CPSU vs SSO
Calamos S&P 500 Structured Alt Protection ETF - June vs ProShares Ultra S&P500
Which is better, CPSU or SSO?
SSO has been ahead.
CPSU has a lower expense ratio. SSO led over 1Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CPSU | SSO |
|---|---|---|
| Expense Ratio | 0.69%Best | 0.84% |
| AUM | $29M | $9.2B |
| Dividend Yield | 0.00% | 0.69% |
| Holdings | 5 | 521 |
| YTD Return | +3.38% | +21.98%Best |
| 1Y Return | +4.67% | +28.56%Best |
| 3Y Return (annualized) | - | +37.60% |
| 5Y Return (annualized) | - | +17.88% |
| Volatility (annualized) | 1.4%Best | 23.7% |
| Max Drawdown | -1.0%Best | -18.2% |
| $10,000 over 1.4 years | $10,788 | $16,015Best |
| Fund Family | Calamos Investments | ProShares |
| Category | Alternative | Alternative |
| Style | Multi Alternative | Multi Alternative |
| Inception | Jun 2, 2025 | Jun 19, 2006 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.4 years row, are measured over the window both funds cover: Jun 2, 2025 to Oct 14, 2026 (1.4 years).
CPSU vs SSO growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.4 years both funds cover.
CPSU vs SSO Performance
Calamos S&P 500 Structured Alt Protection ETF - June (CPSU) is an ETF from Calamos Investments and ProShares Ultra S&P500 (SSO) is an ETF from ProShares. Over the past year CPSU returned +4.67% while SSO returned +28.56%. Year to date, CPSU is up 3.38% versus a gain of 21.98% for SSO.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SSO has been the more volatile fund, with annualized monthly volatility of 23.7% compared with 1.4% for CPSU. 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 -1.0% for CPSU and -18.2% for SSO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.89. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CPSU charges 0.69% per year while SSO charges 0.84%. On a $10,000 position that is $69 vs $84 annually, a gap of $15 per year that compounds over a long holding period. On income, CPSU currently yields 0.00% against 0.69% for SSO.
You are not choosing between two funds in isolation.
Whichever of CPSU and SSO you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CPSU or SSO?
CPSU has an expense ratio of 0.69% while SSO charges 0.84%. CPSU is the cheaper option, by $15 a year on a $10,000 investment.
Which performed better, CPSU or SSO?
Over the past year CPSU returned +4.67% vs +28.56% for SSO, so SSO leads on 1-year performance. Over the longest common window we track (1 years), CPSU annualized +5.57% vs +39.99% for SSO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CPSU or SSO?
SSO has been the more volatile fund at 23.7% annualized versus 1.4% for CPSU. Worst drawdown: CPSU -1.0% vs SSO -18.2%.
Should I hold both CPSU and SSO?
CPSU and SSO have a monthly-return correlation of 0.89, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, CPSU or SSO?
CPSU yields 0.00% while SSO yields 0.69%, so SSO currently pays the higher dividend yield.
Is SSO better than CPSU?
CPSU has a lower expense ratio. SSO led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.