QMAR vs. CPST

Last updated Jun 4, 2026

QMAR (FT Cboe Vest Nasdaq-100 Buffer ETF - March) and CPST (Calamos S&P 500 Structured Alt Protection ETF - September) are both exchange-traded funds - QMAR is a Nasdaq-100 fund actively managed by First Trust, while CPST is a Defined Outcome fund tracking the MerQube Cap Protect US Lrg Cap PR Index - Sep. QMAR is actively managed, while CPST is passively managed. Over the past year, QMAR returned 23.38% vs 7.61% for CPST. A 0.77 correlation means they provide meaningful diversification when combined. QMAR charges 0.90%/yr vs 0.69%/yr for CPST.

Performance

QMAR vs. CPST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest Nasdaq-100 Buffer ETF - March (QMAR) and Calamos S&P 500 Structured Alt Protection ETF - September (CPST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QMAR achieves a 13.06% return, which is significantly higher than CPST's 2.67% return.

QMAR

• 1D: -0.09%
• 1M: 2.81%
• YTD: 13.06%
• 6M: 14.01%
• 1Y: 23.38%
• 3Y*: 16.73%
• 5Y*: 12.13%
• 10Y*: —

CPST

• 1D: 0.00%
• 1M: 0.87%
• YTD: 2.67%
• 6M: 2.98%
• 1Y: 7.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QMAR vs. CPST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QMAR FT Cboe Vest Nasdaq-100 Buffer ETF - March	13.06%	10.89%	8.06%
CPST Calamos S&P 500 Structured Alt Protection ETF - September	2.67%	6.73%	2.30%

Correlation

The correlation between QMAR and CPST is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Sep 4, 2024	0.77

The correlation between QMAR and CPST has been stable across timeframes, ranging from 0.73 to 0.77 - a consistent structural relationship.

Return for Risk

QMAR vs. CPST — Risk / Return Rank

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

QMAR

QMAR Risk / Return Rank: 96
QMAR Sharpe Ratio Rank: 95
QMAR Sortino Ratio Rank: 97
QMAR Omega Ratio Rank: 97
QMAR Calmar Ratio Rank: 94
QMAR Martin Ratio Rank: 97

CPST

CPST Risk / Return Rank: 94
CPST Sharpe Ratio Rank: 94
CPST Sortino Ratio Rank: 97
CPST Omega Ratio Rank: 96
CPST Calmar Ratio Rank: 89
CPST 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.

QMAR vs. CPST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest Nasdaq-100 Buffer ETF - March (QMAR) and Calamos S&P 500 Structured Alt Protection ETF - September (CPST). 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.

	QMAR	CPST	Difference
Sharpe ratio: Return per unit of total volatility	3.86	3.56	+0.30
Sortino ratio: Return per unit of downside risk	6.05	5.91	+0.14
Omega ratio: Gain probability vs. loss probability	1.93	1.82	+0.11
Calmar ratio: Return relative to maximum drawdown	7.31	5.38	+1.93
Martin ratio: Return relative to average drawdown	52.66	28.97	+23.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QMAR vs. CPST - Sharpe Ratio Comparison

The current QMAR Sharpe Ratio is 3.86, which is comparable to the CPST Sharpe Ratio of 3.56. The chart below compares the historical Sharpe Ratios of QMAR and CPST, 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

	QMAR	CPST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.86	3.56	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	2.02	-1.11

Drawdowns

QMAR vs. CPST - Drawdown Comparison

The maximum QMAR drawdown since its inception was -19.83%, which is greater than CPST's maximum drawdown of -3.79%. Use the drawdown chart below to compare losses from any high point for QMAR and CPST.

Drawdown Indicators

	QMAR	CPST	Difference
Max Drawdown Largest peak-to-trough decline	-19.83%	-3.79%	-16.04%
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	-1.42%	-1.79%
Max Drawdown (3Y) Largest decline over 3 years	-15.91%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.83%	—	—
Current Drawdown Current decline from peak	-0.19%	0.00%	-0.19%
Average Drawdown Average peak-to-trough decline	-3.28%	-0.35%	-2.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.45%	0.26%	+0.19%

Volatility

QMAR vs. CPST - Volatility Comparison

FT Cboe Vest Nasdaq-100 Buffer ETF - March (QMAR) has a higher volatility of 1.27% compared to Calamos S&P 500 Structured Alt Protection ETF - September (CPST) at 0.30%. This indicates that QMAR's price experiences larger fluctuations and is considered to be riskier than CPST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QMAR	CPST	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	0.30%	+0.97%
Volatility (6M) Calculated over the trailing 6-month period	4.85%	1.60%	+3.25%
Volatility (1Y) Calculated over the trailing 1-year period	6.09%	2.15%	+3.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.97%	3.37%	+10.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.85%	3.37%	+10.48%

QMAR vs. CPST - Expense Ratio Comparison

QMAR has a 0.90% expense ratio, which is higher than CPST's 0.69% expense ratio.

Dividends

QMAR vs. CPST - Dividend Comparison

Neither QMAR nor CPST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both QMAR and CPST in my portfolio?

QMAR and CPST have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QMAR or CPST?

QMAR has higher volatility (1.27%) compared to CPST (0.30%). In terms of maximum drawdown, QMAR dropped -19.83% vs CPST's -3.79%.

Which ETF is better, QMAR or CPST?

On 1-year performance, QMAR leads with 23.38% vs 7.61% for CPST. On fees, CPST is cheaper at 0.69% per year. On volatility, CPST has been the lower-risk option at 0.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QMAR or CPST?

Over the 1-year period, QMAR has performed better with a 23.38% return vs 7.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QMAR or CPST?

CPST is cheaper with a 0.69% expense ratio, compared with 0.90% for QMAR.

Which ETF pays a higher dividend yield, QMAR or CPST?

QMAR and CPST have nearly identical dividend yields, around 0.00%.

What is the main difference between QMAR and CPST?

QMAR is categorized as Nasdaq-100, while CPST is Defined Outcome. They also come from different issuers: First Trust and Calamos. Their fees differ too: 0.90% for QMAR and 0.69% for CPST.

Which has better risk-adjusted returns?

QMAR currently has the higher Sharpe Ratio (3.86 vs 3.56), 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.