MSOO vs. CPNQ

Last updated Jun 4, 2026

MSOO (Leverage Shares 2x Capped Accelerated MSTR Monthly ETF) and CPNQ (Calamos Nasdaq-100 Structured Alt Protection ETF - December) are both Defined Outcome funds. Both are actively managed. At a 0.40 correlation, their price movements are largely independent. MSOO charges 0.78%/yr vs 0.69%/yr for CPNQ.

Performance

MSOO vs. CPNQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2x Capped Accelerated MSTR Monthly ETF (MSOO) 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, MSOO achieves a -23.81% return, which is significantly lower than CPNQ's 3.12% return.

MSOO

• 1D: -6.75%
• 1M: -28.26%
• YTD: -23.81%
• 6M: -38.09%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPNQ

• 1D: 0.03%
• 1M: 1.03%
• YTD: 3.12%
• 6M: 3.32%
• 1Y: 8.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSOO vs. CPNQ - Yearly Performance Comparison

	2026 (YTD)	2025
MSOO Leverage Shares 2x Capped Accelerated MSTR Monthly ETF	-23.81%	-60.78%
CPNQ Calamos Nasdaq-100 Structured Alt Protection ETF - December	3.12%	2.64%

Correlation

The correlation between MSOO and CPNQ is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 14, 2025	0.40

Return for Risk

MSOO vs. CPNQ — Risk / Return Rank

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

CPNQ

CPNQ Risk / Return Rank: 94
CPNQ Sharpe Ratio Rank: 93
CPNQ Sortino Ratio Rank: 96
CPNQ Omega Ratio Rank: 95
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.

MSOO vs. CPNQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2x Capped Accelerated MSTR Monthly ETF (MSOO) 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.

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

Sharpe Ratios by Period

	MSOO	CPNQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.13	2.24	-3.37

Drawdowns

MSOO vs. CPNQ - Drawdown Comparison

The maximum MSOO drawdown since its inception was -72.39%, which is greater than CPNQ's maximum drawdown of -3.52%. Use the drawdown chart below to compare losses from any high point for MSOO and CPNQ.

Drawdown Indicators

	MSOO	CPNQ	Difference
Max Drawdown Largest peak-to-trough decline	-72.39%	-3.52%	-68.87%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.52%	—
Current Drawdown Current decline from peak	-70.12%	-0.04%	-70.08%
Average Drawdown Average peak-to-trough decline	-47.41%	-0.43%	-46.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.30%	—

Volatility

Volatility by Period

	MSOO	CPNQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.47%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.11%	—
Volatility (1Y) Calculated over the trailing 1-year period	69.25%	2.64%	+66.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.25%	3.37%	+65.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.25%	3.37%	+65.88%

MSOO vs. CPNQ - Expense Ratio Comparison

MSOO has a 0.78% expense ratio, which is higher than CPNQ's 0.69% expense ratio.

Dividends

MSOO vs. CPNQ - Dividend Comparison

MSOO's dividend yield for the trailing twelve months is around 2.13%, while CPNQ has not paid dividends to shareholders.

Position	TTM	2025
CPNQ Calamos Nasdaq-100 Structured Alt Protection ETF - December	0.00%	0.00%
MSOO Leverage Shares 2x Capped Accelerated MSTR Monthly ETF	2.13%	1.63%

Frequently Asked Questions

Can I hold both MSOO and CPNQ in my portfolio?

MSOO and CPNQ have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSOO 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, MSOO or CPNQ?

CPNQ is cheaper with a 0.69% expense ratio, compared with 0.78% for MSOO.

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

MSOO has the higher dividend yield at 2.13%, compared with 0.00% for CPNQ.

What is the main difference between MSOO and CPNQ?

They also come from different issuers: Leverage Shares and Calamos. Their fees differ too: 0.78% for MSOO and 0.69% for CPNQ.