CBTY vs. PAPR

Last updated Aug 4, 2026

CBTY (Calamos Bitcoin 80 Series Structured Alt Protection ETF - July) and PAPR (Innovator U.S. Equity Power Buffer ETF - April) are both Defined Outcome funds - CBTY 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, CBTY returned -21.47% vs 13.74% for PAPR. Their 0.40 correlation means their historical movements had little consistent relationship. CBTY charges 0.69%/yr vs 0.79%/yr for PAPR.

Performance

CBTY vs. PAPR - 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 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, CBTY achieves a -10.34% return, which is significantly lower than PAPR's 8.95% return.

CBTY

• 1D: 0.68%
• 1M: 0.70%
• 6M: -5.02%
• YTD: -10.34%
• 1Y: -21.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -18.96%

PAPR

• 1D: 0.33%
• 1M: 0.80%
• 6M: 8.23%
• YTD: 8.95%
• 1Y: 13.74%
• 3Y*: 11.21%
• 5Y*: 8.26%
• 10Y*: —
• ALL TIME*: 7.88%

*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)
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July	$61.01K	$284.14K	$242.81K
PAPR Innovator U.S. Equity Power Buffer ETF - April	$1.20M	$1.24M	$1.31M

CBTY vs. PAPR - Yearly Performance Comparison

	2026 (YTD)	2025
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July	-10.34%	-10.94%
PAPR Innovator U.S. Equity Power Buffer ETF - April	8.95%	4.84%

Correlation

The correlation between CBTY and PAPR is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.42
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.40

Return for Risk

CBTY vs. PAPR — Risk / Return Rank

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

CBTY

CBTY Risk / Return Rank: 2
CBTY Sharpe Ratio Rank: 0
CBTY Sortino Ratio Rank: 1
CBTY Omega Ratio Rank: 1
CBTY Calmar Ratio Rank: 3
CBTY Martin Ratio Rank: 4

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.

CBTY vs. PAPR - 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 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.

	CBTY	PAPR	Difference
Sharpe ratio: Return per unit of total volatility	-1.32	3.92	-5.24
Sortino ratio: Return per unit of downside risk	-1.84	6.80	-8.64
Omega ratio: Gain probability vs. loss probability	0.78	1.90	-1.11
Calmar ratio: Return relative to maximum drawdown	-0.78	11.90	-12.67
Martin ratio: Return relative to average drawdown	-1.09	56.64	-57.73

CBTY vs. PAPR - Sharpe Ratio Comparison

The current CBTY Sharpe Ratio is -1.32, which is lower than the PAPR Sharpe Ratio of 3.92. The chart below compares the historical Sharpe Ratios of CBTY 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

CBTY vs. PAPR - Drawdown Comparison

The maximum CBTY drawdown since its inception was -27.79%, which is greater than PAPR's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for CBTY and PAPR.

Drawdown Indicators

	CBTY	PAPR	Difference
Max Drawdown Largest peak-to-trough decline	-27.79%	-15.31%	-12.48%
Max Drawdown (1Y) Largest decline over 1 year	-27.79%	-1.16%	-26.63%
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	-26.05%	0.00%	-26.05%
Average Drawdown Average peak-to-trough decline	-16.27%	-1.54%	-14.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.73%	0.24%	+19.49%

Volatility

CBTY vs. PAPR - Volatility Comparison

Calamos Bitcoin 80 Series Structured Alt Protection ETF - July (CBTY) has a higher volatility of 4.37% compared to Innovator U.S. Equity Power Buffer ETF - April (PAPR) at 1.20%. This indicates that CBTY's price experiences larger fluctuations and is considered to be riskier than PAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBTY	PAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	1.20%	+3.17%
Volatility (6M) Calculated over the trailing 6-month period	7.61%	2.97%	+4.64%
Volatility (1Y) Calculated over the trailing 1-year period	16.31%	3.53%	+12.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.27%	8.22%	+8.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.27%	9.36%	+6.91%

CBTY vs. PAPR - Expense Ratio Comparison

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

Dividends

CBTY vs. PAPR - Dividend Comparison

CBTY's dividend yield for the trailing twelve months is around 1.64%, while PAPR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July	1.64%	1.47%	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 CBTY and PAPR in my portfolio?

CBTY and PAPR have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBTY or PAPR?

CBTY has higher volatility (4.37%) compared to PAPR (1.20%). In terms of maximum drawdown, CBTY dropped -27.79% vs PAPR's -15.31%.

Which ETF is better, CBTY or PAPR?

On 1-year performance, PAPR leads with 13.74% vs -21.47% for CBTY. On fees, CBTY is cheaper at 0.69% per year. On volatility, PAPR has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBTY or PAPR?

Over the 1-year period, PAPR has performed better with a 13.74% return vs -21.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBTY or PAPR?

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

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

CBTY has the higher dividend yield at 1.64%, compared with 0.00% for PAPR.

What is the main difference between CBTY and PAPR?

CBTY 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 CBTY and 0.79% for PAPR.

Which has better risk-adjusted returns?

PAPR currently has the higher Sharpe Ratio (3.92 vs -1.32), 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.