SPXU vs. CPST
SPXU (ProShares UltraPro Short S&P500) and CPST (Calamos S&P 500 Structured Alt Protection ETF - September) are both exchange-traded funds - SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%), 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, SPXU returned -41.21% vs 6.49% for CPST. At a correlation of -0.83, they often move in opposite directions. SPXU charges 0.90%/yr vs 0.69%/yr for CPST.
Performance
SPXU vs. CPST - Performance Comparison
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Returns By Period
In the year-to-date period, SPXU achieves a -25.00% return, which is significantly lower than CPST's 3.26% return.
SPXU
- 1D
- 1.61%
- 1M
- -0.30%
- 6M
- -21.86%
- YTD
- -25.00%
- 1Y
- -41.21%
- 3Y*
- -39.91%
- 5Y*
- -33.74%
- 10Y*
- -41.20%
CPST
- 1D
- -0.02%
- 1M
- 0.43%
- 6M
- 2.95%
- YTD
- 3.26%
- 1Y
- 6.49%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPXU vs. CPST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPXU ProShares UltraPro Short S&P500 | -25.00% | -41.73% | -10.30% |
CPST Calamos S&P 500 Structured Alt Protection ETF - September | 3.26% | 6.73% | 1.97% |
Correlation
The correlation between SPXU and CPST is -0.79, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.79 |
Correlation (All Time) Calculated using the full available price history since Sep 3, 2024 | -0.83 |
The correlation between SPXU and CPST has been stable across timeframes, ranging from -0.83 to -0.79 - a consistent structural relationship.
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Return for Risk
SPXU vs. CPST — Risk / Return Rank
SPXU
CPST
SPXU vs. CPST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short S&P500 (SPXU) 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.
| SPXU | CPST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.31 | ||
| Sortino ratioReturn per unit of downside risk | -6.90 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.72 | -0.90 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 4.59 | -5.53 |
| Martin ratioReturn relative to average drawdown | -1.61 | 24.70 | -26.31 |
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Drawdowns
SPXU vs. CPST - Drawdown Comparison
The maximum SPXU drawdown since its inception was -99.99%, which is greater than CPST's maximum drawdown of -3.79%. Use the drawdown chart below to compare losses from any high point for SPXU and CPST.
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Drawdown Indicators
| SPXU | CPST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -3.79% | -96.20% |
Max Drawdown (1Y)Largest decline over 1 year | -43.83% | -1.42% | -42.41% |
Max Drawdown (3Y)Largest decline over 3 years | -84.36% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -90.23% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.56% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | -0.02% | -99.97% |
Average DrawdownAverage peak-to-trough decline | -93.36% | -0.33% | -93.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.60% | 0.26% | +25.34% |
Volatility
SPXU vs. CPST - Volatility Comparison
ProShares UltraPro Short S&P500 (SPXU) has a higher volatility of 10.37% compared to Calamos S&P 500 Structured Alt Protection ETF - September (CPST) at 0.35%. This indicates that SPXU'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
| SPXU | CPST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.37% | 0.35% | +10.02% |
Volatility (6M)Calculated over the trailing 6-month period | 30.00% | 1.59% | +28.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.51% | 2.03% | +35.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.67% | 3.29% | +47.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.33% | 3.29% | +50.04% |
SPXU vs. CPST - Expense Ratio Comparison
SPXU has a 0.90% expense ratio, which is higher than CPST's 0.69% expense ratio.
Dividends
SPXU vs. CPST - Dividend Comparison
SPXU's dividend yield for the trailing twelve months is around 6.92%, while CPST has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPXU ProShares UltraPro Short S&P500 | 6.92% | 7.02% | 9.53% | 7.06% | 0.39% | 0.00% | 0.70% | 2.14% | 1.41% | 0.10% |
Frequently Asked Questions
SPXU and CPST have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXU has higher volatility (10.37%) compared to CPST (0.35%). In terms of maximum drawdown, SPXU dropped -99.99% vs CPST's -3.79%.
On 1-year performance, CPST leads with 6.49% vs -41.21% for SPXU. On fees, CPST is cheaper at 0.69% per year. On volatility, CPST has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CPST has performed better with a 6.49% return vs -41.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CPST is cheaper with a 0.69% expense ratio, compared with 0.90% for SPXU.
SPXU has the higher dividend yield at 6.92%, compared with 0.00% for CPST.
SPXU is categorized as S&P 500, while CPST is Defined Outcome. SPXU tracks S&P 500 Index (-300%), 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: 0.90% for SPXU and 0.69% for CPST.
CPST currently has the higher Sharpe Ratio (3.20 vs -1.10), 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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