WXET vs. CPSP

Last updated Jun 24, 2026

WXET (Teucrium 2x Daily Wheat ETF) and CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) are both exchange-traded funds - WXET is a Leveraged Commodities fund actively managed by Teucrium, while CPSP is a S&P 500 fund actively managed by Calamos. Both are actively managed. Over the past year, WXET returned -16.72% vs 6.61% for CPSP. At a correlation of -0.18, they often move in opposite directions. WXET charges 0.95%/yr vs 0.69%/yr for CPSP.

Performance

WXET vs. CPSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Teucrium 2x Daily Wheat ETF (WXET) 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, WXET achieves a 20.90% return, which is significantly higher than CPSP's 3.05% return.

WXET

• 1D: -3.02%
• 1M: -17.97%
• YTD: 20.90%
• 6M: 15.80%
• 1Y: -16.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSP

• 1D: -0.04%
• 1M: 0.13%
• YTD: 3.05%
• 6M: 3.13%
• 1Y: 6.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

WXET vs. CPSP - Yearly Performance Comparison

	2026 (YTD)	2025
WXET Teucrium 2x Daily Wheat ETF	20.90%	-31.16%
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	3.05%	5.96%

Correlation

The correlation between WXET and CPSP is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.20
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	-0.18

Return for Risk

WXET vs. CPSP — Risk / Return Rank

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

WXET

WXET Risk / Return Rank: 6
WXET Sharpe Ratio Rank: 6
WXET Sortino Ratio Rank: 6
WXET Omega Ratio Rank: 7
WXET Calmar Ratio Rank: 4
WXET Martin Ratio Rank: 5

CPSP

CPSP Risk / Return Rank: 98
CPSP Sharpe Ratio Rank: 98
CPSP Sortino Ratio Rank: 98
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.

WXET vs. CPSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Teucrium 2x Daily Wheat ETF (WXET) 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.

	WXET	CPSP	Difference
Sharpe ratio: Return per unit of total volatility	-0.35	4.91	-5.26
Sortino ratio: Return per unit of downside risk	-0.21	9.21	-9.42
Omega ratio: Gain probability vs. loss probability	0.98	2.22	-1.24
Calmar ratio: Return relative to maximum drawdown	-0.56	17.71	-18.28
Martin ratio: Return relative to average drawdown	-0.90	82.47	-83.37

WXET vs. CPSP - Sharpe Ratio Comparison

The current WXET Sharpe Ratio is -0.35, which is lower than the CPSP Sharpe Ratio of 4.91. The chart below compares the historical Sharpe Ratios of WXET 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

WXET vs. CPSP - Drawdown Comparison

The maximum WXET drawdown since its inception was -48.31%, which is greater than CPSP's maximum drawdown of -1.73%. Use the drawdown chart below to compare losses from any high point for WXET and CPSP.

Drawdown Indicators

	WXET	CPSP	Difference
Max Drawdown Largest peak-to-trough decline	-48.31%	-1.73%	-46.58%
Max Drawdown (1Y) Largest decline over 1 year	-29.75%	-0.37%	-29.38%
Current Drawdown Current decline from peak	-37.50%	-0.24%	-37.26%
Average Drawdown Average peak-to-trough decline	-30.63%	-0.09%	-30.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.81%	0.08%	+19.73%

Volatility

WXET vs. CPSP - Volatility Comparison

Teucrium 2x Daily Wheat ETF (WXET) has a higher volatility of 11.84% compared to Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) at 0.40%. This indicates that WXET'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

	WXET	CPSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.84%	0.40%	+11.44%
Volatility (6M) Calculated over the trailing 6-month period	39.84%	0.86%	+38.98%
Volatility (1Y) Calculated over the trailing 1-year period	48.74%	1.36%	+47.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.12%	2.38%	+45.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.12%	2.38%	+45.74%

WXET vs. CPSP - Expense Ratio Comparison

WXET has a 0.95% expense ratio, which is higher than CPSP's 0.69% expense ratio.

Dividends

WXET vs. CPSP - Dividend Comparison

WXET's dividend yield for the trailing twelve months is around 2.08%, while CPSP has not paid dividends to shareholders.

Position	TTM	2025	2024
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	0.00%	0.00%	0.00%
WXET Teucrium 2x Daily Wheat ETF	2.08%	3.57%	0.13%

Frequently Asked Questions

Can I hold both WXET and CPSP in my portfolio?

WXET and CPSP have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WXET or CPSP?

WXET has higher volatility (11.84%) compared to CPSP (0.40%). In terms of maximum drawdown, WXET dropped -48.31% vs CPSP's -1.73%.

Which ETF is better, WXET or CPSP?

On 1-year performance, CPSP leads with 6.61% vs -16.72% for WXET. On fees, CPSP is cheaper at 0.69% 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, WXET or CPSP?

Over the 1-year period, CPSP has performed better with a 6.61% return vs -16.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WXET or CPSP?

CPSP is cheaper with a 0.69% expense ratio, compared with 0.95% for WXET.

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

WXET has the higher dividend yield at 2.08%, compared with 0.00% for CPSP.

What is the main difference between WXET and CPSP?

WXET is categorized as Leveraged Commodities, while CPSP is S&P 500. They also come from different issuers: Teucrium and Calamos. Their fees differ too: 0.95% for WXET and 0.69% for CPSP.

Which has better risk-adjusted returns?

CPSP currently has the higher Sharpe Ratio (4.91 vs -0.35), 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.