CPNS vs SPY
Calamos Nasdaq-100 Structured Alt Protection ETF - September vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | CPNS | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.69% | 0.09% | |
| AUM | $21M | $821.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 5 | 505 | |
| YTD Return | +4.11% | +13.17% | |
| 1Y Return | +6.43% | +21.53% | |
| 3Y Return (annualized) | - | +22.06% | |
| 5Y Return (annualized) | - | +13.35% | |
| Volatility (annualized) | 2.9% | 15.3% | |
| Max Drawdown | -4.0% | -56.5% | |
| Fund Family | Calamos Investments | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Sep 3, 2024 | Jan 22, 1993 |
CPNS vs SPY Performance
Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS) is a ETF from Calamos Investments and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CPNS returned +6.43% while SPY returned +21.53%. Year to date, CPNS is up 4.11% versus a gain of 13.17% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 2.9% for CPNS. 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 -4.0% for CPNS and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.90. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
CPNS 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, CPNS currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
CPNS and SPY share 0 holdings out of 505 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CPNS or SPY?
CPNS has an expense ratio of 0.69% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $60 per year of difference.
Which performed better, CPNS or SPY?
Over the past year CPNS returned +6.43% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), CPNS annualized +7.35% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, CPNS or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 2.9% for CPNS. Worst drawdown: CPNS -4.0% vs SPY -56.5%.
Should I hold both CPNS and SPY?
CPNS and SPY have a monthly-return correlation of 0.90, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between CPNS and SPY?
CPNS and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, CPNS or SPY?
CPNS yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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