PSFF vs. CPSP

Last updated Jun 4, 2026

PSFF (Pacer Swan SOS Fund of Funds ETF) and CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) are both exchange-traded funds - PSFF is a Defined Outcome fund actively managed by Pacer, while CPSP is a S&P 500 fund actively managed by Calamos. Both are actively managed. Over the past year, PSFF returned 14.89% vs 7.13% for CPSP. A 0.63 correlation means they provide meaningful diversification when combined. PSFF charges 0.75%/yr vs 0.69%/yr for CPSP.

Performance

PSFF vs. CPSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Swan SOS Fund of Funds ETF (PSFF) 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, PSFF achieves a 5.72% return, which is significantly higher than CPSP's 3.18% return.

PSFF

• 1D: -0.18%
• 1M: 1.85%
• YTD: 5.72%
• 6M: 6.41%
• 1Y: 14.89%
• 3Y*: 13.03%
• 5Y*: 9.43%
• 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)

PSFF vs. CPSP - Yearly Performance Comparison

	2026 (YTD)	2025
PSFF Pacer Swan SOS Fund of Funds ETF	5.72%	12.77%
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	3.18%	5.46%

Correlation

The correlation between PSFF and CPSP is 0.59, 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	0.59
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.63

The correlation between PSFF and CPSP has been stable across timeframes, ranging from 0.59 to 0.63 - a consistent structural relationship.

Return for Risk

PSFF vs. CPSP — Risk / Return Rank

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

PSFF

PSFF Risk / Return Rank: 82
PSFF Sharpe Ratio Rank: 76
PSFF Sortino Ratio Rank: 85
PSFF Omega Ratio Rank: 78
PSFF Calmar Ratio Rank: 80
PSFF Martin Ratio Rank: 89

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.

PSFF vs. CPSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Swan SOS Fund of Funds ETF (PSFF) 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.

	PSFF	CPSP	Difference
Sharpe ratio: Return per unit of total volatility	2.49	5.08	-2.59
Sortino ratio: Return per unit of downside risk	3.82	9.15	-5.32
Omega ratio: Gain probability vs. loss probability	1.47	2.31	-0.84
Calmar ratio: Return relative to maximum drawdown	4.08	19.11	-15.03
Martin ratio: Return relative to average drawdown	20.44	96.35	-75.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSFF vs. CPSP - Sharpe Ratio Comparison

The current PSFF Sharpe Ratio is 2.49, which is lower than the CPSP Sharpe Ratio of 5.08. The chart below compares the historical Sharpe Ratios of PSFF 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

	PSFF	CPSP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	5.08	-2.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	3.17	-2.06

Drawdowns

PSFF vs. CPSP - Drawdown Comparison

The maximum PSFF drawdown since its inception was -10.78%, which is greater than CPSP's maximum drawdown of -1.73%. Use the drawdown chart below to compare losses from any high point for PSFF and CPSP.

Drawdown Indicators

	PSFF	CPSP	Difference
Max Drawdown Largest peak-to-trough decline	-10.78%	-1.73%	-9.05%
Max Drawdown (1Y) Largest decline over 1 year	-3.67%	-0.37%	-3.30%
Max Drawdown (3Y) Largest decline over 3 years	-10.78%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.78%	—	—
Current Drawdown Current decline from peak	-0.18%	0.00%	-0.18%
Average Drawdown Average peak-to-trough decline	-1.60%	-0.08%	-1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	0.07%	+0.66%

Volatility

PSFF vs. CPSP - Volatility Comparison

Pacer Swan SOS Fund of Funds ETF (PSFF) has a higher volatility of 1.02% compared to Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) at 0.32%. This indicates that PSFF'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

	PSFF	CPSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	0.32%	+0.70%
Volatility (6M) Calculated over the trailing 6-month period	4.54%	0.84%	+3.70%
Volatility (1Y) Calculated over the trailing 1-year period	6.08%	1.42%	+4.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.22%	2.37%	+6.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.10%	2.37%	+6.73%

PSFF vs. CPSP - Expense Ratio Comparison

PSFF has a 0.75% expense ratio, which is higher than CPSP's 0.69% expense ratio.

Dividends

PSFF vs. CPSP - Dividend Comparison

Neither PSFF nor CPSP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PSFF and CPSP in my portfolio?

PSFF and CPSP have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSFF or CPSP?

PSFF has higher volatility (1.02%) compared to CPSP (0.32%). In terms of maximum drawdown, PSFF dropped -10.78% vs CPSP's -1.73%.

Which ETF is better, PSFF or CPSP?

On 1-year performance, PSFF leads with 14.89% 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, PSFF or CPSP?

Over the 1-year period, PSFF has performed better with a 14.89% return vs 7.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSFF or CPSP?

CPSP is cheaper with a 0.69% expense ratio, compared with 0.75% for PSFF.

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

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

What is the main difference between PSFF and CPSP?

PSFF is categorized as Defined Outcome, while CPSP is S&P 500. They also come from different issuers: Pacer and Calamos. Their fees differ too: 0.75% for PSFF and 0.69% for CPSP.

Which has better risk-adjusted returns?

CPSP currently has the higher Sharpe Ratio (5.08 vs 2.49), 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.