SPXV vs. CPSU
SPXV (ProShares S&P 500 Ex-Health Care ETF) and CPSU (Calamos S&P 500 Structured Alt Protection ETF - June) are both exchange-traded funds - SPXV is a S&P 500 fund tracking the S&P 500 Ex-Health Care Index, while CPSU is a Defined Outcome fund actively managed by Calamos. SPXV is passively managed, while CPSU is actively managed. Over the past year, SPXV returned 29.54% vs 6.43% for CPSU. A 0.80 correlation means they provide meaningful diversification when combined. SPXV charges 0.09%/yr vs 0.69%/yr for CPSU.
Performance
SPXV vs. CPSU - Performance Comparison
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Returns By Period
In the year-to-date period, SPXV achieves a 12.35% return, which is significantly higher than CPSU's 2.29% return.
SPXV
- 1D
- -0.77%
- 1M
- 5.44%
- YTD
- 12.35%
- 6M
- 12.52%
- 1Y
- 29.54%
- 3Y*
- 24.48%
- 5Y*
- 14.80%
- 10Y*
- 16.38%
CPSU
- 1D
- -0.05%
- 1M
- 0.45%
- YTD
- 2.29%
- 6M
- 2.84%
- 1Y
- 6.43%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPXV vs. CPSU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SPXV ProShares S&P 500 Ex-Health Care ETF | 12.35% | 16.16% |
CPSU Calamos S&P 500 Structured Alt Protection ETF - June | 2.29% | 4.15% |
Correlation
The correlation between SPXV and CPSU is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2025 | 0.80 |
The correlation between SPXV and CPSU has been stable across timeframes, ranging from 0.79 to 0.80 - a consistent structural relationship.
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Return for Risk
SPXV vs. CPSU — Risk / Return Rank
SPXV
CPSU
SPXV vs. CPSU - 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 - June (CPSU). 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 | CPSU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.42 | ||
| Sortino ratioReturn per unit of downside risk | -3.15 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.97 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | 3.24 | 6.29 | -3.04 |
| Martin ratioReturn relative to average drawdown | 14.32 | 42.62 | -28.30 |
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 | CPSU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.34 | 3.76 | -1.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.84 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.91 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.91 | 3.81 | -2.90 |
Drawdowns
SPXV vs. CPSU - Drawdown Comparison
The maximum SPXV drawdown since its inception was -34.34%, which is greater than CPSU's maximum drawdown of -1.03%. Use the drawdown chart below to compare losses from any high point for SPXV and CPSU.
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Drawdown Indicators
| SPXV | CPSU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.34% | -1.03% | -33.31% |
Max Drawdown (1Y)Largest decline over 1 year | -9.15% | -1.03% | -8.12% |
Max Drawdown (3Y)Largest decline over 3 years | -19.89% | — | — |
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 | -0.77% | -0.15% | -0.62% |
Average DrawdownAverage peak-to-trough decline | -4.52% | -0.07% | -4.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.07% | 0.15% | +1.92% |
Volatility
SPXV vs. CPSU - Volatility Comparison
ProShares S&P 500 Ex-Health Care ETF (SPXV) has a higher volatility of 3.16% compared to Calamos S&P 500 Structured Alt Protection ETF - June (CPSU) at 0.29%. This indicates that SPXV's price experiences larger fluctuations and is considered to be riskier than CPSU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXV | CPSU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.16% | 0.29% | +2.87% |
Volatility (6M)Calculated over the trailing 6-month period | 9.65% | 1.39% | +8.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.69% | 1.72% | +10.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.78% | 1.72% | +16.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.01% | 1.72% | +16.29% |
SPXV vs. CPSU - Expense Ratio Comparison
SPXV has a 0.09% expense ratio, which is lower than CPSU's 0.69% expense ratio.
Dividends
SPXV vs. CPSU - Dividend Comparison
SPXV's dividend yield for the trailing twelve months is around 0.89%, while CPSU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CPSU Calamos S&P 500 Structured Alt Protection ETF - June | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPXV ProShares S&P 500 Ex-Health Care ETF | 0.89% | 0.97% | 1.12% | 1.27% | 1.67% | 1.11% | 1.45% | 1.58% | 1.89% | 1.57% | 2.66% | 0.56% |
Frequently Asked Questions
SPXV and CPSU 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.
SPXV has higher volatility (3.16%) compared to CPSU (0.29%). In terms of maximum drawdown, SPXV dropped -34.34% vs CPSU's -1.03%.
On 1-year performance, SPXV leads with 29.54% vs 6.43% for CPSU. On fees, SPXV is cheaper at 0.09% per year. On volatility, CPSU has been the lower-risk option at 0.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPXV has performed better with a 29.54% return vs 6.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXV is cheaper with a 0.09% expense ratio, compared with 0.69% for CPSU.
SPXV has the higher dividend yield at 0.89%, compared with 0.00% for CPSU.
SPXV is categorized as S&P 500, while CPSU is Defined Outcome. They also come from different issuers: ProShares and Calamos. Their fees differ too: 0.09% for SPXV and 0.69% for CPSU.
CPSU currently has the higher Sharpe Ratio (3.76 vs 2.34), 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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