CPSP vs QQQ
Calamos S&P 500 Structured Alt Protection ETF - April vs Invesco QQQ Trust, Series 1
Quick Verdict
QQQ has a lower expense ratio. QQQ delivered stronger 1-year returns. QQQ offers more diversification with 108 holdings.
Side-by-Side Comparison
| Metric | CPSP | QQQ | Winner |
|---|---|---|---|
| Expense Ratio | 0.69% | 0.18% | |
| AUM | $22M | $496.3B | |
| Dividend Yield | 0.00% | 0.44% | |
| Holdings | 5 | 108 | |
| YTD Return | +4.10% | +16.64% | |
| 1Y Return | +6.53% | +27.27% | |
| 3Y Return (annualized) | - | +25.96% | |
| 5Y Return (annualized) | - | +14.54% | |
| Volatility (annualized) | 1.1% | 30.6% | |
| Max Drawdown | -1.7% | -83.0% | |
| Fund Family | Calamos Investments | Invesco (US) | |
| Category | Alternative | Equity | |
| Inception | Apr 1, 2025 | Mar 10, 1999 |
CPSP vs QQQ Performance
Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) is a ETF from Calamos Investments and Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US). Over the past year CPSP returned +6.53% while QQQ returned +27.27%. Year to date, CPSP is up 4.10% versus a gain of 16.64% for QQQ.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 30.6% compared with 1.1% for CPSP. 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 -1.7% for CPSP and -83.0% for QQQ. 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 0.64. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CPSP charges 0.69% per year while QQQ charges 0.18%. On a $10,000 position that is $69 vs $18 annually, a gap of $51 per year that compounds over a long holding period. On income, CPSP currently yields 0.00% against 0.44% for QQQ.
Frequently Asked Questions
Which is cheaper, CPSP or QQQ?
CPSP has an expense ratio of 0.69% while QQQ charges 0.18%. QQQ is the cheaper option. On a $10,000 investment, that is $51 per year of difference.
Which performed better, CPSP or QQQ?
Over the past year CPSP returned +6.53% vs +27.27% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (1 years), CPSP annualized +7.00% vs +13.03% for QQQ. Past performance does not guarantee future results.
Which is riskier, CPSP or QQQ?
QQQ has been the more volatile fund at 30.6% annualized versus 1.1% for CPSP. Worst drawdown: CPSP -1.7% vs QQQ -83.0%.
Should I hold both CPSP and QQQ?
CPSP and QQQ have a monthly-return correlation of 0.64, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, CPSP or QQQ?
CPSP yields 0.00% while QQQ yields 0.44%, so QQQ currently pays the higher dividend yield.
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