SPXE vs. CPSM

Last updated Jul 17, 2026

SPXE (ProShares S&P 500 Ex-Energy ETF) and CPSM (Calamos S&P 500 Structured Alt Protection ETF - May) are both exchange-traded funds - SPXE is a S&P 500 fund tracking the S&P 500 Ex-Energy Index, while CPSM is a Defined Outcome fund actively managed by Calamos. SPXE is passively managed, while CPSM is actively managed. Their correlation of 0.90 suggests significant overlap in exposure. SPXE charges 0.09%/yr vs 0.69%/yr for CPSM.

Performance

SPXE vs. CPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Energy ETF (SPXE) 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

SPXE

• 1D: -0.59%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSM

• 1D: -0.03%
• 1M: 0.17%
• 6M: 2.28%
• YTD: 2.48%
• 1Y: 5.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXE vs. CPSM - Yearly Performance Comparison

	2026 (YTD)
SPXE ProShares S&P 500 Ex-Energy ETF	-0.65%
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	0.08%

Correlation

The correlation between SPXE and CPSM is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 10, 2026	0.90

Return for Risk

SPXE vs. CPSM — Risk / Return Rank

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

SPXE

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

CPSM

CPSM Risk / Return Rank: 97
CPSM Sharpe Ratio Rank: 96
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.

SPXE vs. CPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Energy ETF (SPXE) 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.

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.

	SPXE	CPSM	Difference
Sharpe ratio: Return per unit of total volatility	—	3.12	—
Sortino ratio: Return per unit of downside risk	—	5.03	—
Omega ratio: Gain probability vs. loss probability	—	1.66	—
Calmar ratio: Return relative to maximum drawdown	—	10.55	—
Martin ratio: Return relative to average drawdown	—	41.15	—

Drawdowns

SPXE vs. CPSM - Drawdown Comparison

The maximum SPXE drawdown since its inception was -0.87%, smaller than the maximum CPSM drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for SPXE and CPSM.

Drawdown Indicators

	SPXE	CPSM	Difference
Max Drawdown Largest peak-to-trough decline	-0.87%	-5.19%	+4.32%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.49%	—
Current Drawdown Current decline from peak	-0.75%	-0.03%	-0.72%
Average Drawdown Average peak-to-trough decline	-0.46%	-0.20%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.13%	—

Volatility

Volatility by Period

	SPXE	CPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.59%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.22%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.00%	1.66%	+7.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.00%	4.98%	+4.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.00%	4.98%	+4.02%

SPXE vs. CPSM - Expense Ratio Comparison

SPXE has a 0.09% expense ratio, which is lower than CPSM's 0.69% expense ratio.

Dividends

SPXE vs. CPSM - Dividend Comparison

Neither SPXE nor CPSM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPXE and CPSM in my portfolio?

With a correlation of 0.90, SPXE and CPSM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, SPXE or CPSM?

On fees, SPXE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXE or CPSM?

SPXE is cheaper with a 0.09% expense ratio, compared with 0.69% for CPSM.

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

SPXE and CPSM have nearly identical dividend yields, around 0.00%.

What is the main difference between SPXE and CPSM?

SPXE is categorized as S&P 500, while CPSM is Defined Outcome. They also come from different issuers: ProShares and Calamos. Their fees differ too: 0.09% for SPXE and 0.69% for CPSM.