SPXN vs. CPSM
Compare and contrast key facts about ProShares S&P 500 Ex-Financials ETF (SPXN) and Calamos S&P 500 Structured Alt Protection ETF - May (CPSM).
SPXN and CPSM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPXN is a passively managed fund by ProShares that tracks the performance of the S&P 500 Ex-Financials Index. It was launched on Sep 22, 2015. CPSM is an actively managed fund by Calamos. It was launched on May 1, 2024.
Performance
SPXN vs. CPSM - Performance Comparison
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SPXN vs. CPSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPXN ProShares S&P 500 Ex-Financials ETF | -3.02% | 18.74% | 17.50% |
CPSM Calamos S&P 500 Structured Alt Protection ETF - May | 1.00% | 7.21% | 6.67% |
Returns By Period
In the year-to-date period, SPXN achieves a -3.02% return, which is significantly lower than CPSM's 1.00% return.
SPXN
- 1D
- 0.96%
- 1M
- -4.46%
- YTD
- -3.02%
- 6M
- -0.71%
- 1Y
- 21.63%
- 3Y*
- 18.96%
- 5Y*
- 12.35%
- 10Y*
- 15.08%
CPSM
- 1D
- 0.19%
- 1M
- 0.26%
- YTD
- 1.00%
- 6M
- 2.12%
- 1Y
- 7.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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SPXN vs. CPSM - Expense Ratio Comparison
SPXN has a 0.27% expense ratio, which is lower than CPSM's 0.69% expense ratio.
Return for Risk
SPXN vs. CPSM — Risk / Return Rank
SPXN
CPSM
SPXN vs. CPSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Financials ETF (SPXN) 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.
| SPXN | CPSM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.14 | 1.10 | +0.04 |
Sortino ratioReturn per unit of downside risk | 1.73 | 1.71 | +0.02 |
Omega ratioGain probability vs. loss probability | 1.26 | 1.45 | -0.19 |
Calmar ratioReturn relative to maximum drawdown | 1.81 | 1.51 | +0.29 |
Martin ratioReturn relative to average drawdown | 8.46 | 9.75 | -1.29 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPXN | CPSM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.14 | 1.10 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.72 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.85 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.84 | 1.48 | -0.65 |
Correlation
The correlation between SPXN and CPSM is 0.70, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SPXN vs. CPSM - Dividend Comparison
SPXN's dividend yield for the trailing twelve months is around 1.02%, while CPSM has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXN ProShares S&P 500 Ex-Financials ETF | 1.02% | 0.98% | 1.12% | 1.19% | 1.35% | 0.94% | 1.09% | 1.41% | 1.76% | 1.54% | 2.60% | 0.52% |
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% | 0.00% | 0.00% |
Drawdowns
SPXN vs. CPSM - Drawdown Comparison
The maximum SPXN drawdown since its inception was -32.10%, which is greater than CPSM's maximum drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for SPXN and CPSM.
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Drawdown Indicators
| SPXN | CPSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.10% | -5.19% | -26.91% |
Max Drawdown (1Y)Largest decline over 1 year | -12.23% | -4.99% | -7.24% |
Max Drawdown (5Y)Largest decline over 5 years | -24.47% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -32.10% | — | — |
Current DrawdownCurrent decline from peak | -5.70% | 0.00% | -5.70% |
Average DrawdownAverage peak-to-trough decline | -4.05% | -0.21% | -3.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.61% | 0.77% | +1.84% |
Volatility
SPXN vs. CPSM - Volatility Comparison
ProShares S&P 500 Ex-Financials ETF (SPXN) has a higher volatility of 5.84% compared to Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) at 0.70%. This indicates that SPXN's price experiences larger fluctuations and is considered to be riskier than CPSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXN | CPSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.84% | 0.70% | +5.14% |
Volatility (6M)Calculated over the trailing 6-month period | 10.33% | 1.19% | +9.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.00% | 6.69% | +12.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.16% | 5.30% | +11.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.69% | 5.30% | +12.39% |