SPXV vs. CPSM
Compare and contrast key facts about ProShares S&P 500 Ex-Health Care ETF (SPXV) and Calamos S&P 500 Structured Alt Protection ETF - May (CPSM).
SPXV and CPSM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPXV is a passively managed fund by ProShares that tracks the performance of the S&P 500 Ex-Health Care Index. It was launched on Sep 22, 2015. CPSM is an actively managed fund by Calamos. It was launched on May 1, 2024.
Performance
SPXV vs. CPSM - Performance Comparison
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SPXV vs. CPSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPXV ProShares S&P 500 Ex-Health Care ETF | -4.54% | 18.40% | 20.68% |
CPSM Calamos S&P 500 Structured Alt Protection ETF - May | 0.81% | 7.21% | 6.67% |
Returns By Period
In the year-to-date period, SPXV achieves a -4.54% return, which is significantly lower than CPSM's 0.81% return.
SPXV
- 1D
- 2.89%
- 1M
- -4.62%
- YTD
- -4.54%
- 6M
- -2.70%
- 1Y
- 19.49%
- 3Y*
- 19.91%
- 5Y*
- 12.34%
- 10Y*
- 15.34%
CPSM
- 1D
- 0.28%
- 1M
- 0.09%
- YTD
- 0.81%
- 6M
- 2.00%
- 1Y
- 7.34%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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SPXV vs. CPSM - Expense Ratio Comparison
SPXV has a 0.27% expense ratio, which is lower than CPSM's 0.69% expense ratio.
Return for Risk
SPXV vs. CPSM — Risk / Return Rank
SPXV
CPSM
SPXV vs. CPSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Health Care ETF (SPXV) 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.
| SPXV | CPSM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.01 | 1.10 | -0.09 |
Sortino ratioReturn per unit of downside risk | 1.55 | 1.70 | -0.16 |
Omega ratioGain probability vs. loss probability | 1.23 | 1.45 | -0.21 |
Calmar ratioReturn relative to maximum drawdown | 1.58 | 1.51 | +0.07 |
Martin ratioReturn relative to average drawdown | 7.50 | 9.75 | -2.25 |
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
| SPXV | CPSM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.01 | 1.10 | -0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.85 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.82 | 1.47 | -0.64 |
Correlation
The correlation between SPXV and CPSM is 0.71, 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
SPXV vs. CPSM - Dividend Comparison
SPXV's dividend yield for the trailing twelve months is around 1.05%, while CPSM has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXV ProShares S&P 500 Ex-Health Care ETF | 1.05% | 0.97% | 1.12% | 1.27% | 1.67% | 1.11% | 1.45% | 1.58% | 1.89% | 1.57% | 2.66% | 0.56% |
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
SPXV vs. CPSM - Drawdown Comparison
The maximum SPXV drawdown since its inception was -34.34%, which is greater than CPSM's maximum drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for SPXV and CPSM.
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Drawdown Indicators
| SPXV | CPSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.34% | -5.19% | -29.15% |
Max Drawdown (1Y)Largest decline over 1 year | -12.74% | -4.99% | -7.75% |
Max Drawdown (5Y)Largest decline over 5 years | -26.58% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -34.34% | — | — |
Current DrawdownCurrent decline from peak | -6.53% | -0.08% | -6.45% |
Average DrawdownAverage peak-to-trough decline | -4.58% | -0.22% | -4.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.68% | 0.77% | +1.91% |
Volatility
SPXV vs. CPSM - Volatility Comparison
ProShares S&P 500 Ex-Health Care ETF (SPXV) has a higher volatility of 5.49% compared to Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) at 0.68%. This indicates that SPXV'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
| SPXV | CPSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.49% | 0.68% | +4.81% |
Volatility (6M)Calculated over the trailing 6-month period | 10.19% | 1.18% | +9.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.37% | 6.69% | +12.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.79% | 5.31% | +12.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.16% | 5.31% | +12.85% |