SPYD vs. CPSP

Last updated Jun 23, 2026

SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) and CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) are both S&P 500 funds. SPYD is passively managed, while CPSP is actively managed. Over the past year, SPYD returned 17.94% vs 6.88% for CPSP. At a 0.45 correlation, their price movements are largely independent. SPYD charges 0.07%/yr vs 0.69%/yr for CPSP.

Performance

SPYD vs. CPSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) and Calamos S&P 500 Structured Alt Protection ETF - April (CPSP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYD achieves a 11.52% return, which is significantly higher than CPSP's 3.09% return.

SPYD

• 1D: 0.52%
• 1M: 0.07%
• YTD: 11.52%
• 6M: 11.31%
• 1Y: 17.94%
• 3Y*: 14.80%
• 5Y*: 7.99%
• 10Y*: 8.76%

CPSP

• 1D: -0.06%
• 1M: 0.17%
• YTD: 3.09%
• 6M: 3.21%
• 1Y: 6.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPYD vs. CPSP - Yearly Performance Comparison

	2026 (YTD)	2025
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	11.52%	1.26%
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	3.09%	5.96%

Correlation

The correlation between SPYD and CPSP is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.45

Return for Risk

SPYD vs. CPSP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPYD

SPYD Risk / Return Rank: 46
SPYD Sharpe Ratio Rank: 45
SPYD Sortino Ratio Rank: 47
SPYD Omega Ratio Rank: 41
SPYD Calmar Ratio Rank: 53
SPYD Martin Ratio Rank: 46

CPSP

CPSP Risk / Return Rank: 98
CPSP Sharpe Ratio Rank: 98
CPSP Sortino Ratio Rank: 99
CPSP Omega Ratio Rank: 98
CPSP Calmar Ratio Rank: 99
CPSP Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPYD vs. CPSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) and Calamos S&P 500 Structured Alt Protection ETF - April (CPSP). 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.

	SPYD	CPSP	Difference
Sharpe ratio: Return per unit of total volatility	1.52	5.07	-3.55
Sortino ratio: Return per unit of downside risk	2.27	9.59	-7.31
Omega ratio: Gain probability vs. loss probability	1.26	2.28	-1.02
Calmar ratio: Return relative to maximum drawdown	2.55	18.43	-15.88
Martin ratio: Return relative to average drawdown	7.37	87.41	-80.04

SPYD vs. CPSP - Sharpe Ratio Comparison

The current SPYD Sharpe Ratio is 1.52, which is lower than the CPSP Sharpe Ratio of 5.07. The chart below compares the historical Sharpe Ratios of SPYD and CPSP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPYD vs. CPSP - Drawdown Comparison

The maximum SPYD drawdown since its inception was -46.42%, which is greater than CPSP's maximum drawdown of -1.73%. Use the drawdown chart below to compare losses from any high point for SPYD and CPSP.

Drawdown Indicators

	SPYD	CPSP	Difference
Max Drawdown Largest peak-to-trough decline	-46.42%	-1.73%	-44.69%
Max Drawdown (1Y) Largest decline over 1 year	-7.05%	-0.37%	-6.68%
Max Drawdown (3Y) Largest decline over 3 years	-16.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.42%	—	—
Current Drawdown Current decline from peak	-2.80%	-0.20%	-2.60%
Average Drawdown Average peak-to-trough decline	-6.15%	-0.09%	-6.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	0.08%	+2.36%

Volatility

SPYD vs. CPSP - Volatility Comparison

State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) has a higher volatility of 3.59% compared to Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) at 0.40%. This indicates that SPYD's price experiences larger fluctuations and is considered to be riskier than CPSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYD	CPSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.59%	0.40%	+3.19%
Volatility (6M) Calculated over the trailing 6-month period	8.02%	0.87%	+7.15%
Volatility (1Y) Calculated over the trailing 1-year period	11.87%	1.37%	+10.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.07%	2.38%	+13.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.80%	2.38%	+17.42%

SPYD vs. CPSP - Expense Ratio Comparison

SPYD has a 0.07% expense ratio, which is lower than CPSP's 0.69% expense ratio.

Dividends

SPYD vs. CPSP - Dividend Comparison

SPYD's dividend yield for the trailing twelve months is around 5.36%, while CPSP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	5.36%	4.52%	4.31%	4.66%	5.01%	3.68%	4.95%	4.42%	4.75%	4.63%	4.34%	1.13%

Frequently Asked Questions

Can I hold both SPYD and CPSP in my portfolio?

SPYD and CPSP have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYD or CPSP?

SPYD has higher volatility (3.59%) compared to CPSP (0.40%). In terms of maximum drawdown, SPYD dropped -46.42% vs CPSP's -1.73%.

Which ETF is better, SPYD or CPSP?

On 1-year performance, SPYD leads with 17.94% vs 6.88% for CPSP. On fees, SPYD is cheaper at 0.07% per year. On volatility, CPSP has been the lower-risk option at 0.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYD or CPSP?

Over the 1-year period, SPYD has performed better with a 17.94% return vs 6.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYD or CPSP?

SPYD is cheaper with a 0.07% expense ratio, compared with 0.69% for CPSP.

Which ETF pays a higher dividend yield, SPYD or CPSP?

SPYD has the higher dividend yield at 5.36%, compared with 0.00% for CPSP.

What is the main difference between SPYD and CPSP?

They also come from different issuers: State Street and Calamos. Their fees differ too: 0.07% for SPYD and 0.69% for CPSP.

Which has better risk-adjusted returns?

CPSP currently has the higher Sharpe Ratio (5.07 vs 1.52), 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.