LLII vs. CPNQ

Last updated Jun 23, 2026

LLII (REX LLY Growth & Income ETF) and CPNQ (Calamos Nasdaq-100 Structured Alt Protection ETF - December) are both exchange-traded funds - LLII is a Derivative Income fund actively managed by REX, while CPNQ is a Defined Outcome fund actively managed by Calamos. Both are actively managed. At a 0.05 correlation, their price movements are largely independent. LLII charges 0.99%/yr vs 0.69%/yr for CPNQ.

Performance

LLII vs. CPNQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in REX LLY Growth & Income ETF (LLII) and Calamos Nasdaq-100 Structured Alt Protection ETF - December (CPNQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LLII achieves a 2.07% return, which is significantly lower than CPNQ's 3.07% return.

LLII

• 1D: 0.00%
• 1M: 6.03%
• YTD: 2.07%
• 6M: 2.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPNQ

• 1D: 0.02%
• 1M: 0.35%
• YTD: 3.07%
• 6M: 3.17%
• 1Y: 8.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LLII vs. CPNQ - Yearly Performance Comparison

	2026 (YTD)	2025
LLII REX LLY Growth & Income ETF	2.07%	19.74%
CPNQ Calamos Nasdaq-100 Structured Alt Protection ETF - December	3.07%	0.84%

Correlation

The correlation between LLII and CPNQ is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 4, 2025	0.05

Return for Risk

LLII vs. CPNQ — Risk / Return Rank

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

LLII

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

CPNQ

CPNQ Risk / Return Rank: 94
CPNQ Sharpe Ratio Rank: 93
CPNQ Sortino Ratio Rank: 96
CPNQ Omega Ratio Rank: 94
CPNQ Calmar Ratio Rank: 91
CPNQ Martin Ratio Rank: 95

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.

LLII vs. CPNQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX LLY Growth & Income ETF (LLII) and Calamos Nasdaq-100 Structured Alt Protection ETF - December (CPNQ). 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.

	LLII	CPNQ	Difference
Sharpe ratio: Return per unit of total volatility	—	3.19	—
Sortino ratio: Return per unit of downside risk	—	5.23	—
Omega ratio: Gain probability vs. loss probability	—	1.68	—
Calmar ratio: Return relative to maximum drawdown	—	5.72	—
Martin ratio: Return relative to average drawdown	—	27.62	—

Drawdowns

LLII vs. CPNQ - Drawdown Comparison

The maximum LLII drawdown since its inception was -23.96%, which is greater than CPNQ's maximum drawdown of -3.52%. Use the drawdown chart below to compare losses from any high point for LLII and CPNQ.

Drawdown Indicators

	LLII	CPNQ	Difference
Max Drawdown Largest peak-to-trough decline	-23.96%	-3.52%	-20.44%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.52%	—
Current Drawdown Current decline from peak	-0.71%	-0.15%	-0.56%
Average Drawdown Average peak-to-trough decline	-8.63%	-0.42%	-8.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.31%	—

Volatility

Volatility by Period

	LLII	CPNQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.90%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.23%	—
Volatility (1Y) Calculated over the trailing 1-year period	35.58%	2.72%	+32.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.58%	3.38%	+32.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.58%	3.38%	+32.20%

LLII vs. CPNQ - Expense Ratio Comparison

LLII has a 0.99% expense ratio, which is higher than CPNQ's 0.69% expense ratio.

Dividends

LLII vs. CPNQ - Dividend Comparison

LLII's dividend yield for the trailing twelve months is around 25.62%, while CPNQ has not paid dividends to shareholders.

Position	TTM	2025
CPNQ Calamos Nasdaq-100 Structured Alt Protection ETF - December	0.00%	0.00%
LLII REX LLY Growth & Income ETF	25.62%	5.13%

Frequently Asked Questions

Can I hold both LLII and CPNQ in my portfolio?

LLII and CPNQ have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LLII or CPNQ?

On fees, CPNQ is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, LLII or CPNQ?

CPNQ is cheaper with a 0.69% expense ratio, compared with 0.99% for LLII.

Which ETF pays a higher dividend yield, LLII or CPNQ?

LLII has the higher dividend yield at 25.62%, compared with 0.00% for CPNQ.

What is the main difference between LLII and CPNQ?

LLII is categorized as Derivative Income, while CPNQ is Defined Outcome. They also come from different issuers: REX and Calamos. Their fees differ too: 0.99% for LLII and 0.69% for CPNQ.