CBOL vs. PAPR

Last updated Aug 6, 2026

CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) and PAPR (Innovator U.S. Equity Power Buffer ETF - April) are both Defined Outcome funds. CBOL is actively managed, while PAPR is passively managed. Their 0.46 correlation means their historical movements had little consistent relationship. Both charge a 0.79% expense ratio.

Performance

CBOL vs. PAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL) and Innovator U.S. Equity Power Buffer ETF - April (PAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOL achieves a -1.71% return, which is significantly lower than PAPR's 9.38% return.

CBOL

• 1D: 0.06%
• 1M: 0.30%
• 6M: -0.25%
• YTD: -1.71%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

PAPR

• 1D: 0.05%
• 1M: 1.04%
• 6M: 8.91%
• YTD: 9.38%
• 1Y: 13.77%
• 3Y*: 11.35%
• 5Y*: 8.29%
• 10Y*: —
• ALL TIME*: 7.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	$24.12K	$29.76K	$17.49K
PAPR Innovator U.S. Equity Power Buffer ETF - April	$1.27M	$1.26M	$1.31M

CBOL vs. PAPR - Yearly Performance Comparison

	2026 (YTD)	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-1.71%	-2.04%
PAPR Innovator U.S. Equity Power Buffer ETF - April	9.38%	2.06%

Correlation

The correlation between CBOL and PAPR is 0.46, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 14, 2025	0.46

Return for Risk

CBOL vs. PAPR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CBOL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

PAPR

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CBOL vs. PAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL) and Innovator U.S. Equity Power Buffer ETF - April (PAPR). 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.

	CBOL	PAPR	Difference
Sharpe ratio: Return per unit of total volatility	—	3.95	—
Sortino ratio: Return per unit of downside risk	—	6.83	—
Omega ratio: Gain probability vs. loss probability	—	1.91	—
Calmar ratio: Return relative to maximum drawdown	—	11.92	—
Martin ratio: Return relative to average drawdown	—	56.79	—

Drawdowns

CBOL vs. PAPR - Drawdown Comparison

The maximum CBOL drawdown since its inception was -5.05%, smaller than the maximum PAPR drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for CBOL and PAPR.

Drawdown Indicators

	CBOL	PAPR	Difference
Max Drawdown Largest peak-to-trough decline	-5.05%	-15.31%	+10.26%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.16%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-11.87%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.87%	—
Current Drawdown Current decline from peak	-4.34%	0.00%	-4.34%
Average Drawdown Average peak-to-trough decline	-3.50%	-1.54%	-1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.24%	—

Volatility

Volatility by Period

	CBOL	PAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.97%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.63%	3.50%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.63%	8.22%	-4.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.63%	9.36%	-5.73%

CBOL vs. PAPR - Expense Ratio Comparison

Both CBOL and PAPR have an expense ratio of 0.79%.

Dividends

CBOL vs. PAPR - Dividend Comparison

CBOL's dividend yield for the trailing twelve months is around 1.82%, while PAPR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.82%	1.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PAPR Innovator U.S. Equity Power Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.07%

Frequently Asked Questions

Can I hold both CBOL and PAPR in my portfolio?

CBOL and PAPR have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBOL or PAPR?

Both ETFs have the same 0.79% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBOL or PAPR?

CBOL and PAPR have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, CBOL or PAPR?

CBOL has the higher dividend yield at 1.82%, compared with 0.00% for PAPR.

What is the main difference between CBOL and PAPR?

They also come from different issuers: Calamos and Innovator.