SPMV vs. CPSM

Last updated Jun 4, 2026

SPMV (Invesco S&P 500 Minimum Variance ETF) and CPSM (Calamos S&P 500 Structured Alt Protection ETF - May) are both exchange-traded funds - SPMV is a S&P 500 fund tracking the S&P 500 Minimum Volatility Index, while CPSM is a Defined Outcome fund actively managed by Calamos. SPMV is passively managed, while CPSM is actively managed. A 0.59 correlation means they provide meaningful diversification when combined. SPMV charges 0.10%/yr vs 0.69%/yr for CPSM.

Performance

SPMV vs. CPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Minimum Variance ETF (SPMV) 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

SPMV

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 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)

SPMV vs. CPSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPMV Invesco S&P 500 Minimum Variance ETF	0.87%	11.69%	12.51%
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	2.27%	7.21%	6.67%

Correlation

The correlation between SPMV and CPSM is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since May 2, 2024	0.59

The correlation between SPMV and CPSM shifts across timeframes, from 0.47 (1 year) to 0.59 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPMV vs. CPSM — Risk / Return Rank

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

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.

SPMV vs. CPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Minimum Variance ETF (SPMV) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SPMV	CPSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	1.54	—

Drawdowns

Drawdown Indicators

	SPMV	CPSM	Difference
Max Drawdown Largest peak-to-trough decline	—	-5.19%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-0.45%	—
Current Drawdown Current decline from peak	—	-0.06%	—
Average Drawdown Average peak-to-trough decline	—	-0.20%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.10%	—

Volatility

Volatility by Period

	SPMV	CPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.35%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	1.57%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	5.10%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	5.10%	—

SPMV vs. CPSM - Expense Ratio Comparison

SPMV has a 0.10% expense ratio, which is lower than CPSM's 0.69% expense ratio.

Dividends

SPMV vs. CPSM - Dividend Comparison

SPMV's dividend yield for the trailing twelve months is around 1.45%, while CPSM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPMV Invesco S&P 500 Minimum Variance ETF	1.45%	1.53%	1.53%	2.28%	1.79%	1.28%	1.71%	3.13%	2.11%	1.72%

Frequently Asked Questions

Can I hold both SPMV and CPSM in my portfolio?

SPMV and CPSM have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPMV or CPSM?

On fees, SPMV is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPMV or CPSM?

SPMV is cheaper with a 0.10% expense ratio, compared with 0.69% for CPSM.

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

SPMV has the higher dividend yield at 1.45%, compared with 0.00% for CPSM.

What is the main difference between SPMV and CPSM?

SPMV is categorized as S&P 500, while CPSM is Defined Outcome. They also come from different issuers: Invesco and Calamos. Their fees differ too: 0.10% for SPMV and 0.69% for CPSM.