SNTH vs. CPRO

Last updated Jun 26, 2026

SNTH (MRP SynthEquity ETF) and CPRO (Calamos Russell 2000 Structured Alt Protection ETF - October) are both exchange-traded funds - SNTH is a Equity Hedged fund actively managed by MRP, while CPRO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Over the past year, SNTH returned 22.32% vs 13.12% for CPRO. A 0.70 correlation means they provide meaningful diversification when combined. SNTH charges 0.95%/yr vs 0.69%/yr for CPRO.

Performance

SNTH vs. CPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MRP SynthEquity ETF (SNTH) and Calamos Russell 2000 Structured Alt Protection ETF - October (CPRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SNTH achieves a 6.56% return, which is significantly higher than CPRO's 4.26% return.

SNTH

• 1D: -0.02%
• 1M: -2.76%
• YTD: 6.56%
• 6M: 4.86%
• 1Y: 22.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPRO

• 1D: -0.03%
• 1M: 0.61%
• YTD: 4.26%
• 6M: 3.98%
• 1Y: 13.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SNTH vs. CPRO - Yearly Performance Comparison

	2026 (YTD)	2025
SNTH MRP SynthEquity ETF	6.56%	24.27%
CPRO Calamos Russell 2000 Structured Alt Protection ETF - October	4.26%	9.65%

Correlation

The correlation between SNTH and CPRO is 0.67, 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	0.67
Correlation (All Time) Calculated using the full available price history since Mar 11, 2025	0.70

The correlation between SNTH and CPRO has been stable across timeframes, ranging from 0.67 to 0.70 - a consistent structural relationship.

Return for Risk

SNTH vs. CPRO — Risk / Return Rank

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

SNTH

SNTH Risk / Return Rank: 55
SNTH Sharpe Ratio Rank: 58
SNTH Sortino Ratio Rank: 54
SNTH Omega Ratio Rank: 52
SNTH Calmar Ratio Rank: 57
SNTH Martin Ratio Rank: 53

CPRO

CPRO Risk / Return Rank: 95
CPRO Sharpe Ratio Rank: 93
CPRO Sortino Ratio Rank: 97
CPRO Omega Ratio Rank: 95
CPRO Calmar Ratio Rank: 96
CPRO 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.

SNTH vs. CPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MRP SynthEquity ETF (SNTH) and Calamos Russell 2000 Structured Alt Protection ETF - October (CPRO). 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.

	SNTH	CPRO	Difference
Sharpe ratio: Return per unit of total volatility	1.72	2.96	-1.24
Sortino ratio: Return per unit of downside risk	2.34	5.43	-3.09
Omega ratio: Gain probability vs. loss probability	1.30	1.65	-0.36
Calmar ratio: Return relative to maximum drawdown	2.49	7.45	-4.96
Martin ratio: Return relative to average drawdown	8.37	27.61	-19.23

SNTH vs. CPRO - Sharpe Ratio Comparison

The current SNTH Sharpe Ratio is 1.72, which is lower than the CPRO Sharpe Ratio of 2.96. The chart below compares the historical Sharpe Ratios of SNTH and CPRO, 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

SNTH vs. CPRO - Drawdown Comparison

The maximum SNTH drawdown since its inception was -9.79%, which is greater than CPRO's maximum drawdown of -3.36%. Use the drawdown chart below to compare losses from any high point for SNTH and CPRO.

Drawdown Indicators

	SNTH	CPRO	Difference
Max Drawdown Largest peak-to-trough decline	-9.79%	-3.36%	-6.43%
Max Drawdown (1Y) Largest decline over 1 year	-8.99%	-1.77%	-7.22%
Current Drawdown Current decline from peak	-4.05%	-0.12%	-3.93%
Average Drawdown Average peak-to-trough decline	-1.98%	-0.69%	-1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	0.48%	+2.19%

Volatility

SNTH vs. CPRO - Volatility Comparison

MRP SynthEquity ETF (SNTH) has a higher volatility of 5.18% compared to Calamos Russell 2000 Structured Alt Protection ETF - October (CPRO) at 0.76%. This indicates that SNTH's price experiences larger fluctuations and is considered to be riskier than CPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SNTH	CPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.18%	0.76%	+4.42%
Volatility (6M) Calculated over the trailing 6-month period	9.39%	2.11%	+7.28%
Volatility (1Y) Calculated over the trailing 1-year period	13.04%	4.47%	+8.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.79%	4.12%	+11.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.79%	4.12%	+11.67%

SNTH vs. CPRO - Expense Ratio Comparison

SNTH has a 0.95% expense ratio, which is higher than CPRO's 0.69% expense ratio.

Dividends

SNTH vs. CPRO - Dividend Comparison

SNTH's dividend yield for the trailing twelve months is around 11.29%, while CPRO has not paid dividends to shareholders.

Position	TTM	2025
CPRO Calamos Russell 2000 Structured Alt Protection ETF - October	0.00%	0.00%
SNTH MRP SynthEquity ETF	11.29%	11.55%

Frequently Asked Questions

Can I hold both SNTH and CPRO in my portfolio?

SNTH and CPRO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SNTH or CPRO?

SNTH has higher volatility (5.18%) compared to CPRO (0.76%). In terms of maximum drawdown, SNTH dropped -9.79% vs CPRO's -3.36%.

Which ETF is better, SNTH or CPRO?

On 1-year performance, SNTH leads with 22.32% vs 13.12% for CPRO. On fees, CPRO is cheaper at 0.69% per year. On volatility, CPRO has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SNTH or CPRO?

Over the 1-year period, SNTH has performed better with a 22.32% return vs 13.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SNTH or CPRO?

CPRO is cheaper with a 0.69% expense ratio, compared with 0.95% for SNTH.

Which ETF pays a higher dividend yield, SNTH or CPRO?

SNTH has the higher dividend yield at 11.29%, compared with 0.00% for CPRO.

What is the main difference between SNTH and CPRO?

SNTH is categorized as Equity Hedged, while CPRO is Defined Outcome. They also come from different issuers: MRP and Calamos. Their fees differ too: 0.95% for SNTH and 0.69% for CPRO.

Which has better risk-adjusted returns?

CPRO currently has the higher Sharpe Ratio (2.96 vs 1.72), 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.