CBOJ vs. KAPR

Last updated Jun 4, 2026

CBOJ (Calamos Bitcoin Structured Alt Protection ETF - January) and KAPR (Innovator Russell 2000 Power Buffer ETF - April) are both Defined Outcome funds - CBOJ tracks the CBOE Bitcoin US ETF Index while KAPR tracks the Russell 2000 Index. Both are passively managed. Over the past year, CBOJ returned -3.88% vs 22.85% for KAPR. At a 0.40 correlation, their price movements are largely independent. CBOJ charges 0.69%/yr vs 0.79%/yr for KAPR.

Performance

CBOJ vs. KAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) and Innovator Russell 2000 Power Buffer ETF - April (KAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOJ achieves a -1.37% return, which is significantly lower than KAPR's 10.96% return.

CBOJ

• 1D: -0.18%
• 1M: -1.59%
• YTD: -1.37%
• 6M: -2.70%
• 1Y: -3.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KAPR

• 1D: -0.52%
• 1M: 1.70%
• YTD: 10.96%
• 6M: 11.76%
• 1Y: 22.85%
• 3Y*: 13.04%
• 5Y*: 7.18%
• 10Y*: —

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

CBOJ vs. KAPR - Yearly Performance Comparison

	2026 (YTD)	2025
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	-1.37%	-0.83%
KAPR Innovator Russell 2000 Power Buffer ETF - April	10.96%	4.94%

Correlation

The correlation between CBOJ and KAPR is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	0.40

Return for Risk

CBOJ vs. KAPR — Risk / Return Rank

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

CBOJ

CBOJ Risk / Return Rank: 4
CBOJ Sharpe Ratio Rank: 3
CBOJ Sortino Ratio Rank: 3
CBOJ Omega Ratio Rank: 3
CBOJ Calmar Ratio Rank: 5
CBOJ Martin Ratio Rank: 5

KAPR

KAPR Risk / Return Rank: 95
KAPR Sharpe Ratio Rank: 93
KAPR Sortino Ratio Rank: 96
KAPR Omega Ratio Rank: 95
KAPR Calmar Ratio Rank: 96
KAPR Martin Ratio Rank: 97

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.

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 ratio: Return per unit of total volatility	-0.78	3.53	-4.32
Sortino ratio: Return per unit of downside risk	-1.05	5.56	-6.62
Omega ratio: Gain probability vs. loss probability	0.88	1.74	-0.86
Calmar ratio: Return relative to maximum drawdown	-0.48	9.12	-9.60
Martin ratio: Return relative to average drawdown	-0.77	43.03	-43.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CBOJ vs. KAPR - Sharpe Ratio Comparison

The current CBOJ Sharpe Ratio is -0.78, which is lower than the KAPR Sharpe Ratio of 3.53. The chart below compares the historical Sharpe Ratios of CBOJ and KAPR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CBOJ	KAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.78	3.53	-4.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	0.83	-1.18

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.

Drawdown Indicators

	CBOJ	KAPR	Difference
Max Drawdown Largest peak-to-trough decline	-8.13%	-16.91%	+8.78%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	-2.52%	-5.61%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.84%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.91%	—
Current Drawdown Current decline from peak	-7.70%	-0.52%	-7.18%
Average Drawdown Average peak-to-trough decline	-3.13%	-3.92%	+0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.04%	0.53%	+4.51%

Volatility

CBOJ vs. KAPR - Volatility Comparison

The current volatility for Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) is 0.84%, while Innovator Russell 2000 Power Buffer ETF - April (KAPR) has a volatility of 2.30%. 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.

Volatility by Period

	CBOJ	KAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	2.30%	-1.46%
Volatility (6M) Calculated over the trailing 6-month period	2.50%	4.06%	-1.56%
Volatility (1Y) Calculated over the trailing 1-year period	4.97%	6.54%	-1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.58%	11.75%	-7.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.58%	11.63%	-7.05%

CBOJ vs. KAPR - Expense Ratio Comparison

CBOJ has a 0.69% expense ratio, which is lower than KAPR's 0.79% expense ratio.

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.

Position	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%

Frequently Asked Questions

Can I hold both CBOJ and KAPR in my portfolio?

CBOJ and KAPR have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBOJ or KAPR?

KAPR has higher volatility (2.30%) compared to CBOJ (0.84%). In terms of maximum drawdown, CBOJ dropped -8.13% vs KAPR's -16.91%.

Which ETF is better, CBOJ or KAPR?

On 1-year performance, KAPR leads with 22.85% vs -3.88% for CBOJ. On fees, CBOJ is cheaper at 0.69% per year. On volatility, CBOJ has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBOJ or KAPR?

Over the 1-year period, KAPR has performed better with a 22.85% return vs -3.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBOJ or KAPR?

CBOJ is cheaper with a 0.69% expense ratio, compared with 0.79% for KAPR.

Which ETF pays a higher dividend yield, CBOJ or KAPR?

CBOJ has the higher dividend yield at 3.20%, compared with 0.00% for KAPR.

What is the main difference between CBOJ and KAPR?

CBOJ tracks CBOE Bitcoin US ETF Index, while KAPR tracks Russell 2000 Index. They also come from different issuers: Calamos and Innovator. Their fees differ too: 0.69% for CBOJ and 0.79% for KAPR.

Which has better risk-adjusted returns?

KAPR currently has the higher Sharpe Ratio (3.53 vs -0.78), 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.