CPSR vs QQQ
Calamos S&P 500 Structured Alt Protection ETF - March 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 | CPSR | QQQ | Winner |
|---|---|---|---|
| Expense Ratio | 0.69% | 0.18% | |
| AUM | $32M | $496.3B | |
| Dividend Yield | 0.00% | 0.44% | |
| Holdings | 5 | 108 | |
| YTD Return | +3.56% | +19.52% | |
| 1Y Return | +6.14% | +26.68% | |
| 3Y Return (annualized) | - | +26.64% | |
| 5Y Return (annualized) | - | +15.36% | |
| Volatility (annualized) | 1.7% | 30.6% | |
| Max Drawdown | -3.4% | -83.0% | |
| Fund Family | Calamos Investments | Invesco (US) | |
| Category | Alternative | Equity | |
| Inception | Mar 3, 2025 | Mar 10, 1999 |
CPSR vs QQQ Performance
Calamos S&P 500 Structured Alt Protection ETF - March (CPSR) is a ETF from Calamos Investments and Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US). Over the past year CPSR returned +6.14% while QQQ returned +26.68%. Year to date, CPSR is up 3.56% versus a gain of 19.52% for QQQ.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 30.6% compared with 1.7% for CPSR. 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 -3.4% for CPSR 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 0.63. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CPSR 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, CPSR currently yields 0.00% against 0.44% for QQQ.
Frequently Asked Questions
Which is cheaper, CPSR or QQQ?
CPSR 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, CPSR or QQQ?
Over the past year CPSR returned +6.14% vs +26.68% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (1 years), CPSR annualized +6.75% vs +13.14% for QQQ. Past performance does not guarantee future results.
Which is riskier, CPSR or QQQ?
QQQ has been the more volatile fund at 30.6% annualized versus 1.7% for CPSR. Worst drawdown: CPSR -3.4% vs QQQ -83.0%.
Should I hold both CPSR and QQQ?
CPSR and QQQ have a monthly-return correlation of 0.63, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, CPSR or QQQ?
CPSR yields 0.00% while QQQ yields 0.44%, so QQQ currently pays the higher dividend yield.
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