RSJN vs. CPSM

Last updated Jun 3, 2026

RSJN (FT Vest U.S. Equity Equal Weight Buffer ETF - June) and CPSM (Calamos S&P 500 Structured Alt Protection ETF - May) are both Defined Outcome funds. Both are actively managed. Over the past year, RSJN returned 14.82% vs 5.88% for CPSM. A 0.56 correlation means they provide meaningful diversification when combined. RSJN charges 0.85%/yr vs 0.69%/yr for CPSM.

Performance

RSJN vs. CPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Equal Weight Buffer ETF - June (RSJN) 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, RSJN achieves a 6.97% return, which is significantly higher than CPSM's 2.27% return.

RSJN

• 1D: 0.05%
• 1M: 2.16%
• YTD: 6.97%
• 6M: 8.21%
• 1Y: 14.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSM

• 1D: -0.06%
• 1M: 0.71%
• YTD: 2.27%
• 6M: 2.72%
• 1Y: 5.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RSJN vs. CPSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RSJN FT Vest U.S. Equity Equal Weight Buffer ETF - June	6.97%	7.86%	5.05%
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	2.27%	7.21%	4.05%

Correlation

The correlation between RSJN and CPSM is 0.54, 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	0.54
Correlation (All Time) Calculated using the full available price history since Jun 25, 2024	0.56

The correlation between RSJN and CPSM has been stable across timeframes, ranging from 0.54 to 0.56 - a consistent structural relationship.

Return for Risk

RSJN vs. CPSM — Risk / Return Rank

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

RSJN

RSJN Risk / Return Rank: 66
RSJN Sharpe Ratio Rank: 59
RSJN Sortino Ratio Rank: 64
RSJN Omega Ratio Rank: 61
RSJN Calmar Ratio Rank: 71
RSJN Martin Ratio Rank: 73

CPSM

CPSM Risk / Return Rank: 97
CPSM Sharpe Ratio Rank: 94
CPSM Sortino Ratio Rank: 97
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.

RSJN vs. CPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Equal Weight Buffer ETF - June (RSJN) 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.

	RSJN	CPSM	Difference
Sharpe ratio Return per unit of total volatility	2.07	3.78	-1.71
Sortino ratio Return per unit of downside risk	3.05	6.33	-3.28
Omega ratio Gain probability vs. loss probability	1.38	1.84	-0.45
Calmar ratio Return relative to maximum drawdown	3.60	13.01	-9.41
Martin ratio Return relative to average drawdown	14.09	61.11	-47.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RSJN vs. CPSM - Sharpe Ratio Comparison

The current RSJN Sharpe Ratio is 2.07, which is lower than the CPSM Sharpe Ratio of 3.78. The chart below compares the historical Sharpe Ratios of RSJN 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.

Sharpe Ratios by Period

	RSJN	CPSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	3.78	-1.71
Sharpe Ratio (All Time) Calculated using the full available price history	1.03	1.54	-0.51

Drawdowns

RSJN vs. CPSM - Drawdown Comparison

The maximum RSJN drawdown since its inception was -12.44%, which is greater than CPSM's maximum drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for RSJN and CPSM.

Drawdown Indicators

	RSJN	CPSM	Difference
Max Drawdown Largest peak-to-trough decline	-12.44%	-5.19%	-7.25%
Max Drawdown (1Y) Largest decline over 1 year	-4.07%	-0.45%	-3.62%
Current Drawdown Current decline from peak	0.00%	-0.06%	+0.06%
Average Drawdown Average peak-to-trough decline	-1.58%	-0.20%	-1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	0.10%	+0.94%

Volatility

RSJN vs. CPSM - Volatility Comparison

FT Vest U.S. Equity Equal Weight Buffer ETF - June (RSJN) has a higher volatility of 1.26% compared to Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) at 0.35%. This indicates that RSJN'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

	RSJN	CPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	0.35%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	4.91%	1.14%	+3.77%
Volatility (1Y) Calculated over the trailing 1-year period	7.21%	1.57%	+5.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.16%	5.10%	+5.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.16%	5.10%	+5.06%

RSJN vs. CPSM - Expense Ratio Comparison

RSJN has a 0.85% expense ratio, which is higher than CPSM's 0.69% expense ratio.

Dividends

RSJN vs. CPSM - Dividend Comparison

Neither RSJN nor CPSM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both RSJN and CPSM in my portfolio?

RSJN and CPSM have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RSJN or CPSM?

RSJN has higher volatility (1.26%) compared to CPSM (0.35%). In terms of maximum drawdown, RSJN dropped -12.44% vs CPSM's -5.19%.

Which ETF is better, RSJN or CPSM?

On 1-year performance, RSJN leads with 14.82% vs 5.88% for CPSM. On fees, CPSM is cheaper at 0.69% per year. On volatility, CPSM has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RSJN or CPSM?

Over the 1-year period, RSJN has performed better with a 14.82% return vs 5.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RSJN or CPSM?

CPSM is cheaper with a 0.69% expense ratio, compared with 0.85% for RSJN.

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

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

What is the main difference between RSJN and CPSM?

They also come from different issuers: First Trust and Calamos. Their fees differ too: 0.85% for RSJN and 0.69% for CPSM.

Which has better risk-adjusted returns?

CPSM currently has the higher Sharpe Ratio (3.78 vs 2.06), 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.