CPSR vs SPY
Calamos S&P 500 Structured Alt Protection ETF - March 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 503 holdings.
Side-by-Side Comparison
| Metric | CPSR | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.69% | 0.09% | |
| AUM | $31M | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 5 | 505 | |
| YTD Return | +3.55% | +14.47% | |
| 1Y Return | +6.13% | +21.96% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +13.30% | |
| Volatility (annualized) | 1.7% | 15.3% | |
| Max Drawdown | -3.4% | -56.5% | |
| Fund Family | Calamos Investments | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Mar 3, 2025 | Jan 22, 1993 |
CPSR vs SPY Performance
Calamos S&P 500 Structured Alt Protection ETF - March (CPSR) 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 CPSR returned +6.13% while SPY returned +21.96%. Year to date, CPSR is up 3.55% versus a gain of 14.47% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% 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 -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 0.75. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CPSR 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, CPSR currently yields 0.00% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, CPSR or SPY?
CPSR 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, CPSR or SPY?
Over the past year CPSR returned +6.13% vs +21.96% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), CPSR annualized +6.75% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, CPSR or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 1.7% for CPSR. Worst drawdown: CPSR -3.4% vs SPY -56.5%.
Should I hold both CPSR and SPY?
CPSR and SPY have a monthly-return correlation of 0.75, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, CPSR or SPY?
CPSR yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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