CPNQ vs SPY
Calamos Nasdaq-100 Structured Alt Protection ETF - December vs State Street SPDR S&P 500 ETF Trust
Which is better, CPNQ or SPY?
Multi Alternative against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CPNQ | SPY |
|---|---|---|
| Expense Ratio | 0.69% | 0.09%Best |
| AUM | $20M | $811.2B |
| Dividend Yield | 0.00% | 0.98% |
| Holdings | 5 | 1,515 |
| YTD Return | +5.35% | +14.93%Best |
| 1Y Return | +6.75% | +17.25%Best |
| 3Y Return (annualized) | - | +23.24% |
| 5Y Return (annualized) | - | +13.88% |
| Volatility (annualized) | 2.7%Best | 12.3% |
| Max Drawdown | -3.5%Best | -18.8% |
| $10,000 over 1.8 years | $11,339 | $13,119Best |
| Fund Family | Calamos Investments | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Dec 2, 2024 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.8 years row, are measured over the window both funds cover: Dec 2, 2024 to Oct 6, 2026 (1.8 years).
CPNQ vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.8 years both funds cover.
CPNQ vs SPY Performance
Calamos Nasdaq-100 Structured Alt Protection ETF - December (CPNQ) is an ETF from Calamos Investments and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CPNQ returned +6.75% while SPY returned +17.25%. Year to date, CPNQ is up 5.35% versus a gain of 14.93% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.3% compared with 2.7% for CPNQ. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -3.5% for CPNQ and -18.8% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.89. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CPNQ charges 0.69% per year while SPY charges 0.09%. On a $10,000 position that is $69 vs $9 annually, a gap of $60 per year that compounds over a long holding period. On income, CPNQ currently yields 0.00% against 0.98% for SPY.
You are not choosing between two funds in isolation.
Whichever of CPNQ and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CPNQ or SPY?
CPNQ has an expense ratio of 0.69% while SPY charges 0.09%. SPY is the cheaper option, by $60 a year on a $10,000 investment.
Which performed better, CPNQ or SPY?
Over the past year CPNQ returned +6.75% vs +17.25% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), CPNQ annualized +7.23% vs +16.28% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CPNQ or SPY?
SPY has been the more volatile fund at 12.3% annualized versus 2.7% for CPNQ. Worst drawdown: CPNQ -3.5% vs SPY -18.8%.
Should I hold both CPNQ and SPY?
CPNQ and SPY have a monthly-return correlation of 0.89, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, CPNQ or SPY?
CPNQ yields 0.00% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than CPNQ?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.