MAYM vs. CPSM

Last updated Jun 4, 2026

MAYM (FT Vest U.S. Equity Max Buffer ETF - May) and CPSM (Calamos S&P 500 Structured Alt Protection ETF - May) are both Defined Outcome funds. Both are actively managed. Over the past year, MAYM returned 6.36% vs 5.88% for CPSM. A 0.55 correlation means they provide meaningful diversification when combined. MAYM charges 0.85%/yr vs 0.69%/yr for CPSM.

Performance

MAYM vs. CPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Max Buffer ETF - May (MAYM) 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

The year-to-date returns for both stocks are quite close, with MAYM having a 2.33% return and CPSM slightly lower at 2.27%.

MAYM

• 1D: -0.11%
• 1M: 0.49%
• YTD: 2.33%
• 6M: 2.86%
• 1Y: 6.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSM

• 1D: -0.06%
• 1M: 0.71%
• YTD: 2.27%
• 6M: 2.72%
• 1Y: 5.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MAYM vs. CPSM - Yearly Performance Comparison

	2026 (YTD)	2025
MAYM FT Vest U.S. Equity Max Buffer ETF - May	2.33%	4.07%
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	2.27%	3.67%

Correlation

The correlation between MAYM and CPSM is 0.56, 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	0.56
Correlation (All Time) Calculated using the full available price history since May 20, 2025	0.55

The correlation between MAYM and CPSM has been stable across timeframes, ranging from 0.55 to 0.56 - a consistent structural relationship.

Return for Risk

MAYM vs. CPSM — Risk / Return Rank

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

MAYM

MAYM Risk / Return Rank: 94
MAYM Sharpe Ratio Rank: 93
MAYM Sortino Ratio Rank: 96
MAYM Omega Ratio Rank: 97
MAYM Calmar Ratio Rank: 89
MAYM Martin Ratio Rank: 96

CPSM

CPSM Risk / Return Rank: 97
CPSM Sharpe Ratio Rank: 94
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.

MAYM vs. CPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Max Buffer ETF - May (MAYM) 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.

	MAYM	CPSM	Difference
Sharpe ratio: Return per unit of total volatility	3.47	3.78	-0.31
Sortino ratio: Return per unit of downside risk	5.78	6.33	-0.56
Omega ratio: Gain probability vs. loss probability	1.91	1.84	+0.07
Calmar ratio: Return relative to maximum drawdown	5.25	13.01	-7.76
Martin ratio: Return relative to average drawdown	36.95	61.11	-24.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MAYM vs. CPSM - Sharpe Ratio Comparison

The current MAYM Sharpe Ratio is 3.47, which is comparable to the CPSM Sharpe Ratio of 3.78. The chart below compares the historical Sharpe Ratios of MAYM 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

	MAYM	CPSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.47	3.78	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	3.36	1.54	+1.82

Drawdowns

MAYM vs. CPSM - Drawdown Comparison

The maximum MAYM drawdown since its inception was -1.22%, smaller than the maximum CPSM drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for MAYM and CPSM.

Drawdown Indicators

	MAYM	CPSM	Difference
Max Drawdown Largest peak-to-trough decline	-1.22%	-5.19%	+3.97%
Max Drawdown (1Y) Largest decline over 1 year	-1.22%	-0.45%	-0.77%
Current Drawdown Current decline from peak	-0.11%	-0.06%	-0.05%
Average Drawdown Average peak-to-trough decline	-0.08%	-0.20%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.17%	0.10%	+0.07%

Volatility

MAYM vs. CPSM - Volatility Comparison

FT Vest U.S. Equity Max Buffer ETF - May (MAYM) and Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) have volatilities of 0.34% and 0.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAYM	CPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.34%	0.35%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.49%	1.14%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	1.85%	1.57%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.87%	5.10%	-3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.87%	5.10%	-3.23%

MAYM vs. CPSM - Expense Ratio Comparison

MAYM has a 0.85% expense ratio, which is higher than CPSM's 0.69% expense ratio.

Dividends

MAYM vs. CPSM - Dividend Comparison

Neither MAYM nor CPSM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MAYM and CPSM in my portfolio?

MAYM and CPSM have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAYM or CPSM?

CPSM has higher volatility (0.35%) compared to MAYM (0.34%). In terms of maximum drawdown, MAYM dropped -1.22% vs CPSM's -5.19%.

Which ETF is better, MAYM or CPSM?

On 1-year performance, MAYM leads with 6.36% vs 5.88% for CPSM. On fees, CPSM is cheaper at 0.69% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAYM or CPSM?

Over the 1-year period, MAYM has performed better with a 6.36% return vs 5.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAYM or CPSM?

CPSM is cheaper with a 0.69% expense ratio, compared with 0.85% for MAYM.

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

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

What is the main difference between MAYM and CPSM?

They also come from different issuers: First Trust and Calamos. Their fees differ too: 0.85% for MAYM and 0.69% for CPSM.

Which has better risk-adjusted returns?

CPSM currently has the higher Sharpe Ratio (3.78 vs 3.47), 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.