RSPA vs. CPSL

Last updated Aug 6, 2026

RSPA (Invesco S&P 500 Equal Weight Income Advantage ETF) and CPSL (Calamos Laddered S&P 500 Structured Alt Protection ETF) are both exchange-traded funds - RSPA is a S&P 500 fund tracking the S&P 500 Equal Weight Index, while CPSL is a Defined Outcome fund actively managed by Calamos. RSPA is passively managed, while CPSL is actively managed. Over the past year, RSPA returned 20.31% vs 7.22% for CPSL. Their 0.60 correlation means they have sometimes moved together and sometimes differently. RSPA charges 0.29%/yr vs 0.79%/yr for CPSL.

Performance

RSPA vs. CPSL - Performance Comparison

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

Returns By Period

In the year-to-date period, RSPA achieves a 12.90% return, which is significantly higher than CPSL's 4.29% return.

RSPA

• 1D: -0.01%
• 1M: 1.95%
• 6M: 8.72%
• YTD: 12.90%
• 1Y: 20.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.57%

CPSL

• 1D: 0.57%
• 1M: 1.30%
• 6M: 3.69%
• YTD: 4.29%
• 1Y: 7.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.87%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CPSL Calamos Laddered S&P 500 Structured Alt Protection ETF	$1.65M	$1.43M	$948.66K
RSPA Invesco S&P 500 Equal Weight Income Advantage ETF	$10.19M	$10.71M	$10.27M

RSPA vs. CPSL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RSPA Invesco S&P 500 Equal Weight Income Advantage ETF	12.90%	11.07%	3.75%
CPSL Calamos Laddered S&P 500 Structured Alt Protection ETF	4.29%	6.43%	2.24%

Correlation

The correlation between RSPA and CPSL is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (All Time) Calculated using the full available price history since Sep 9, 2024	0.60

The correlation between RSPA and CPSL shifts across timeframes, from 0.48 (1 year) to 0.60 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RSPA vs. CPSL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RSPA

RSPA Risk / Return Rank: 83
RSPA Sharpe Ratio Rank: 84
RSPA Sortino Ratio Rank: 84
RSPA Omega Ratio Rank: 83
RSPA Calmar Ratio Rank: 81
RSPA Martin Ratio Rank: 85

CPSL

CPSL Risk / Return Rank: 96
CPSL Sharpe Ratio Rank: 96
CPSL Sortino Ratio Rank: 97
CPSL Omega Ratio Rank: 96
CPSL Calmar Ratio Rank: 96
CPSL Martin Ratio Rank: 97

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RSPA vs. CPSL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA) and Calamos Laddered S&P 500 Structured Alt Protection ETF (CPSL). 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.

	RSPA	CPSL	Difference
Sharpe ratio: Return per unit of total volatility	2.17	3.18	-1.01
Sortino ratio: Return per unit of downside risk	3.08	5.22	-2.14
Omega ratio: Gain probability vs. loss probability	1.39	1.64	-0.25
Calmar ratio: Return relative to maximum drawdown	3.29	6.15	-2.87
Martin ratio: Return relative to average drawdown	13.41	30.62	-17.21

RSPA vs. CPSL - Sharpe Ratio Comparison

The current RSPA Sharpe Ratio is 2.17, which is lower than the CPSL Sharpe Ratio of 3.18. The chart below compares the historical Sharpe Ratios of RSPA and CPSL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

RSPA vs. CPSL - Drawdown Comparison

The maximum RSPA drawdown since its inception was -15.37%, which is greater than CPSL's maximum drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for RSPA and CPSL.

Drawdown Indicators

	RSPA	CPSL	Difference
Max Drawdown Largest peak-to-trough decline	-15.37%	-3.72%	-11.65%
Max Drawdown (1Y) Largest decline over 1 year	-6.21%	-1.18%	-5.03%
Current Drawdown Current decline from peak	-0.01%	0.00%	-0.01%
Average Drawdown Average peak-to-trough decline	-1.91%	-0.31%	-1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	0.24%	+1.28%

Volatility

RSPA vs. CPSL - Volatility Comparison

Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA) has a higher volatility of 2.14% compared to Calamos Laddered S&P 500 Structured Alt Protection ETF (CPSL) at 0.75%. This indicates that RSPA's price experiences larger fluctuations and is considered to be riskier than CPSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RSPA	CPSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	0.75%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	6.75%	1.68%	+5.07%
Volatility (1Y) Calculated over the trailing 1-year period	9.42%	2.29%	+7.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.65%	3.26%	+9.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.65%	3.26%	+9.39%

RSPA vs. CPSL - Expense Ratio Comparison

RSPA has a 0.29% expense ratio, which is lower than CPSL's 0.79% expense ratio.

Dividends

RSPA vs. CPSL - Dividend Comparison

RSPA's dividend yield for the trailing twelve months is around 8.81%, while CPSL has not paid dividends to shareholders.

Position	TTM	2025	2024
CPSL Calamos Laddered S&P 500 Structured Alt Protection ETF	0.00%	0.00%	0.00%
RSPA Invesco S&P 500 Equal Weight Income Advantage ETF	8.81%	9.14%	4.03%

Frequently Asked Questions

Can I hold both RSPA and CPSL in my portfolio?

RSPA and CPSL have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RSPA or CPSL?

RSPA has higher volatility (2.14%) compared to CPSL (0.75%). In terms of maximum drawdown, RSPA dropped -15.37% vs CPSL's -3.72%.

Which ETF is better, RSPA or CPSL?

On 1-year performance, RSPA leads with 20.31% vs 7.22% for CPSL. On fees, RSPA is cheaper at 0.29% per year. On volatility, CPSL has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RSPA or CPSL?

Over the 1-year period, RSPA has performed better with a 20.31% return vs 7.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RSPA or CPSL?

RSPA is cheaper with a 0.29% expense ratio, compared with 0.79% for CPSL.

Which ETF pays a higher dividend yield, RSPA or CPSL?

RSPA has the higher dividend yield at 8.81%, compared with 0.00% for CPSL.

What is the main difference between RSPA and CPSL?

RSPA is categorized as S&P 500, while CPSL is Defined Outcome. They also come from different issuers: Invesco and Calamos. Their fees differ too: 0.29% for RSPA and 0.79% for CPSL.

Which has better risk-adjusted returns?

CPSL currently has the higher Sharpe Ratio (3.18 vs 2.17), 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.