Martin ratio: Return relative to average drawdown	11.55	57.40	-45.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JULU vs. CPSM - Sharpe Ratio Comparison

The current JULU Sharpe Ratio is 1.97, which is lower than the CPSM Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of JULU 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

	JULU	CPSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	3.57	-1.59
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	1.51	-0.40

Drawdowns

JULU vs. CPSM - Drawdown Comparison

The maximum JULU drawdown since its inception was -12.46%, which is greater than CPSM's maximum drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for JULU and CPSM.

Drawdown Indicators

	JULU	CPSM	Difference
Max Drawdown Largest peak-to-trough decline	-12.46%	-5.19%	-7.27%
Max Drawdown (1Y) Largest decline over 1 year	-7.04%	-0.45%	-6.59%
Current Drawdown Current decline from peak	-2.92%	-0.28%	-2.64%
Average Drawdown Average peak-to-trough decline	-1.93%	-0.20%	-1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	0.10%	+1.61%

Volatility

JULU vs. CPSM - Volatility Comparison

AllianzIM U.S. Equity Buffer15 Uncapped Jul ETF (JULU) has a higher volatility of 3.73% compared to Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) at 0.41%. This indicates that JULU'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

	JULU	CPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	0.41%	+3.32%
Volatility (6M) Calculated over the trailing 6-month period	7.77%	1.15%	+6.62%
Volatility (1Y) Calculated over the trailing 1-year period	10.03%	1.58%	+8.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.52%	5.09%	+6.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.52%	5.09%	+6.43%

JULU vs. CPSM - Expense Ratio Comparison

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

Dividends

JULU vs. CPSM - Dividend Comparison

Neither JULU nor CPSM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both JULU and CPSM in my portfolio?

JULU and CPSM have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JULU or CPSM?

JULU has higher volatility (3.73%) compared to CPSM (0.41%). In terms of maximum drawdown, JULU dropped -12.46% vs CPSM's -5.19%.

Which ETF is better, JULU or CPSM?

On 1-year performance, JULU leads with 19.68% vs 5.62% for CPSM. On fees, CPSM is cheaper at 0.69% per year. On volatility, CPSM has been the lower-risk option at 0.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JULU or CPSM?

Over the 1-year period, JULU has performed better with a 19.68% return vs 5.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JULU or CPSM?

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

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

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

What is the main difference between JULU and CPSM?

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

Which has better risk-adjusted returns?

CPSM currently has the higher Sharpe Ratio (3.57 vs 1.97), 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.