NOVM vs. CPSP

Last updated Jun 6, 2026

NOVM (FT Vest U.S. Equity Max Buffer ETF - November) and CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) are both exchange-traded funds - NOVM is a Defined Outcome fund actively managed by First Trust, while CPSP is a S&P 500 fund actively managed by Calamos. Both are actively managed. Over the past year, NOVM returned 8.37% vs 7.11% for CPSP. A 0.74 correlation means they provide meaningful diversification when combined. NOVM charges 0.85%/yr vs 0.69%/yr for CPSP.

Performance

NOVM vs. CPSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Max Buffer ETF - November (NOVM) and Calamos S&P 500 Structured Alt Protection ETF - April (CPSP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOVM achieves a 2.27% return, which is significantly lower than CPSP's 3.11% return.

NOVM

• 1D: -0.22%
• 1M: 0.35%
• YTD: 2.27%
• 6M: 2.58%
• 1Y: 8.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSP

• 1D: -0.19%
• 1M: 0.30%
• YTD: 3.11%
• 6M: 3.46%
• 1Y: 7.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NOVM vs. CPSP - Yearly Performance Comparison

	2026 (YTD)	2025
NOVM FT Vest U.S. Equity Max Buffer ETF - November	2.27%	7.85%
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	3.11%	5.46%

Correlation

The correlation between NOVM and CPSP is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.74

The correlation between NOVM and CPSP has been stable across timeframes, ranging from 0.71 to 0.74 - a consistent structural relationship.

Return for Risk

NOVM vs. CPSP — Risk / Return Rank

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

NOVM

NOVM Risk / Return Rank: 96
NOVM Sharpe Ratio Rank: 96
NOVM Sortino Ratio Rank: 97
NOVM Omega Ratio Rank: 97
NOVM Calmar Ratio Rank: 92
NOVM Martin Ratio Rank: 96

CPSP

CPSP Risk / Return Rank: 98
CPSP Sharpe Ratio Rank: 98
CPSP Sortino Ratio Rank: 98
CPSP Omega Ratio Rank: 98
CPSP Calmar Ratio Rank: 98
CPSP Martin Ratio Rank: 99

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.

NOVM vs. CPSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Max Buffer ETF - November (NOVM) and Calamos S&P 500 Structured Alt Protection ETF - April (CPSP). 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.

	NOVM	CPSP	Difference
Sharpe ratio: Return per unit of total volatility	3.87	5.01	-1.14
Sortino ratio: Return per unit of downside risk	6.26	8.88	-2.62
Omega ratio: Gain probability vs. loss probability	1.90	2.28	-0.38
Calmar ratio: Return relative to maximum drawdown	5.68	19.07	-13.39
Martin ratio: Return relative to average drawdown	31.64	95.02	-63.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NOVM vs. CPSP - Sharpe Ratio Comparison

The current NOVM Sharpe Ratio is 3.87, which is comparable to the CPSP Sharpe Ratio of 5.01. The chart below compares the historical Sharpe Ratios of NOVM and CPSP, 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

	NOVM	CPSP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.87	5.01	-1.14
Sharpe Ratio (All Time) Calculated using the full available price history	2.20	3.12	-0.91

Drawdowns

NOVM vs. CPSP - Drawdown Comparison

The maximum NOVM drawdown since its inception was -3.26%, which is greater than CPSP's maximum drawdown of -1.73%. Use the drawdown chart below to compare losses from any high point for NOVM and CPSP.

Drawdown Indicators

	NOVM	CPSP	Difference
Max Drawdown Largest peak-to-trough decline	-3.26%	-1.73%	-1.53%
Max Drawdown (1Y) Largest decline over 1 year	-1.48%	-0.37%	-1.11%
Current Drawdown Current decline from peak	-0.25%	-0.19%	-0.06%
Average Drawdown Average peak-to-trough decline	-0.35%	-0.08%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	0.08%	+0.19%

Volatility

NOVM vs. CPSP - Volatility Comparison

FT Vest U.S. Equity Max Buffer ETF - November (NOVM) and Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) have volatilities of 0.36% and 0.37%, 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

	NOVM	CPSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.36%	0.37%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.66%	0.87%	+0.79%
Volatility (1Y) Calculated over the trailing 1-year period	2.17%	1.43%	+0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.00%	2.37%	+0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.00%	2.37%	+0.63%

NOVM vs. CPSP - Expense Ratio Comparison

NOVM has a 0.85% expense ratio, which is higher than CPSP's 0.69% expense ratio.

Dividends

NOVM vs. CPSP - Dividend Comparison

Neither NOVM nor CPSP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NOVM and CPSP in my portfolio?

NOVM and CPSP have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOVM or CPSP?

CPSP has higher volatility (0.37%) compared to NOVM (0.36%). In terms of maximum drawdown, NOVM dropped -3.26% vs CPSP's -1.73%.

Which ETF is better, NOVM or CPSP?

On 1-year performance, NOVM leads with 8.37% vs 7.11% for CPSP. On fees, CPSP 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, NOVM or CPSP?

Over the 1-year period, NOVM has performed better with a 8.37% return vs 7.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NOVM or CPSP?

CPSP is cheaper with a 0.69% expense ratio, compared with 0.85% for NOVM.

Which ETF pays a higher dividend yield, NOVM or CPSP?

NOVM and CPSP have nearly identical dividend yields, around 0.00%.

What is the main difference between NOVM and CPSP?

NOVM is categorized as Defined Outcome, while CPSP is S&P 500. They also come from different issuers: First Trust and Calamos. Their fees differ too: 0.85% for NOVM and 0.69% for CPSP.

Which has better risk-adjusted returns?

CPSP currently has the higher Sharpe Ratio (5.01 vs 3.87), 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.