CBTY vs. KAPR

Last updated Jun 4, 2026

CBTY (Calamos Bitcoin 80 Series Structured Alt Protection ETF - July) and KAPR (Innovator Russell 2000 Power Buffer ETF - April) are both Defined Outcome funds - CBTY tracks the CBOE Bitcoin US ETF Index while KAPR tracks the Russell 2000 Index. Both are passively managed. At a 0.39 correlation, their price movements are largely independent. CBTY charges 0.69%/yr vs 0.79%/yr for KAPR.

Performance

CBTY vs. KAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin 80 Series Structured Alt Protection ETF - July (CBTY) 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, CBTY achieves a -11.11% return, which is significantly lower than KAPR's 10.96% return.

CBTY

• 1D: -0.03%
• 1M: -2.89%
• YTD: -11.11%
• 6M: -14.47%
• 1Y: —
• 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)

CBTY vs. KAPR - Yearly Performance Comparison

	2026 (YTD)	2025
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July	-11.11%	-10.93%
KAPR Innovator Russell 2000 Power Buffer ETF - April	10.96%	7.50%

Correlation

The correlation between CBTY and KAPR is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	0.39

Return for Risk

CBTY vs. KAPR — Risk / Return Rank

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

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.

CBTY 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 - July (CBTY) 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.

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

Sharpe Ratios by Period

	CBTY	KAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.53	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.33	0.83	-2.16

Drawdowns

CBTY vs. KAPR - Drawdown Comparison

The maximum CBTY drawdown since its inception was -26.68%, which is greater than KAPR's maximum drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for CBTY and KAPR.

Drawdown Indicators

	CBTY	KAPR	Difference
Max Drawdown Largest peak-to-trough decline	-26.68%	-16.91%	-9.77%
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 Drawdown Current decline from peak	-26.68%	-0.52%	-26.16%
Average Drawdown Average peak-to-trough decline	-14.52%	-3.92%	-10.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.53%	—

Volatility

Volatility by Period

	CBTY	KAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.30%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.06%	—
Volatility (1Y) Calculated over the trailing 1-year period	17.11%	6.54%	+10.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.11%	11.75%	+5.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.11%	11.63%	+5.48%

CBTY vs. KAPR - Expense Ratio Comparison

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

Dividends

CBTY vs. KAPR - Dividend Comparison

CBTY's dividend yield for the trailing twelve months is around 1.65%, while KAPR has not paid dividends to shareholders.

Position	TTM	2025
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July	1.65%	1.47%
KAPR Innovator Russell 2000 Power Buffer ETF - April	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBTY and KAPR in my portfolio?

CBTY 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.

Which ETF is better, CBTY or KAPR?

On fees, CBTY is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBTY or KAPR?

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

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

CBTY has the higher dividend yield at 1.65%, compared with 0.00% for KAPR.

What is the main difference between CBTY and KAPR?

CBTY 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 CBTY and 0.79% for KAPR.