SPXN vs. CPST
SPXN (ProShares S&P 500 Ex-Financials ETF) and CPST (Calamos S&P 500 Structured Alt Protection ETF - September) are both exchange-traded funds - SPXN is a S&P 500 fund tracking the S&P 500 Ex-Financials and Real Estate Index, while CPST is a Defined Outcome fund tracking the MerQube Cap Protect US Lrg Cap PR Index - Sep. Both are passively managed. Over the past year, SPXN returned 30.78% vs 7.45% for CPST. Their correlation of 0.83 suggests significant overlap in exposure. SPXN charges 0.09%/yr vs 0.69%/yr for CPST.
Performance
SPXN vs. CPST - Performance Comparison
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Returns By Period
In the year-to-date period, SPXN achieves a 11.96% return, which is significantly higher than CPST's 2.73% return.
SPXN
- 1D
- 1.48%
- 1M
- 0.66%
- YTD
- 11.96%
- 6M
- 12.39%
- 1Y
- 30.78%
- 3Y*
- 21.47%
- 5Y*
- 14.68%
- 10Y*
- 16.09%
CPST
- 1D
- 0.06%
- 1M
- 0.34%
- YTD
- 2.73%
- 6M
- 2.72%
- 1Y
- 7.45%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPXN vs. CPST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPXN ProShares S&P 500 Ex-Financials ETF | 11.96% | 18.74% | 4.56% |
CPST Calamos S&P 500 Structured Alt Protection ETF - September | 2.73% | 6.73% | 1.97% |
Correlation
The correlation between SPXN and CPST is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Sep 3, 2024 | 0.83 |
The correlation between SPXN and CPST has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.
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Return for Risk
SPXN vs. CPST — Risk / Return Rank
SPXN
CPST
SPXN vs. CPST - 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 - September (CPST). 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.
| SPXN | CPST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.31 | ||
| Sortino ratioReturn per unit of downside risk | -2.93 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.82 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | 3.30 | 5.28 | -1.98 |
| Martin ratioReturn relative to average drawdown | 14.42 | 28.49 | -14.07 |
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Drawdowns
SPXN vs. CPST - Drawdown Comparison
The maximum SPXN drawdown since its inception was -32.10%, which is greater than CPST's maximum drawdown of -3.79%. Use the drawdown chart below to compare losses from any high point for SPXN and CPST.
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Drawdown Indicators
| SPXN | CPST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.10% | -3.79% | -28.31% |
Max Drawdown (1Y)Largest decline over 1 year | -9.26% | -1.42% | -7.84% |
Max Drawdown (3Y)Largest decline over 3 years | -19.56% | — | — |
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 | -2.00% | -0.09% | -1.91% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -0.34% | -3.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.11% | 0.26% | +1.85% |
Volatility
SPXN vs. CPST - Volatility Comparison
ProShares S&P 500 Ex-Financials ETF (SPXN) has a higher volatility of 5.21% compared to Calamos S&P 500 Structured Alt Protection ETF - September (CPST) at 0.43%. This indicates that SPXN's price experiences larger fluctuations and is considered to be riskier than CPST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXN | CPST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.21% | 0.43% | +4.78% |
Volatility (6M)Calculated over the trailing 6-month period | 10.72% | 1.60% | +9.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.39% | 2.09% | +11.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.28% | 3.35% | +13.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.70% | 3.35% | +14.35% |
SPXN vs. CPST - Expense Ratio Comparison
SPXN has a 0.09% expense ratio, which is lower than CPST's 0.69% expense ratio.
Dividends
SPXN vs. CPST - Dividend Comparison
SPXN's dividend yield for the trailing twelve months is around 0.89%, while CPST has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CPST Calamos S&P 500 Structured Alt Protection ETF - September | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPXN ProShares S&P 500 Ex-Financials ETF | 0.89% | 0.98% | 1.12% | 1.19% | 1.35% | 0.94% | 1.09% | 1.41% | 1.76% | 1.54% | 2.60% | 0.52% |
Frequently Asked Questions
SPXN and CPST have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXN has higher volatility (5.21%) compared to CPST (0.43%). In terms of maximum drawdown, SPXN dropped -32.10% vs CPST's -3.79%.
On 1-year performance, SPXN leads with 30.78% vs 7.45% for CPST. On fees, SPXN is cheaper at 0.09% per year. On volatility, CPST has been the lower-risk option at 0.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPXN has performed better with a 30.78% return vs 7.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXN is cheaper with a 0.09% expense ratio, compared with 0.69% for CPST.
SPXN has the higher dividend yield at 0.89%, compared with 0.00% for CPST.
SPXN is categorized as S&P 500, while CPST is Defined Outcome. SPXN tracks S&P 500 Ex-Financials and Real Estate Index, while CPST tracks MerQube Cap Protect US Lrg Cap PR Index - Sep. They also come from different issuers: ProShares and Calamos. Their fees differ too: 0.09% for SPXN and 0.69% for CPST.
CPST currently has the higher Sharpe Ratio (3.59 vs 2.28), 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.
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