STEN vs. CPRO

Last updated Jun 4, 2026

STEN (iShares Large Cap 10% Target Buffer Sep ETF) and CPRO (Calamos Russell 2000 Structured Alt Protection ETF - October) are both Defined Outcome funds. Both are actively managed. A 0.76 correlation means they provide meaningful diversification when combined. STEN charges 0.50%/yr vs 0.69%/yr for CPRO.

Performance

STEN vs. CPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap 10% Target Buffer Sep ETF (STEN) and Calamos Russell 2000 Structured Alt Protection ETF - October (CPRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, STEN achieves a 7.79% return, which is significantly higher than CPRO's 3.79% return.

STEN

• 1D: -0.30%
• 1M: 3.31%
• YTD: 7.79%
• 6M: 8.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPRO

• 1D: -0.11%
• 1M: 0.78%
• YTD: 3.79%
• 6M: 3.93%
• 1Y: 13.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

STEN vs. CPRO - Yearly Performance Comparison

	2026 (YTD)	2025
STEN iShares Large Cap 10% Target Buffer Sep ETF	7.79%	2.05%
CPRO Calamos Russell 2000 Structured Alt Protection ETF - October	3.79%	0.81%

Correlation

The correlation between STEN and CPRO is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.76

Return for Risk

STEN vs. CPRO — Risk / Return Rank

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

CPRO

CPRO Risk / Return Rank: 93
CPRO Sharpe Ratio Rank: 88
CPRO Sortino Ratio Rank: 95
CPRO Omega Ratio Rank: 93
CPRO Calmar Ratio Rank: 94
CPRO Martin Ratio Rank: 94

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.

STEN vs. CPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap 10% Target Buffer Sep ETF (STEN) and Calamos Russell 2000 Structured Alt Protection ETF - October (CPRO). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	STEN	CPRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.67	1.86	-0.19

Drawdowns

STEN vs. CPRO - Drawdown Comparison

The maximum STEN drawdown since its inception was -6.21%, which is greater than CPRO's maximum drawdown of -3.36%. Use the drawdown chart below to compare losses from any high point for STEN and CPRO.

Drawdown Indicators

	STEN	CPRO	Difference
Max Drawdown Largest peak-to-trough decline	-6.21%	-3.36%	-2.85%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.77%	—
Current Drawdown Current decline from peak	-0.30%	-0.11%	-0.19%
Average Drawdown Average peak-to-trough decline	-0.92%	-0.70%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.48%	—

Volatility

Volatility by Period

	STEN	CPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.63%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.05%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.24%	4.50%	+4.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.24%	4.15%	+5.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.24%	4.15%	+5.09%

STEN vs. CPRO - Expense Ratio Comparison

STEN has a 0.50% expense ratio, which is lower than CPRO's 0.69% expense ratio.

Dividends

STEN vs. CPRO - Dividend Comparison

STEN's dividend yield for the trailing twelve months is around 0.29%, while CPRO has not paid dividends to shareholders.

Position	TTM	2025
CPRO Calamos Russell 2000 Structured Alt Protection ETF - October	0.00%	0.00%
STEN iShares Large Cap 10% Target Buffer Sep ETF	0.29%	0.31%

Frequently Asked Questions

Can I hold both STEN and CPRO in my portfolio?

STEN and CPRO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, STEN or CPRO?

On fees, STEN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, STEN or CPRO?

STEN is cheaper with a 0.50% expense ratio, compared with 0.69% for CPRO.

Which ETF pays a higher dividend yield, STEN or CPRO?

STEN has the higher dividend yield at 0.29%, compared with 0.00% for CPRO.

What is the main difference between STEN and CPRO?

They also come from different issuers: BlackRock and Calamos. Their fees differ too: 0.50% for STEN and 0.69% for CPRO.