APOC vs. CPSP

Last updated Jun 23, 2026

APOC (Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct) and CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) are both exchange-traded funds - APOC is a Defined Outcome fund actively managed by Innovator, while CPSP is a S&P 500 fund actively managed by Calamos. Both are actively managed. Over the past year, APOC returned 3.12% vs 6.88% for CPSP. At a 0.49 correlation, their price movements are largely independent. APOC charges 0.79%/yr vs 0.69%/yr for CPSP.

Performance

APOC vs. CPSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct (APOC) and Calamos S&P 500 Structured Alt Protection ETF - April (CPSP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APOC achieves a 0.12% return, which is significantly lower than CPSP's 3.09% return.

APOC

• 1D: 0.02%
• 1M: 0.23%
• YTD: 0.12%
• 6M: 0.15%
• 1Y: 3.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSP

• 1D: -0.06%
• 1M: 0.17%
• YTD: 3.09%
• 6M: 3.21%
• 1Y: 6.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

APOC vs. CPSP - Yearly Performance Comparison

	2026 (YTD)	2025
APOC Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct	0.12%	4.48%
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	3.09%	5.96%

Correlation

The correlation between APOC and CPSP is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.49

Return for Risk

APOC vs. CPSP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

APOC

APOC Risk / Return Rank: 33
APOC Sharpe Ratio Rank: 34
APOC Sortino Ratio Rank: 34
APOC Omega Ratio Rank: 45
APOC Calmar Ratio Rank: 21
APOC Martin Ratio Rank: 29

CPSP

CPSP Risk / Return Rank: 98
CPSP Sharpe Ratio Rank: 98
CPSP Sortino Ratio Rank: 99
CPSP Omega Ratio Rank: 98
CPSP Calmar Ratio Rank: 99
CPSP Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

APOC vs. CPSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct (APOC) and Calamos S&P 500 Structured Alt Protection ETF - April (CPSP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	APOC	CPSP	Difference
Sharpe ratio: Return per unit of total volatility	1.19	5.07	-3.88
Sortino ratio: Return per unit of downside risk	1.74	9.59	-7.84
Omega ratio: Gain probability vs. loss probability	1.29	2.28	-0.99
Calmar ratio: Return relative to maximum drawdown	0.92	18.43	-17.51
Martin ratio: Return relative to average drawdown	3.92	87.41	-83.49

APOC vs. CPSP - Sharpe Ratio Comparison

The current APOC Sharpe Ratio is 1.19, which is lower than the CPSP Sharpe Ratio of 5.07. The chart below compares the historical Sharpe Ratios of APOC and CPSP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

APOC vs. CPSP - Drawdown Comparison

The maximum APOC drawdown since its inception was -4.17%, which is greater than CPSP's maximum drawdown of -1.73%. Use the drawdown chart below to compare losses from any high point for APOC and CPSP.

Drawdown Indicators

	APOC	CPSP	Difference
Max Drawdown Largest peak-to-trough decline	-4.17%	-1.73%	-2.44%
Max Drawdown (1Y) Largest decline over 1 year	-3.40%	-0.37%	-3.03%
Current Drawdown Current decline from peak	-0.78%	-0.20%	-0.58%
Average Drawdown Average peak-to-trough decline	-0.84%	-0.09%	-0.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	0.08%	+0.72%

Volatility

APOC vs. CPSP - Volatility Comparison

Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct (APOC) and Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) have volatilities of 0.39% and 0.40%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APOC	CPSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	0.40%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.39%	0.87%	+1.52%
Volatility (1Y) Calculated over the trailing 1-year period	2.64%	1.37%	+1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.99%	2.38%	+0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.99%	2.38%	+0.61%

APOC vs. CPSP - Expense Ratio Comparison

APOC has a 0.79% expense ratio, which is higher than CPSP's 0.69% expense ratio.

Dividends

APOC vs. CPSP - Dividend Comparison

Neither APOC nor CPSP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both APOC and CPSP in my portfolio?

APOC and CPSP have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APOC or CPSP?

CPSP has higher volatility (0.40%) compared to APOC (0.39%). In terms of maximum drawdown, APOC dropped -4.17% vs CPSP's -1.73%.

Which ETF is better, APOC or CPSP?

On 1-year performance, CPSP leads with 6.88% vs 3.12% for APOC. On fees, CPSP is cheaper at 0.69% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APOC or CPSP?

Over the 1-year period, CPSP has performed better with a 6.88% return vs 3.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APOC or CPSP?

CPSP is cheaper with a 0.69% expense ratio, compared with 0.79% for APOC.

Which ETF pays a higher dividend yield, APOC or CPSP?

APOC and CPSP have nearly identical dividend yields, around 0.00%.

What is the main difference between APOC and CPSP?

APOC is categorized as Defined Outcome, while CPSP is S&P 500. They also come from different issuers: Innovator and Calamos. Their fees differ too: 0.79% for APOC and 0.69% for CPSP.

Which has better risk-adjusted returns?

CPSP currently has the higher Sharpe Ratio (5.07 vs 1.19), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.