CBTO vs. KAPR
CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) and KAPR (Innovator Russell 2000 Power Buffer ETF - April) are both Defined Outcome funds. CBTO is actively managed, while KAPR is passively managed. Their 0.39 correlation means their historical movements had little consistent relationship. CBTO charges 0.69%/yr vs 0.79%/yr for KAPR.
Performance
CBTO vs. KAPR - Performance Comparison
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Returns By Period
In the year-to-date period, CBTO achieves a -8.07% return, which is significantly lower than KAPR's 14.23% return.
CBTO
- 1D
- 0.18%
- 1M
- 0.18%
- 6M
- -3.68%
- YTD
- -8.07%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
KAPR
- 1D
- -0.10%
- 1M
- 0.79%
- 6M
- 12.76%
- YTD
- 14.23%
- 1Y
- 22.24%
- 3Y*
- 12.76%
- 5Y*
- 7.97%
- 10Y*
- —
- ALL TIME*
- 9.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $173.83K | $130.79K | $209.27K | |
| $175.83K | $293.35K | $306.62K |
CBTO vs. KAPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | -8.07% | -13.82% |
KAPR Innovator Russell 2000 Power Buffer ETF - April | 14.23% | 2.19% |
Correlation
The correlation between CBTO and KAPR is 0.39, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025 | 0.39 |
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Return for Risk
CBTO vs. KAPR — Risk / Return Rank
CBTO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
KAPR
CBTO vs. KAPR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 80 Series Structured Alt Protection ETF - October (CBTO) 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.
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.
| CBTO | KAPR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.75 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 8.88 | — |
| Martin ratioReturn relative to average drawdown | — | 44.49 | — |
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Drawdowns
CBTO vs. KAPR - Drawdown Comparison
The maximum CBTO drawdown since its inception was -21.27%, which is greater than KAPR's maximum drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for CBTO and KAPR.
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Drawdown Indicators
| CBTO | KAPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.27% | -16.91% | -4.36% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.52% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.84% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.91% | — |
Current DrawdownCurrent decline from peak | -20.94% | -0.10% | -20.84% |
Average DrawdownAverage peak-to-trough decline | -16.14% | -3.82% | -12.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.50% | — |
Volatility
CBTO vs. KAPR - Volatility Comparison
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Volatility by Period
| CBTO | KAPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.61% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 4.82% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 11.49% | 6.41% | +5.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.49% | 11.68% | -0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.49% | 11.56% | -0.07% |
CBTO vs. KAPR - Expense Ratio Comparison
CBTO has a 0.69% expense ratio, which is lower than KAPR's 0.79% expense ratio.
Dividends
CBTO vs. KAPR - Dividend Comparison
CBTO's dividend yield for the trailing twelve months is around 0.24%, while KAPR has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | 0.24% | 0.22% |
KAPR Innovator Russell 2000 Power Buffer ETF - April | 0.00% | 0.00% |
Frequently Asked Questions
CBTO and KAPR have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CBTO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CBTO is cheaper with a 0.69% expense ratio, compared with 0.79% for KAPR.
CBTO has the higher dividend yield at 0.24%, compared with 0.00% for KAPR.
They also come from different issuers: Calamos and Innovator. Their fees differ too: 0.69% for CBTO and 0.79% for KAPR.
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