MSDD vs. CPNS

Last updated Jun 5, 2026

MSDD (GraniteShares 2x Short MSTR Daily ETF) and CPNS (Calamos Nasdaq-100 Structured Alt Protection ETF - September) are both exchange-traded funds - MSDD is a Inverse Equities fund actively managed by GraniteShares, while CPNS is a Defined Outcome fund tracking the MerQube Cap Protect US Large Cap Tech PR Index - Sep. MSDD is actively managed, while CPNS is passively managed. At a correlation of -0.46, they often move in opposite directions. MSDD charges 1.50%/yr vs 0.69%/yr for CPNS.

Performance

MSDD vs. CPNS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short MSTR Daily ETF (MSDD) and Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSDD achieves a -49.24% return, which is significantly lower than CPNS's 3.05% return.

MSDD

• 1D: -3.94%
• 1M: 84.54%
• YTD: -49.24%
• 6M: -28.51%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPNS

• 1D: 0.05%
• 1M: 0.72%
• YTD: 3.05%
• 6M: 3.25%
• 1Y: 7.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSDD vs. CPNS - Yearly Performance Comparison

	2026 (YTD)	2025
MSDD GraniteShares 2x Short MSTR Daily ETF	-49.24%	271.43%
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	3.05%	4.21%

Correlation

The correlation between MSDD and CPNS is -0.46, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 11, 2025	-0.46

Return for Risk

MSDD vs. CPNS — Risk / Return Rank

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

CPNS

CPNS Risk / Return Rank: 95
CPNS Sharpe Ratio Rank: 94
CPNS Sortino Ratio Rank: 96
CPNS Omega Ratio Rank: 96
CPNS Calmar Ratio Rank: 91
CPNS 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.

MSDD vs. CPNS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short MSTR Daily ETF (MSDD) and Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS). 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.

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

Sharpe Ratios by Period

	MSDD	CPNS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	2.19	-1.55

Drawdowns

MSDD vs. CPNS - Drawdown Comparison

The maximum MSDD drawdown since its inception was -84.91%, which is greater than CPNS's maximum drawdown of -3.99%. Use the drawdown chart below to compare losses from any high point for MSDD and CPNS.

Drawdown Indicators

	MSDD	CPNS	Difference
Max Drawdown Largest peak-to-trough decline	-84.91%	-3.99%	-80.92%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.31%	—
Current Drawdown Current decline from peak	-68.95%	0.00%	-68.95%
Average Drawdown Average peak-to-trough decline	-29.58%	-0.35%	-29.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.24%	—

Volatility

Volatility by Period

	MSDD	CPNS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.31%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.74%	—
Volatility (1Y) Calculated over the trailing 1-year period	141.35%	2.13%	+139.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	141.35%	3.47%	+137.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	141.35%	3.47%	+137.88%

MSDD vs. CPNS - Expense Ratio Comparison

MSDD has a 1.50% expense ratio, which is higher than CPNS's 0.69% expense ratio.

Dividends

MSDD vs. CPNS - Dividend Comparison

Neither MSDD nor CPNS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MSDD and CPNS in my portfolio?

MSDD and CPNS have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSDD or CPNS?

On fees, CPNS 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, MSDD or CPNS?

CPNS is cheaper with a 0.69% expense ratio, compared with 1.50% for MSDD.

Which ETF pays a higher dividend yield, MSDD or CPNS?

MSDD and CPNS have nearly identical dividend yields, around 0.00%.

What is the main difference between MSDD and CPNS?

MSDD is categorized as Inverse Equities, while CPNS is Defined Outcome. They also come from different issuers: GraniteShares and Calamos. Their fees differ too: 1.50% for MSDD and 0.69% for CPNS.