CBOJ vs. KAPR
Compare and contrast key facts about Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) and Innovator Russell 2000 Power Buffer ETF - April (KAPR).
CBOJ and KAPR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CBOJ is a passively managed fund by Calamos that tracks the performance of the CBOE Bitcoin US ETF Index. It was launched on Jan 22, 2025. KAPR is a passively managed fund by Innovator that tracks the performance of the Russell 2000 Index. It was launched on Mar 31, 2020. Both CBOJ and KAPR are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
CBOJ vs. KAPR - Performance Comparison
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CBOJ vs. KAPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January | -1.26% | -0.83% |
KAPR Innovator Russell 2000 Power Buffer ETF - April | 3.19% | 4.94% |
Returns By Period
In the year-to-date period, CBOJ achieves a -1.26% return, which is significantly lower than KAPR's 3.19% return.
CBOJ
- 1D
- 0.14%
- 1M
- 0.24%
- YTD
- -1.26%
- 6M
- -6.30%
- 1Y
- -1.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
KAPR
- 1D
- 0.62%
- 1M
- 1.14%
- YTD
- 3.19%
- 6M
- 5.99%
- 1Y
- 17.50%
- 3Y*
- 10.87%
- 5Y*
- 6.01%
- 10Y*
- —
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CBOJ vs. KAPR - Expense Ratio Comparison
CBOJ has a 0.69% expense ratio, which is lower than KAPR's 0.79% expense ratio.
Return for Risk
CBOJ vs. KAPR — Risk / Return Rank
CBOJ
KAPR
CBOJ vs. KAPR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) and Innovator Russell 2000 Power Buffer ETF - April (KAPR). 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.
| CBOJ | KAPR | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.22 | 1.72 | -1.94 |
Sortino ratioReturn per unit of downside risk | -0.26 | 2.47 | -2.74 |
Omega ratioGain probability vs. loss probability | 0.97 | 1.42 | -0.45 |
Calmar ratioReturn relative to maximum drawdown | -0.14 | 2.10 | -2.24 |
Martin ratioReturn relative to average drawdown | -0.28 | 12.86 | -13.14 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CBOJ | KAPR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.22 | 1.72 | -1.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.51 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.37 | 0.73 | -1.10 |
Correlation
The correlation between CBOJ and KAPR is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
CBOJ vs. KAPR - Dividend Comparison
CBOJ's dividend yield for the trailing twelve months is around 3.20%, while KAPR has not paid dividends to shareholders.
| TTM | 2025 | |
|---|---|---|
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January | 3.20% | 3.16% |
KAPR Innovator Russell 2000 Power Buffer ETF - April | 0.00% | 0.00% |
Drawdowns
CBOJ vs. KAPR - Drawdown Comparison
The maximum CBOJ drawdown since its inception was -8.13%, smaller than the maximum KAPR drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for CBOJ and KAPR.
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Drawdown Indicators
| CBOJ | KAPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.13% | -16.91% | +8.78% |
Max Drawdown (1Y)Largest decline over 1 year | -8.13% | -8.39% | +0.26% |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.91% | — |
Current DrawdownCurrent decline from peak | -7.60% | 0.00% | -7.60% |
Average DrawdownAverage peak-to-trough decline | -2.61% | -4.02% | +1.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.19% | 1.37% | +2.82% |
Volatility
CBOJ vs. KAPR - Volatility Comparison
The current volatility for Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) is 0.92%, while Innovator Russell 2000 Power Buffer ETF - April (KAPR) has a volatility of 1.70%. This indicates that CBOJ experiences smaller price fluctuations and is considered to be less risky than KAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBOJ | KAPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 1.70% | -0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 3.83% | 3.93% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.05% | 10.19% | -5.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.79% | 11.77% | -6.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.79% | 11.72% | -6.93% |