QB vs. CPSJ

Last updated Jun 25, 2026

QB (ProShares Nasdaq-100 Dynamic Daily Buffer ETF) and CPSJ (Calamos S&P 500 Structured Alt Protection ETF - July) are both Defined Outcome funds - QB tracks the Nasdaq-100 while CPSJ tracks the MerQube Cap Protect US Lrg Cap PR Index - Jul. Both are passively managed. A 0.60 correlation means they provide meaningful diversification when combined. QB charges 0.58%/yr vs 0.69%/yr for CPSJ.

Performance

QB vs. CPSJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB) and Calamos S&P 500 Structured Alt Protection ETF - July (CPSJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QB achieves a 9.35% return, which is significantly higher than CPSJ's 2.86% return.

QB

• 1D: -0.19%
• 1M: -0.37%
• YTD: 9.35%
• 6M: 9.14%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSJ

• 1D: 0.00%
• 1M: 0.44%
• YTD: 2.86%
• 6M: 2.75%
• 1Y: 6.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QB vs. CPSJ - Yearly Performance Comparison

	2026 (YTD)	2025
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	9.35%	6.10%
CPSJ Calamos S&P 500 Structured Alt Protection ETF - July	2.86%	3.29%

Correlation

The correlation between QB and CPSJ is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.60

Return for Risk

QB vs. CPSJ — Risk / Return Rank

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

QB

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

CPSJ

CPSJ Risk / Return Rank: 94
CPSJ Sharpe Ratio Rank: 94
CPSJ Sortino Ratio Rank: 96
CPSJ Omega Ratio Rank: 95
CPSJ Calmar Ratio Rank: 88
CPSJ 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.

QB vs. CPSJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB) and Calamos S&P 500 Structured Alt Protection ETF - July (CPSJ). 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.

	QB	CPSJ	Difference
Sharpe ratio: Return per unit of total volatility	—	3.08	—
Sortino ratio: Return per unit of downside risk	—	4.93	—
Omega ratio: Gain probability vs. loss probability	—	1.68	—
Calmar ratio: Return relative to maximum drawdown	—	4.56	—
Martin ratio: Return relative to average drawdown	—	25.88	—

Drawdowns

QB vs. CPSJ - Drawdown Comparison

The maximum QB drawdown since its inception was -3.47%, smaller than the maximum CPSJ drawdown of -5.36%. Use the drawdown chart below to compare losses from any high point for QB and CPSJ.

Drawdown Indicators

	QB	CPSJ	Difference
Max Drawdown Largest peak-to-trough decline	-3.47%	-5.36%	+1.89%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.38%	—
Current Drawdown Current decline from peak	-1.70%	0.00%	-1.70%
Average Drawdown Average peak-to-trough decline	-0.42%	-0.44%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.24%	—

Volatility

Volatility by Period

	QB	CPSJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.35%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.65%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.84%	2.07%	+4.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.84%	4.52%	+2.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.84%	4.52%	+2.32%

QB vs. CPSJ - Expense Ratio Comparison

QB has a 0.58% expense ratio, which is lower than CPSJ's 0.69% expense ratio.

Dividends

QB vs. CPSJ - Dividend Comparison

QB's dividend yield for the trailing twelve months is around 0.80%, while CPSJ has not paid dividends to shareholders.

Position	TTM	2025
CPSJ Calamos S&P 500 Structured Alt Protection ETF - July	0.00%	0.00%
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	0.80%	0.48%

Frequently Asked Questions

Can I hold both QB and CPSJ in my portfolio?

QB and CPSJ have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QB or CPSJ?

On fees, QB is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QB or CPSJ?

QB is cheaper with a 0.58% expense ratio, compared with 0.69% for CPSJ.

Which ETF pays a higher dividend yield, QB or CPSJ?

QB has the higher dividend yield at 0.80%, compared with 0.00% for CPSJ.

What is the main difference between QB and CPSJ?

QB tracks Nasdaq-100, while CPSJ tracks MerQube Cap Protect US Lrg Cap PR Index - Jul. They also come from different issuers: ProShares and Calamos. Their fees differ too: 0.58% for QB and 0.69% for CPSJ.