CPSN vs VXZ

Comparison between CALAMOS S&P 500 STRUCTURED ALT PROTECTION ETF - JULY (CPSN, ETF) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ, ETF).

5-Year PerformanceCPSN has outperformed VXZ, delivering a return of +94.4% compared to -13.7%

CPSN vs VXZ - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	CPSN(ETF)	VXZ(ETF)
Net Assets	$35M	$35M
Expense Ratio	0.69%	0.89%
Max Drawdown	87.50%	69.00%
Sharpe Ratio	1.07	-0.94
5Y Beta	0.16	-1.47

Net Assets

CPSN

$35M

Winner

VXZ

$35M

Expense Ratio

Winner

CPSN

0.69%

VXZ

0.89%

Max Drawdown

CPSN

87.50%

Winner

VXZ

69.00%

Sharpe Ratio

Winner

CPSN

1.07

VXZ

-0.94

5Y Beta

CPSN

0.16

Winner

VXZ

-1.47

CPSN vs VXZ - Historical Returns

Returns include dividend reinvestment.

Period	CPSN	VXZ
1 month	+0.49%	-3.69%
3 months	+1.89%	-9.53%
6 months	+3.06%	-3.58%
1 year	+6.13%	-14.60%
5 years(CAGR)	+94.43%	-13.68%
10 years(CAGR)	N/A	-3.36%
Max(CAGR)	+42.62%	-3.36%

Winner

CPSN

+0.49%

VXZ

-3.69%

Winner

CPSN

+1.89%

VXZ

-9.53%

Winner

CPSN

+3.06%

VXZ

-3.58%

Winner

CPSN

+6.13%

VXZ

-14.60%

5Y(CAGR)

Winner

CPSN

+94.43%

VXZ

-13.68%

10Y(CAGR)

CPSN

N/A

VXZ

-3.36%

Max(CAGR)

Winner

CPSN

+42.62%

VXZ

-3.36%

CPSN vs VXZ - Annual Returns (2018 - 2026)

Returns include dividend reinvestment.

Year	CPSN	VXZ
2026	+3.16%	-4.98%
2025	+6.19%	+5.13%
2024	+0.82%	-12.29%
2023	N/A	-43.19%
2022	+0.00%	+1.69%
2021	-37.50%	-18.73%
2020	-20.00%	+76.74%
2019	+8.70%	-19.12%
2018	+56.97%	+31.89%

CPSN vs VXZ Drawdown Comparison

The maximum drawdown for CPSN was -87.50%, occurring on Sep 7, 2021. Recovery took 618 trading sessions.

The maximum drawdown for VXZ was -69.00%, occurring on Nov 29, 2024. This drawdown has not yet recovered.

The current CPSN drawdown is -0.07%. The current VXZ drawdown is -67.20%.

Rank	CPSN	VXZ
#1	-87.50% Aug 27, 2018 - Nov 1, 2024	-69.00% Mar 18, 2020 - Nov 29, 2024
#2	-6.40% Aug 15, 2018 - Aug 17, 2018	-28.77% Apr 4, 2018 - Mar 9, 2020
#3	-3.23% Feb 19, 2025 - May 14, 2025	-6.59% Mar 2, 2018 - Apr 2, 2018
#4	-1.63% Feb 9, 2026 - Apr 13, 2026	-6.05% Feb 14, 2018 - Mar 1, 2018
#5	-1.46% Aug 17, 2018 - Aug 21, 2018	-4.85% Mar 12, 2020 - Mar 16, 2020
#6	-0.61% Jun 2, 2026 - Jun 15, 2026	-3.49% Mar 9, 2020 - Mar 11, 2020
#7	-0.61% Aug 7, 2018 - Aug 9, 2018	-1.07% Jan 18, 2018 - Jan 23, 2018
#8	-0.60% Nov 11, 2025 - Nov 26, 2025	N/A
#9	-0.60% May 19, 2025 - Jun 3, 2025	N/A
#10	-0.51% Dec 16, 2024 - Dec 24, 2024	N/A
#11	-0.51% Jun 16, 2026 - Jun 30, 2026	N/A
#12	-0.49% Jan 6, 2025 - Jan 17, 2025	N/A
#13	-0.41% Jan 24, 2025 - Feb 6, 2025	N/A
#14	-0.39% Jan 28, 2026 - Feb 9, 2026	N/A
#15	-0.37% Jan 12, 2026 - Jan 26, 2026	N/A