VOO vs. CPSM

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard S&P 500 ETF (VOO) and Calamos S&P 500 Structured Alt Protection ETF - May (CPSM).

VOO and CPSM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VOO is a passively managed fund by Vanguard that tracks the performance of the S&P 500 Index. It was launched on Sep 7, 2010. CPSM is an actively managed fund by Calamos. It was launched on May 1, 2024.

Performance

VOO vs. CPSM - Performance Comparison

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

VOO vs. CPSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VOO Vanguard S&P 500 ETF	-4.42%	17.82%	18.31%
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, VOO achieves a -4.42% return, which is significantly lower than CPSM's 0.81% return.

VOO

• 1D: 2.86%
• 1M: -5.01%
• YTD: -4.42%
• 6M: -1.84%
• 1Y: 17.67%
• 3Y*: 18.27%
• 5Y*: 11.75%
• 10Y*: 14.05%

CPSM

• 1D: 0.28%
• 1M: 0.09%
• YTD: 0.81%
• 6M: 2.00%
• 1Y: 7.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VOO vs. CPSM - Expense Ratio Comparison

VOO has a 0.03% expense ratio, which is lower than CPSM's 0.69% expense ratio.

CPSM

Calamos S&P 500 Structured Alt Protection ETF - May

VOO

Vanguard S&P 500 ETF

Return for Risk

VOO vs. CPSM — Risk / Return Rank

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

VOO

VOO Risk / Return Rank: 65
VOO Sharpe Ratio Rank: 59
VOO Sortino Ratio Rank: 62
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 65
VOO Martin Ratio Rank: 75

CPSM

CPSM Risk / Return Rank: 75
CPSM Sharpe Ratio Rank: 65
CPSM Sortino Ratio Rank: 70
CPSM Omega Ratio Rank: 95
CPSM Calmar Ratio Rank: 62
CPSM Martin Ratio Rank: 86

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.

VOO vs. CPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 ETF (VOO) 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.

	VOO	CPSM	Difference
Sharpe ratio Return per unit of total volatility	0.98	1.10	-0.12
Sortino ratio Return per unit of downside risk	1.50	1.70	-0.20
Omega ratio Gain probability vs. loss probability	1.23	1.45	-0.22
Calmar ratio Return relative to maximum drawdown	1.53	1.51	+0.02
Martin ratio Return relative to average drawdown	7.29	9.75	-2.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VOO vs. CPSM - Sharpe Ratio Comparison

The current VOO Sharpe Ratio is 0.98, which is comparable to the CPSM Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of VOO and CPSM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VOO	CPSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	1.10	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	1.47	-0.63

Correlation

The correlation between VOO 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

VOO vs. CPSM - Dividend Comparison

VOO's dividend yield for the trailing twelve months is around 1.19%, while CPSM has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VOO Vanguard S&P 500 ETF	1.19%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%
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

VOO vs. CPSM - Drawdown Comparison

The maximum VOO drawdown since its inception was -33.99%, which is greater than CPSM's maximum drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for VOO and CPSM.

Drawdown Indicators

	VOO	CPSM	Difference
Max Drawdown Largest peak-to-trough decline	-33.99%	-5.19%	-28.80%
Max Drawdown (1Y) Largest decline over 1 year	-11.98%	-4.99%	-6.99%
Max Drawdown (5Y) Largest decline over 5 years	-24.52%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.99%	—	—
Current Drawdown Current decline from peak	-6.29%	-0.08%	-6.21%
Average Drawdown Average peak-to-trough decline	-3.72%	-0.22%	-3.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	0.77%	+1.75%

Volatility

VOO vs. CPSM - Volatility Comparison

Vanguard S&P 500 ETF (VOO) has a higher volatility of 5.29% compared to Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) at 0.68%. This indicates that VOO'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.

Volatility by Period

	VOO	CPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.29%	0.68%	+4.61%
Volatility (6M) Calculated over the trailing 6-month period	9.44%	1.18%	+8.26%
Volatility (1Y) Calculated over the trailing 1-year period	18.10%	6.69%	+11.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.82%	5.31%	+11.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.99%	5.31%	+12.68%