XXXX vs. CPSM

Last updated Apr 1, 2026

Compare and contrast key facts about MAX S&P 500 4X Leveraged ETN (XXXX) and Calamos S&P 500 Structured Alt Protection ETF - May (CPSM).

XXXX and CPSM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XXXX is a passively managed fund by Max that tracks the performance of the S&P 500. It was launched on Dec 4, 2023. CPSM is an actively managed fund by Calamos. It was launched on May 1, 2024.

Performance

XXXX vs. CPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAX S&P 500 4X Leveraged ETN (XXXX) and Calamos S&P 500 Structured Alt Protection ETF - May (CPSM). The values are adjusted to include any dividend payments, if applicable.

XXXX vs. CPSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XXXX MAX S&P 500 4X Leveraged ETN	-24.00%	17.36%	48.30%
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, XXXX achieves a -24.00% return, which is significantly lower than CPSM's 0.81% return.

XXXX

• 1D: 11.44%
• 1M: -21.62%
• YTD: -24.00%
• 6M: -23.21%
• 1Y: 18.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

XXXX vs. CPSM - Expense Ratio Comparison

XXXX has a 2.95% expense ratio, which is higher than CPSM's 0.69% expense ratio.

XXXX

MAX S&P 500 4X Leveraged ETN

CPSM

Calamos S&P 500 Structured Alt Protection ETF - May

Return for Risk

XXXX vs. CPSM — Risk / Return Rank

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

XXXX

XXXX Risk / Return Rank: 27
XXXX Sharpe Ratio Rank: 20
XXXX Sortino Ratio Rank: 32
XXXX Omega Ratio Rank: 34
XXXX Calmar Ratio Rank: 25
XXXX Martin Ratio Rank: 25

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.

XXXX vs. CPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX S&P 500 4X Leveraged ETN (XXXX) 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.

	XXXX	CPSM	Difference
Sharpe ratio Return per unit of total volatility	0.26	1.10	-0.84
Sortino ratio Return per unit of downside risk	0.88	1.70	-0.82
Omega ratio Gain probability vs. loss probability	1.13	1.45	-0.31
Calmar ratio Return relative to maximum drawdown	0.49	1.51	-1.02
Martin ratio Return relative to average drawdown	1.74	9.75	-8.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XXXX vs. CPSM - Sharpe Ratio Comparison

The current XXXX Sharpe Ratio is 0.26, which is lower than the CPSM Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of XXXX 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

	XXXX	CPSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.26	1.10	-0.84
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	1.47	-1.06

Correlation

The correlation between XXXX 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

XXXX vs. CPSM - Dividend Comparison

Neither XXXX nor CPSM has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

XXXX vs. CPSM - Drawdown Comparison

The maximum XXXX drawdown since its inception was -62.27%, which is greater than CPSM's maximum drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for XXXX and CPSM.

Drawdown Indicators

	XXXX	CPSM	Difference
Max Drawdown Largest peak-to-trough decline	-62.27%	-5.19%	-57.08%
Max Drawdown (1Y) Largest decline over 1 year	-43.00%	-4.99%	-38.01%
Current Drawdown Current decline from peak	-30.07%	-0.08%	-29.99%
Average Drawdown Average peak-to-trough decline	-12.03%	-0.22%	-11.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.20%	0.77%	+11.43%

Volatility

XXXX vs. CPSM - Volatility Comparison

MAX S&P 500 4X Leveraged ETN (XXXX) has a higher volatility of 21.11% compared to Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) at 0.68%. This indicates that XXXX'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

	XXXX	CPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.11%	0.68%	+20.43%
Volatility (6M) Calculated over the trailing 6-month period	37.70%	1.18%	+36.52%
Volatility (1Y) Calculated over the trailing 1-year period	72.25%	6.69%	+65.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.78%	5.31%	+56.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.78%	5.31%	+56.47%