PSCW vs. CPSM

Last updated Jun 20, 2026

PSCW (Pacer Swan SOS Conservative (April) ETF) and CPSM (Calamos S&P 500 Structured Alt Protection ETF - May) are both Defined Outcome funds. Both are actively managed. Over the past year, PSCW returned 14.58% vs 5.56% for CPSM. A 0.67 correlation means they provide meaningful diversification when combined. PSCW charges 0.61%/yr vs 0.69%/yr for CPSM.

Performance

PSCW vs. CPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Swan SOS Conservative (April) ETF (PSCW) 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

In the year-to-date period, PSCW achieves a 7.43% return, which is significantly higher than CPSM's 2.15% return.

PSCW

• 1D: 0.30%
• 1M: 0.57%
• YTD: 7.43%
• 6M: 7.51%
• 1Y: 14.58%
• 3Y*: 11.21%
• 5Y*: 7.25%
• 10Y*: —

CPSM

• 1D: 0.19%
• 1M: 0.21%
• YTD: 2.15%
• 6M: 2.31%
• 1Y: 5.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSCW vs. CPSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PSCW Pacer Swan SOS Conservative (April) ETF	7.43%	6.56%	12.49%
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	2.15%	7.21%	6.80%

Correlation

The correlation between PSCW and CPSM is 0.57, 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	0.57
Correlation (All Time) Calculated using the full available price history since May 1, 2024	0.67

The correlation between PSCW and CPSM has been stable across timeframes, ranging from 0.57 to 0.67 - a consistent structural relationship.

Return for Risk

PSCW vs. CPSM — Risk / Return Rank

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

PSCW

PSCW Risk / Return Rank: 97
PSCW Sharpe Ratio Rank: 96
PSCW Sortino Ratio Rank: 98
PSCW Omega Ratio Rank: 97
PSCW Calmar Ratio Rank: 97
PSCW Martin Ratio Rank: 98

CPSM

CPSM Risk / Return Rank: 96
CPSM Sharpe Ratio Rank: 95
CPSM Sortino Ratio Rank: 96
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.

PSCW vs. CPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Swan SOS Conservative (April) ETF (PSCW) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PSCW	CPSM	Difference
Sharpe ratio: Return per unit of total volatility	3.97	3.47	+0.51
Sortino ratio: Return per unit of downside risk	6.69	5.61	+1.08
Omega ratio: Gain probability vs. loss probability	1.89	1.76	+0.14
Calmar ratio: Return relative to maximum drawdown	9.78	11.64	-1.85
Martin ratio: Return relative to average drawdown	47.48	51.49	-4.01

PSCW vs. CPSM - Sharpe Ratio Comparison

The current PSCW Sharpe Ratio is 3.97, which is comparable to the CPSM Sharpe Ratio of 3.47. The chart below compares the historical Sharpe Ratios of PSCW 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.

Drawdowns

PSCW vs. CPSM - Drawdown Comparison

The maximum PSCW drawdown since its inception was -11.89%, which is greater than CPSM's maximum drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for PSCW and CPSM.

Drawdown Indicators

	PSCW	CPSM	Difference
Max Drawdown Largest peak-to-trough decline	-11.89%	-5.19%	-6.70%
Max Drawdown (1Y) Largest decline over 1 year	-1.50%	-0.49%	-1.01%
Max Drawdown (3Y) Largest decline over 3 years	-11.89%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.89%	—	—
Current Drawdown Current decline from peak	-0.22%	-0.18%	-0.04%
Average Drawdown Average peak-to-trough decline	-2.17%	-0.20%	-1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	0.11%	+0.20%

Volatility

PSCW vs. CPSM - Volatility Comparison

Pacer Swan SOS Conservative (April) ETF (PSCW) has a higher volatility of 1.41% compared to Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) at 0.64%. This indicates that PSCW's price experiences larger fluctuations and is considered to be riskier than CPSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSCW	CPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	0.64%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	2.74%	1.20%	+1.54%
Volatility (1Y) Calculated over the trailing 1-year period	3.69%	1.65%	+2.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.66%	5.05%	+2.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.58%	5.05%	+2.53%

PSCW vs. CPSM - Expense Ratio Comparison

PSCW has a 0.61% expense ratio, which is lower than CPSM's 0.69% expense ratio.

Dividends

PSCW vs. CPSM - Dividend Comparison

Neither PSCW nor CPSM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PSCW and CPSM in my portfolio?

PSCW and CPSM have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSCW or CPSM?

PSCW has higher volatility (1.41%) compared to CPSM (0.64%). In terms of maximum drawdown, PSCW dropped -11.89% vs CPSM's -5.19%.

Which ETF is better, PSCW or CPSM?

On 1-year performance, PSCW leads with 14.58% vs 5.56% for CPSM. On fees, PSCW is cheaper at 0.61% per year. On volatility, CPSM has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSCW or CPSM?

Over the 1-year period, PSCW has performed better with a 14.58% return vs 5.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSCW or CPSM?

PSCW is cheaper with a 0.61% expense ratio, compared with 0.69% for CPSM.

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

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

What is the main difference between PSCW and CPSM?

They also come from different issuers: Pacer and Calamos. Their fees differ too: 0.61% for PSCW and 0.69% for CPSM.

Which has better risk-adjusted returns?

PSCW currently has the higher Sharpe Ratio (3.97 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.