XRLV vs. CPST

Last updated Jun 4, 2026

XRLV (Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF) and CPST (Calamos S&P 500 Structured Alt Protection ETF - September) are both exchange-traded funds - XRLV is a S&P 500 fund tracking the S&P 500 Low Volatility Rate Response Index, while CPST is a Defined Outcome fund tracking the MerQube Cap Protect US Lrg Cap PR Index - Sep. Both are passively managed. At a 0.29 correlation, their price movements are largely independent. XRLV charges 0.25%/yr vs 0.69%/yr for CPST.

Performance

XRLV vs. CPST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF (XRLV) and Calamos S&P 500 Structured Alt Protection ETF - September (CPST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

XRLV

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPST

• 1D: 0.00%
• 1M: 0.87%
• YTD: 2.67%
• 6M: 2.98%
• 1Y: 7.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XRLV vs. CPST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF	6.34%	4.11%	-0.82%
CPST Calamos S&P 500 Structured Alt Protection ETF - September	2.67%	6.73%	2.30%

Correlation

The correlation between XRLV and CPST is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (All Time) Calculated using the full available price history since Sep 4, 2024	0.29

The correlation between XRLV and CPST shifts across timeframes, from 0.15 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XRLV vs. CPST — Risk / Return Rank

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

CPST

CPST Risk / Return Rank: 94
CPST Sharpe Ratio Rank: 94
CPST Sortino Ratio Rank: 97
CPST Omega Ratio Rank: 96
CPST Calmar Ratio Rank: 89
CPST Martin Ratio Rank: 95

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.

XRLV vs. CPST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF (XRLV) and Calamos S&P 500 Structured Alt Protection ETF - September (CPST). 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

	XRLV	CPST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	2.02	—

Drawdowns

Drawdown Indicators

	XRLV	CPST	Difference
Max Drawdown Largest peak-to-trough decline	—	-3.79%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-1.42%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-0.35%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.26%	—

Volatility

Volatility by Period

	XRLV	CPST	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.30%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.60%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	2.15%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	3.37%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	3.37%	—

XRLV vs. CPST - Expense Ratio Comparison

XRLV has a 0.25% expense ratio, which is lower than CPST's 0.69% expense ratio.

Dividends

XRLV vs. CPST - Dividend Comparison

XRLV's dividend yield for the trailing twelve months is around 1.53%, while CPST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPST Calamos S&P 500 Structured Alt Protection ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF	1.53%	2.15%	1.94%	2.57%	1.96%	1.26%	1.65%	1.66%	1.76%	1.39%	1.71%	1.07%

Frequently Asked Questions

Can I hold both XRLV and CPST in my portfolio?

XRLV and CPST have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XRLV or CPST?

On fees, XRLV is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XRLV or CPST?

XRLV is cheaper with a 0.25% expense ratio, compared with 0.69% for CPST.

Which ETF pays a higher dividend yield, XRLV or CPST?

XRLV has the higher dividend yield at 1.53%, compared with 0.00% for CPST.

What is the main difference between XRLV and CPST?

XRLV is categorized as S&P 500, while CPST is Defined Outcome. XRLV tracks S&P 500 Low Volatility Rate Response Index, while CPST tracks MerQube Cap Protect US Lrg Cap PR Index - Sep. They also come from different issuers: Invesco and Calamos. Their fees differ too: 0.25% for XRLV and 0.69% for CPST.