SPUS vs. CPSU

Last updated Jun 4, 2026

SPUS (SP Funds S&P 500 Sharia Industry Exclusions ETF) and CPSU (Calamos S&P 500 Structured Alt Protection ETF - June) are both exchange-traded funds - SPUS is a S&P 500 fund tracking the S&P 500 Shariah Industry Exclusions Index, while CPSU is a Defined Outcome fund actively managed by Calamos. SPUS is passively managed, while CPSU is actively managed. Over the past year, SPUS returned 40.24% vs 6.60% for CPSU. A 0.74 correlation means they provide meaningful diversification when combined. SPUS charges 0.45%/yr vs 0.69%/yr for CPSU.

Performance

SPUS vs. CPSU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) 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, SPUS achieves a 15.82% return, which is significantly higher than CPSU's 2.35% return.

SPUS

• 1D: -0.86%
• 1M: 9.49%
• YTD: 15.82%
• 6M: 15.21%
• 1Y: 40.24%
• 3Y*: 24.89%
• 5Y*: 17.46%
• 10Y*: —

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)

SPUS vs. CPSU - Yearly Performance Comparison

	2026 (YTD)	2025
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	15.82%	21.72%
CPSU Calamos S&P 500 Structured Alt Protection ETF - June	2.35%	4.15%

Correlation

The correlation between SPUS and CPSU is 0.74, 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	0.74
Correlation (All Time) Calculated using the full available price history since Jun 3, 2025	0.74

The correlation between SPUS and CPSU has been stable across timeframes, ranging from 0.74 to 0.74 - a consistent structural relationship.

Return for Risk

SPUS vs. CPSU — Risk / Return Rank

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

SPUS

SPUS Risk / Return Rank: 81
SPUS Sharpe Ratio Rank: 85
SPUS Sortino Ratio Rank: 83
SPUS Omega Ratio Rank: 80
SPUS Calmar Ratio Rank: 74
SPUS Martin Ratio Rank: 81

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.

SPUS vs. CPSU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) 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.

	SPUS	CPSU	Difference
Sharpe ratio Return per unit of total volatility	2.86	—	—
Sortino ratio Return per unit of downside risk	3.79	—	—
Omega ratio Gain probability vs. loss probability	1.49	—	—
Calmar ratio Return relative to maximum drawdown	3.79	—	—
Martin ratio Return relative to average drawdown	16.32	—	—
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

	SPUS	CPSU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.86	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	3.85	-2.94

Drawdowns

SPUS vs. CPSU - Drawdown Comparison

The maximum SPUS drawdown since its inception was -30.80%, which is greater than CPSU's maximum drawdown of -1.03%. Use the drawdown chart below to compare losses from any high point for SPUS and CPSU.

Drawdown Indicators

	SPUS	CPSU	Difference
Max Drawdown Largest peak-to-trough decline	-30.80%	-1.03%	-29.77%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-1.03%	-9.63%
Max Drawdown (3Y) Largest decline over 3 years	-22.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.06%	—	—
Current Drawdown Current decline from peak	-0.86%	-0.10%	-0.76%
Average Drawdown Average peak-to-trough decline	-6.21%	-0.07%	-6.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	—	—

Volatility

Volatility by Period

	SPUS	CPSU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.84%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.16%	1.72%	+12.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.23%	1.72%	+17.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.28%	1.72%	+19.56%

SPUS vs. CPSU - Expense Ratio Comparison

SPUS has a 0.45% expense ratio, which is lower than CPSU's 0.69% expense ratio.

Dividends

SPUS vs. CPSU - Dividend Comparison

SPUS's dividend yield for the trailing twelve months is around 0.52%, while CPSU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
CPSU Calamos S&P 500 Structured Alt Protection ETF - June	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	0.52%	0.60%	0.70%	0.87%	1.21%	1.15%	1.04%

Frequently Asked Questions

Can I hold both SPUS and CPSU in my portfolio?

SPUS and CPSU have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPUS or CPSU?

On 1-year performance, SPUS leads with 40.24% vs 6.60% for CPSU. On fees, SPUS is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUS or CPSU?

Over the 1-year period, SPUS has performed better with a 40.24% return vs 6.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUS or CPSU?

SPUS is cheaper with a 0.45% expense ratio, compared with 0.69% for CPSU.

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

SPUS has the higher dividend yield at 0.52%, compared with 0.00% for CPSU.

What is the main difference between SPUS and CPSU?

SPUS is categorized as S&P 500, while CPSU is Defined Outcome. They also come from different issuers: SP Funds and Calamos. Their fees differ too: 0.45% for SPUS and 0.69% for CPSU.