CBOY vs. PAPR

Last updated Jul 15, 2026

CBOY (Calamos Bitcoin Structured Alt Protection ETF - July) and PAPR (Innovator U.S. Equity Power Buffer ETF - April) are both Defined Outcome funds - CBOY tracks the CBOE Bitcoin US ETF Index while PAPR tracks the Cboe S&P 500 15% Buffer Protect April Series Index. Both are passively managed. Over the past year, CBOY returned -1.94% vs 13.41% for PAPR. At a 0.32 correlation, their price movements are largely independent. CBOY charges 0.69%/yr vs 0.79%/yr for PAPR.

Performance

CBOY vs. PAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin Structured Alt Protection ETF - July (CBOY) 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, CBOY achieves a -0.37% return, which is significantly lower than PAPR's 8.49% return.

CBOY

• 1D: 0.48%
• 1M: 0.16%
• 6M: -1.07%
• YTD: -0.37%
• 1Y: -1.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPR

• 1D: 0.33%
• 1M: 1.10%
• 6M: 8.17%
• YTD: 8.49%
• 1Y: 13.41%
• 3Y*: 10.94%
• 5Y*: 8.26%
• 10Y*: —

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

CBOY vs. PAPR - Yearly Performance Comparison

	2026 (YTD)	2025
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	-0.37%	-0.42%
PAPR Innovator U.S. Equity Power Buffer ETF - April	8.49%	4.84%

Correlation

The correlation between CBOY and PAPR is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.32

Return for Risk

CBOY vs. PAPR — Risk / Return Rank

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

CBOY

CBOY Risk / Return Rank: 5
CBOY Sharpe Ratio Rank: 4
CBOY Sortino Ratio Rank: 4
CBOY Omega Ratio Rank: 4
CBOY Calmar Ratio Rank: 5
CBOY Martin Ratio Rank: 6

PAPR

PAPR Risk / Return Rank: 98
PAPR Sharpe Ratio Rank: 97
PAPR Sortino Ratio Rank: 98
PAPR Omega Ratio Rank: 98
PAPR Calmar Ratio Rank: 98
PAPR Martin Ratio Rank: 98

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.

CBOY vs. PAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - July (CBOY) 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.

	CBOY	PAPR	Difference
Sharpe ratio: Return per unit of total volatility	-0.61	3.94	-4.55
Sortino ratio: Return per unit of downside risk	-0.82	6.82	-7.64
Omega ratio: Gain probability vs. loss probability	0.90	1.92	-1.02
Calmar ratio: Return relative to maximum drawdown	-0.49	11.61	-12.10
Martin ratio: Return relative to average drawdown	-0.72	57.48	-58.20

CBOY vs. PAPR - Sharpe Ratio Comparison

The current CBOY Sharpe Ratio is -0.61, which is lower than the PAPR Sharpe Ratio of 3.94. The chart below compares the historical Sharpe Ratios of CBOY and PAPR, 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

CBOY vs. PAPR - Drawdown Comparison

The maximum CBOY drawdown since its inception was -3.99%, smaller than the maximum PAPR drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for CBOY and PAPR.

Drawdown Indicators

	CBOY	PAPR	Difference
Max Drawdown Largest peak-to-trough decline	-3.99%	-15.31%	+11.32%
Max Drawdown (1Y) Largest decline over 1 year	-3.99%	-1.16%	-2.83%
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	-3.18%	0.00%	-3.18%
Average Drawdown Average peak-to-trough decline	-2.29%	-1.55%	-0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	0.23%	+2.48%

Volatility

CBOY vs. PAPR - Volatility Comparison

The current volatility for Calamos Bitcoin Structured Alt Protection ETF - July (CBOY) is 0.92%, while Innovator U.S. Equity Power Buffer ETF - April (PAPR) has a volatility of 1.25%. This indicates that CBOY experiences smaller price fluctuations and is considered to be less risky than PAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBOY	PAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	1.25%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	1.54%	2.84%	-1.30%
Volatility (1Y) Calculated over the trailing 1-year period	3.21%	3.42%	-0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.26%	8.22%	-4.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.26%	9.39%	-6.13%

CBOY vs. PAPR - Expense Ratio Comparison

CBOY has a 0.69% expense ratio, which is lower than PAPR's 0.79% expense ratio.

Dividends

CBOY vs. PAPR - Dividend Comparison

CBOY's dividend yield for the trailing twelve months is around 1.37%, while PAPR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	1.37%	1.37%	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 CBOY and PAPR in my portfolio?

CBOY and PAPR have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBOY or PAPR?

PAPR has higher volatility (1.25%) compared to CBOY (0.92%). In terms of maximum drawdown, CBOY dropped -3.99% vs PAPR's -15.31%.

Which ETF is better, CBOY or PAPR?

On 1-year performance, PAPR leads with 13.41% vs -1.94% for CBOY. On fees, CBOY is cheaper at 0.69% per year. On volatility, CBOY has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBOY or PAPR?

Over the 1-year period, PAPR has performed better with a 13.41% return vs -1.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBOY or PAPR?

CBOY is cheaper with a 0.69% expense ratio, compared with 0.79% for PAPR.

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

CBOY has the higher dividend yield at 1.37%, compared with 0.00% for PAPR.

What is the main difference between CBOY and PAPR?

CBOY tracks CBOE Bitcoin US ETF Index, while PAPR tracks Cboe S&P 500 15% Buffer Protect April Series Index. They also come from different issuers: Calamos and Innovator. Their fees differ too: 0.69% for CBOY and 0.79% for PAPR.

Which has better risk-adjusted returns?

PAPR currently has the higher Sharpe Ratio (3.94 vs -0.61), 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.