TENJ vs. CPSM

Last updated Jun 23, 2026

TENJ (iShares Large Cap 10% Target Buffer Jun ETF) and CPSM (Calamos S&P 500 Structured Alt Protection ETF - May) are both Defined Outcome funds. Both are actively managed. A 0.67 correlation means they provide meaningful diversification when combined. TENJ charges 0.50%/yr vs 0.69%/yr for CPSM.

Performance

TENJ vs. CPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap 10% Target Buffer Jun ETF (TENJ) and Calamos S&P 500 Structured Alt Protection ETF - May (CPSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TENJ achieves a 7.91% return, which is significantly higher than CPSM's 2.08% return.

TENJ

• 1D: -0.15%
• 1M: 0.86%
• YTD: 7.91%
• 6M: 7.71%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSM

• 1D: -0.07%
• 1M: 0.05%
• YTD: 2.08%
• 6M: 2.19%
• 1Y: 5.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TENJ vs. CPSM - Yearly Performance Comparison

	2026 (YTD)	2025
TENJ iShares Large Cap 10% Target Buffer Jun ETF	7.91%	2.22%
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	2.08%	0.92%

Correlation

The correlation between TENJ and CPSM is 0.67, 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 22, 2025	0.67

Return for Risk

TENJ vs. CPSM — Risk / Return Rank

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

TENJ

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

CPSM

CPSM Risk / Return Rank: 96
CPSM Sharpe Ratio Rank: 94
CPSM Sortino Ratio Rank: 96
CPSM Omega Ratio Rank: 95
CPSM Calmar Ratio Rank: 97
CPSM Martin Ratio Rank: 98

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.

TENJ vs. CPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap 10% Target Buffer Jun ETF (TENJ) 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.

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.

	TENJ	CPSM	Difference
Sharpe ratio: Return per unit of total volatility	—	3.35	—
Sortino ratio: Return per unit of downside risk	—	5.42	—
Omega ratio: Gain probability vs. loss probability	—	1.73	—
Calmar ratio: Return relative to maximum drawdown	—	11.26	—
Martin ratio: Return relative to average drawdown	—	49.30	—

Drawdowns

TENJ vs. CPSM - Drawdown Comparison

The maximum TENJ drawdown since its inception was -5.51%, which is greater than CPSM's maximum drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for TENJ and CPSM.

Drawdown Indicators

	TENJ	CPSM	Difference
Max Drawdown Largest peak-to-trough decline	-5.51%	-5.19%	-0.32%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.49%	—
Current Drawdown Current decline from peak	-0.31%	-0.25%	-0.06%
Average Drawdown Average peak-to-trough decline	-0.82%	-0.20%	-0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.11%	—

Volatility

Volatility by Period

	TENJ	CPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.64%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.17%	—
Volatility (1Y) Calculated over the trailing 1-year period	8.48%	1.65%	+6.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.48%	5.05%	+3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.48%	5.05%	+3.43%

TENJ vs. CPSM - Expense Ratio Comparison

TENJ has a 0.50% expense ratio, which is lower than CPSM's 0.69% expense ratio.

Dividends

TENJ vs. CPSM - Dividend Comparison

TENJ's dividend yield for the trailing twelve months is around 0.26%, while CPSM has not paid dividends to shareholders.

Position	TTM	2025
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	0.00%	0.00%
TENJ iShares Large Cap 10% Target Buffer Jun ETF	0.26%	0.28%

Frequently Asked Questions

Can I hold both TENJ and CPSM in my portfolio?

TENJ and CPSM have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TENJ or CPSM?

On fees, TENJ 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, TENJ or CPSM?

TENJ is cheaper with a 0.50% expense ratio, compared with 0.69% for CPSM.

Which ETF pays a higher dividend yield, TENJ or CPSM?

TENJ has the higher dividend yield at 0.26%, compared with 0.00% for CPSM.

What is the main difference between TENJ and CPSM?

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