SEPU vs. CPSP

Last updated Jun 23, 2026

SEPU (AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF) and CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) are both exchange-traded funds - SEPU is a Defined Outcome fund actively managed by Allianz, while CPSP is a S&P 500 fund actively managed by Calamos. Both are actively managed. Over the past year, SEPU returned 19.41% vs 6.88% for CPSP. A 0.76 correlation means they provide meaningful diversification when combined. SEPU charges 0.74%/yr vs 0.69%/yr for CPSP.

Performance

SEPU vs. CPSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF (SEPU) and Calamos S&P 500 Structured Alt Protection ETF - April (CPSP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SEPU achieves a 6.96% return, which is significantly higher than CPSP's 3.09% return.

SEPU

• 1D: -0.47%
• 1M: -0.16%
• YTD: 6.96%
• 6M: 6.75%
• 1Y: 19.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSP

• 1D: -0.06%
• 1M: 0.17%
• YTD: 3.09%
• 6M: 3.21%
• 1Y: 6.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SEPU vs. CPSP - Yearly Performance Comparison

	2026 (YTD)	2025
SEPU AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF	6.96%	15.90%
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	3.09%	5.96%

Correlation

The correlation between SEPU and CPSP is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.76

The correlation between SEPU and CPSP has been stable across timeframes, ranging from 0.75 to 0.76 - a consistent structural relationship.

Return for Risk

SEPU vs. CPSP — Risk / Return Rank

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

SEPU

SEPU Risk / Return Rank: 62
SEPU Sharpe Ratio Rank: 60
SEPU Sortino Ratio Rank: 57
SEPU Omega Ratio Rank: 60
SEPU Calmar Ratio Rank: 65
SEPU Martin Ratio Rank: 68

CPSP

CPSP Risk / Return Rank: 98
CPSP Sharpe Ratio Rank: 98
CPSP Sortino Ratio Rank: 99
CPSP Omega Ratio Rank: 98
CPSP Calmar Ratio Rank: 99
CPSP Martin Ratio Rank: 99

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.

SEPU vs. CPSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF (SEPU) and Calamos S&P 500 Structured Alt Protection ETF - April (CPSP). 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.

	SEPU	CPSP	Difference
Sharpe ratio: Return per unit of total volatility	1.94	5.07	-3.13
Sortino ratio: Return per unit of downside risk	2.63	9.59	-6.95
Omega ratio: Gain probability vs. loss probability	1.35	2.28	-0.92
Calmar ratio: Return relative to maximum drawdown	3.13	18.43	-15.30
Martin ratio: Return relative to average drawdown	12.02	87.41	-75.39

SEPU vs. CPSP - Sharpe Ratio Comparison

The current SEPU Sharpe Ratio is 1.94, which is lower than the CPSP Sharpe Ratio of 5.07. The chart below compares the historical Sharpe Ratios of SEPU and CPSP, 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

SEPU vs. CPSP - Drawdown Comparison

The maximum SEPU drawdown since its inception was -11.76%, which is greater than CPSP's maximum drawdown of -1.73%. Use the drawdown chart below to compare losses from any high point for SEPU and CPSP.

Drawdown Indicators

	SEPU	CPSP	Difference
Max Drawdown Largest peak-to-trough decline	-11.76%	-1.73%	-10.03%
Max Drawdown (1Y) Largest decline over 1 year	-6.23%	-0.37%	-5.86%
Current Drawdown Current decline from peak	-1.87%	-0.20%	-1.67%
Average Drawdown Average peak-to-trough decline	-1.75%	-0.09%	-1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	0.08%	+1.54%

Volatility

SEPU vs. CPSP - Volatility Comparison

AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF (SEPU) has a higher volatility of 4.28% compared to Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) at 0.40%. This indicates that SEPU's price experiences larger fluctuations and is considered to be riskier than CPSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEPU	CPSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.28%	0.40%	+3.88%
Volatility (6M) Calculated over the trailing 6-month period	7.75%	0.87%	+6.88%
Volatility (1Y) Calculated over the trailing 1-year period	10.08%	1.37%	+8.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.06%	2.38%	+8.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.06%	2.38%	+8.68%

SEPU vs. CPSP - Expense Ratio Comparison

SEPU has a 0.74% expense ratio, which is higher than CPSP's 0.69% expense ratio.

Dividends

SEPU vs. CPSP - Dividend Comparison

Neither SEPU nor CPSP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SEPU and CPSP in my portfolio?

SEPU and CPSP have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEPU or CPSP?

SEPU has higher volatility (4.28%) compared to CPSP (0.40%). In terms of maximum drawdown, SEPU dropped -11.76% vs CPSP's -1.73%.

Which ETF is better, SEPU or CPSP?

On 1-year performance, SEPU leads with 19.41% vs 6.88% for CPSP. On fees, CPSP is cheaper at 0.69% per year. On volatility, CPSP has been the lower-risk option at 0.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEPU or CPSP?

Over the 1-year period, SEPU has performed better with a 19.41% return vs 6.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEPU or CPSP?

CPSP is cheaper with a 0.69% expense ratio, compared with 0.74% for SEPU.

Which ETF pays a higher dividend yield, SEPU or CPSP?

SEPU and CPSP have nearly identical dividend yields, around 0.00%.

What is the main difference between SEPU and CPSP?

SEPU is categorized as Defined Outcome, while CPSP is S&P 500. They also come from different issuers: Allianz and Calamos. Their fees differ too: 0.74% for SEPU and 0.69% for CPSP.

Which has better risk-adjusted returns?

CPSP currently has the higher Sharpe Ratio (5.07 vs 1.94), 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.