RSP vs. CPSU

Last updated Jun 4, 2026

RSP (Invesco S&P 500 Equal Weight ETF) and CPSU (Calamos S&P 500 Structured Alt Protection ETF - June) are both exchange-traded funds - RSP is a S&P 500 fund tracking the S&P 500 Equal Weight Index, while CPSU is a Defined Outcome fund actively managed by Calamos. RSP is passively managed, while CPSU is actively managed. Over the past year, RSP returned 19.50% vs 6.60% for CPSU. A 0.63 correlation means they provide meaningful diversification when combined. RSP charges 0.20%/yr vs 0.69%/yr for CPSU.

Performance

RSP vs. CPSU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Equal Weight ETF (RSP) and Calamos S&P 500 Structured Alt Protection ETF - June (CPSU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RSP achieves a 9.70% return, which is significantly higher than CPSU's 2.35% return.

RSP

• 1D: -0.38%
• 1M: 3.77%
• YTD: 9.70%
• 6M: 10.18%
• 1Y: 19.50%
• 3Y*: 15.23%
• 5Y*: 8.33%
• 10Y*: 11.86%

CPSU

• 1D: -0.10%
• 1M: 0.49%
• YTD: 2.35%
• 6M: 2.95%
• 1Y: 6.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RSP vs. CPSU - Yearly Performance Comparison

	2026 (YTD)	2025
RSP Invesco S&P 500 Equal Weight ETF	9.70%	9.84%
CPSU Calamos S&P 500 Structured Alt Protection ETF - June	2.35%	4.15%

Correlation

The correlation between RSP and CPSU is 0.63, 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	0.63
Correlation (All Time) Calculated using the full available price history since Jun 3, 2025	0.63

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

Return for Risk

RSP vs. CPSU — Risk / Return Rank

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

RSP

RSP Risk / Return Rank: 49
RSP Sharpe Ratio Rank: 48
RSP Sortino Ratio Rank: 49
RSP Omega Ratio Rank: 46
RSP Calmar Ratio Rank: 50
RSP Martin Ratio Rank: 54

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.

RSP vs. CPSU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Equal Weight ETF (RSP) and Calamos S&P 500 Structured Alt Protection ETF - June (CPSU). 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.

	RSP	CPSU	Difference
Sharpe ratio Return per unit of total volatility	1.70	—	—
Sortino ratio Return per unit of downside risk	2.47	—	—
Omega ratio Gain probability vs. loss probability	1.30	—	—
Calmar ratio Return relative to maximum drawdown	2.49	—	—
Martin ratio Return relative to average drawdown	9.48	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	RSP	CPSU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	3.85	-3.29

Drawdowns

RSP vs. CPSU - Drawdown Comparison

The maximum RSP drawdown since its inception was -59.92%, which is greater than CPSU's maximum drawdown of -1.03%. Use the drawdown chart below to compare losses from any high point for RSP and CPSU.

Drawdown Indicators

	RSP	CPSU	Difference
Max Drawdown Largest peak-to-trough decline	-59.92%	-1.03%	-58.89%
Max Drawdown (1Y) Largest decline over 1 year	-7.85%	-1.03%	-6.82%
Max Drawdown (3Y) Largest decline over 3 years	-17.81%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.38%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.04%	—	—
Current Drawdown Current decline from peak	-0.38%	-0.10%	-0.28%
Average Drawdown Average peak-to-trough decline	-6.65%	-0.07%	-6.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	—	—

Volatility

Volatility by Period

	RSP	CPSU	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.29%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.56%	1.72%	+9.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.18%	1.72%	+14.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.35%	1.72%	+16.63%

RSP vs. CPSU - Expense Ratio Comparison

RSP has a 0.20% expense ratio, which is lower than CPSU's 0.69% expense ratio.

Dividends

RSP vs. CPSU - Dividend Comparison

RSP's dividend yield for the trailing twelve months is around 1.49%, while CPSU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPSU Calamos S&P 500 Structured Alt Protection ETF - June	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RSP Invesco S&P 500 Equal Weight ETF	1.49%	1.64%	1.52%	1.64%	1.82%	1.28%	1.64%	1.69%	2.02%	1.52%	1.20%	1.70%

Frequently Asked Questions

Can I hold both RSP and CPSU in my portfolio?

RSP and CPSU have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RSP or CPSU?

On 1-year performance, RSP leads with 19.50% vs 6.60% for CPSU. On fees, RSP is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RSP or CPSU?

Over the 1-year period, RSP has performed better with a 19.50% return vs 6.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RSP or CPSU?

RSP is cheaper with a 0.20% expense ratio, compared with 0.69% for CPSU.

Which ETF pays a higher dividend yield, RSP or CPSU?

RSP has the higher dividend yield at 1.49%, compared with 0.00% for CPSU.

What is the main difference between RSP and CPSU?

RSP is categorized as S&P 500, while CPSU is Defined Outcome. They also come from different issuers: Invesco and Calamos. Their fees differ too: 0.20% for RSP and 0.69% for CPSU.