KNGZ vs. CPSU
KNGZ (First Trust S&P 500 Diversified Dividend Aristocrats ETF) and CPSU (Calamos S&P 500 Structured Alt Protection ETF - June) are both exchange-traded funds - KNGZ is a S&P 500 fund tracking the S&P 500 Sector-Neutral Dividend Aristocrats Index, while CPSU is a Defined Outcome fund actively managed by Calamos. KNGZ is passively managed, while CPSU is actively managed. Over the past year, KNGZ returned 25.37% vs 5.46% for CPSU. A 0.54 correlation means they provide meaningful diversification when combined. KNGZ charges 0.50%/yr vs 0.69%/yr for CPSU.
Performance
KNGZ vs. CPSU - Performance Comparison
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Returns By Period
In the year-to-date period, KNGZ achieves a 13.33% return, which is significantly higher than CPSU's 1.77% return.
KNGZ
- 1D
- -0.67%
- 1M
- -0.12%
- YTD
- 13.33%
- 6M
- 12.69%
- 1Y
- 25.37%
- 3Y*
- 16.12%
- 5Y*
- 9.38%
- 10Y*
- —
CPSU
- 1D
- -0.15%
- 1M
- -0.38%
- YTD
- 1.77%
- 6M
- 1.85%
- 1Y
- 5.46%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
KNGZ vs. CPSU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
KNGZ First Trust S&P 500 Diversified Dividend Aristocrats ETF | 13.33% | 14.11% |
CPSU Calamos S&P 500 Structured Alt Protection ETF - June | 1.77% | 4.35% |
Correlation
The correlation between KNGZ and CPSU is 0.52, 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 | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2025 | 0.54 |
The correlation between KNGZ and CPSU has been stable across timeframes, ranging from 0.52 to 0.54 - a consistent structural relationship.
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Return for Risk
KNGZ vs. CPSU — Risk / Return Rank
KNGZ
CPSU
KNGZ vs. CPSU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust S&P 500 Diversified Dividend Aristocrats ETF (KNGZ) and Calamos S&P 500 Structured Alt Protection ETF - June (CPSU). 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.
| KNGZ | CPSU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.83 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.71 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | 2.71 | 5.33 | -2.62 |
| Martin ratioReturn relative to average drawdown | 8.91 | 28.38 | -19.48 |
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Drawdowns
KNGZ vs. CPSU - Drawdown Comparison
The maximum KNGZ drawdown since its inception was -37.44%, which is greater than CPSU's maximum drawdown of -1.03%. Use the drawdown chart below to compare losses from any high point for KNGZ and CPSU.
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Drawdown Indicators
| KNGZ | CPSU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.44% | -1.03% | -36.41% |
Max Drawdown (1Y)Largest decline over 1 year | -9.41% | -1.03% | -8.38% |
Max Drawdown (3Y)Largest decline over 3 years | -19.70% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -19.71% | — | — |
Current DrawdownCurrent decline from peak | -3.86% | -0.69% | -3.17% |
Average DrawdownAverage peak-to-trough decline | -4.85% | -0.09% | -4.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 0.19% | +2.67% |
Volatility
KNGZ vs. CPSU - Volatility Comparison
First Trust S&P 500 Diversified Dividend Aristocrats ETF (KNGZ) has a higher volatility of 4.88% compared to Calamos S&P 500 Structured Alt Protection ETF - June (CPSU) at 0.91%. This indicates that KNGZ's price experiences larger fluctuations and is considered to be riskier than CPSU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KNGZ | CPSU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.88% | 0.91% | +3.97% |
Volatility (6M)Calculated over the trailing 6-month period | 10.19% | 1.61% | +8.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.75% | 1.90% | +11.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.14% | 1.88% | +14.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.85% | 1.88% | +16.97% |
KNGZ vs. CPSU - Expense Ratio Comparison
KNGZ has a 0.50% expense ratio, which is lower than CPSU's 0.69% expense ratio.
Dividends
KNGZ vs. CPSU - Dividend Comparison
KNGZ's dividend yield for the trailing twelve months is around 2.40%, while CPSU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CPSU Calamos S&P 500 Structured Alt Protection ETF - June | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
KNGZ First Trust S&P 500 Diversified Dividend Aristocrats ETF | 2.40% | 2.70% | 2.55% | 3.10% | 2.52% | 1.95% | 2.44% | 2.85% | 4.09% | 1.10% |
Frequently Asked Questions
KNGZ and CPSU have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KNGZ has higher volatility (4.88%) compared to CPSU (0.91%). In terms of maximum drawdown, KNGZ dropped -37.44% vs CPSU's -1.03%.
On 1-year performance, KNGZ leads with 25.37% vs 5.46% for CPSU. On fees, KNGZ is cheaper at 0.50% per year. On volatility, CPSU has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, KNGZ has performed better with a 25.37% return vs 5.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KNGZ is cheaper with a 0.50% expense ratio, compared with 0.69% for CPSU.
KNGZ has the higher dividend yield at 2.40%, compared with 0.00% for CPSU.
KNGZ is categorized as S&P 500, while CPSU is Defined Outcome. They also come from different issuers: First Trust and Calamos. Their fees differ too: 0.50% for KNGZ and 0.69% for CPSU.
CPSU currently has the higher Sharpe Ratio (2.90 vs 1.86), 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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