ONEZ vs. CPSP

Last updated Jun 4, 2026

ONEZ (TrueShares Seasonality Laddered Buffered ETF) and CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) are both exchange-traded funds - ONEZ is a Defined Outcome fund actively managed by TrueShares, while CPSP is a S&P 500 fund actively managed by Calamos. Both are actively managed. Over the past year, ONEZ returned 17.56% vs 7.13% for CPSP. A 0.69 correlation means they provide meaningful diversification when combined. ONEZ charges 0.98%/yr vs 0.69%/yr for CPSP.

Performance

ONEZ vs. CPSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Seasonality Laddered Buffered ETF (ONEZ) 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, ONEZ achieves a 7.27% return, which is significantly higher than CPSP's 3.18% return.

ONEZ

• 1D: -0.47%
• 1M: 3.77%
• YTD: 7.27%
• 6M: 7.15%
• 1Y: 17.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSP

• 1D: 0.00%
• 1M: 0.60%
• YTD: 3.18%
• 6M: 3.74%
• 1Y: 7.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ONEZ vs. CPSP - Yearly Performance Comparison

	2026 (YTD)	2025
ONEZ TrueShares Seasonality Laddered Buffered ETF	7.27%	13.70%
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	3.18%	5.46%

Correlation

The correlation between ONEZ and CPSP is 0.67, 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	0.67
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.69

The correlation between ONEZ and CPSP has been stable across timeframes, ranging from 0.67 to 0.69 - a consistent structural relationship.

Return for Risk

ONEZ vs. CPSP — Risk / Return Rank

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

ONEZ

ONEZ Risk / Return Rank: 58
ONEZ Sharpe Ratio Rank: 58
ONEZ Sortino Ratio Rank: 59
ONEZ Omega Ratio Rank: 56
ONEZ Calmar Ratio Rank: 55
ONEZ Martin Ratio Rank: 63

CPSP

CPSP Risk / Return Rank: 98
CPSP Sharpe Ratio Rank: 98
CPSP Sortino Ratio Rank: 99
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.

ONEZ vs. CPSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Seasonality Laddered Buffered ETF (ONEZ) 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.

	ONEZ	CPSP	Difference
Sharpe ratio: Return per unit of total volatility	1.91	5.08	-3.16
Sortino ratio: Return per unit of downside risk	2.76	9.15	-6.39
Omega ratio: Gain probability vs. loss probability	1.34	2.31	-0.97
Calmar ratio: Return relative to maximum drawdown	2.67	19.11	-16.44
Martin ratio: Return relative to average drawdown	11.14	96.35	-85.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ONEZ vs. CPSP - Sharpe Ratio Comparison

The current ONEZ Sharpe Ratio is 1.91, which is lower than the CPSP Sharpe Ratio of 5.08. The chart below compares the historical Sharpe Ratios of ONEZ 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

	ONEZ	CPSP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	5.08	-3.16
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	3.17	-2.13

Drawdowns

ONEZ vs. CPSP - Drawdown Comparison

The maximum ONEZ drawdown since its inception was -13.24%, which is greater than CPSP's maximum drawdown of -1.73%. Use the drawdown chart below to compare losses from any high point for ONEZ and CPSP.

Drawdown Indicators

	ONEZ	CPSP	Difference
Max Drawdown Largest peak-to-trough decline	-13.24%	-1.73%	-11.51%
Max Drawdown (1Y) Largest decline over 1 year	-6.60%	-0.37%	-6.23%
Current Drawdown Current decline from peak	-0.61%	0.00%	-0.61%
Average Drawdown Average peak-to-trough decline	-2.07%	-0.08%	-1.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	0.07%	+1.51%

Volatility

ONEZ vs. CPSP - Volatility Comparison

TrueShares Seasonality Laddered Buffered ETF (ONEZ) has a higher volatility of 2.54% compared to Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) at 0.32%. This indicates that ONEZ's price experiences larger fluctuations and is considered to be riskier than CPSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONEZ	CPSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	0.32%	+2.22%
Volatility (6M) Calculated over the trailing 6-month period	7.03%	0.84%	+6.19%
Volatility (1Y) Calculated over the trailing 1-year period	9.23%	1.42%	+7.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.88%	2.37%	+9.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.88%	2.37%	+9.51%

ONEZ vs. CPSP - Expense Ratio Comparison

ONEZ has a 0.98% expense ratio, which is higher than CPSP's 0.69% expense ratio.

Dividends

ONEZ vs. CPSP - Dividend Comparison

ONEZ's dividend yield for the trailing twelve months is around 3.70%, while CPSP has not paid dividends to shareholders.

Position	TTM	2025
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	0.00%	0.00%
ONEZ TrueShares Seasonality Laddered Buffered ETF	3.70%	3.97%

Frequently Asked Questions

Can I hold both ONEZ and CPSP in my portfolio?

ONEZ and CPSP have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONEZ or CPSP?

ONEZ has higher volatility (2.54%) compared to CPSP (0.32%). In terms of maximum drawdown, ONEZ dropped -13.24% vs CPSP's -1.73%.

Which ETF is better, ONEZ or CPSP?

On 1-year performance, ONEZ leads with 17.56% vs 7.13% for CPSP. On fees, CPSP is cheaper at 0.69% per year. On volatility, CPSP has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEZ or CPSP?

Over the 1-year period, ONEZ has performed better with a 17.56% return vs 7.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEZ or CPSP?

CPSP is cheaper with a 0.69% expense ratio, compared with 0.98% for ONEZ.

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

ONEZ has the higher dividend yield at 3.70%, compared with 0.00% for CPSP.

What is the main difference between ONEZ and CPSP?

ONEZ is categorized as Defined Outcome, while CPSP is S&P 500. They also come from different issuers: TrueShares and Calamos. Their fees differ too: 0.98% for ONEZ and 0.69% for CPSP.

Which has better risk-adjusted returns?

CPSP currently has the higher Sharpe Ratio (5.08 vs 1.91), 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.