CBXL vs. PAPR
CBXL (Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF) and PAPR (Innovator U.S. Equity Power Buffer ETF - April) are both Defined Outcome funds. CBXL is actively managed, while PAPR is passively managed. At a 0.46 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.
Performance
CBXL vs. PAPR - Performance Comparison
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Returns By Period
In the year-to-date period, CBXL achieves a -10.32% return, which is significantly lower than PAPR's 7.85% return.
CBXL
- 1D
- -0.23%
- 1M
- -3.14%
- YTD
- -10.32%
- 6M
- -10.89%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PAPR
- 1D
- 0.52%
- 1M
- 0.67%
- YTD
- 7.85%
- 6M
- 8.06%
- 1Y
- 14.96%
- 3Y*
- 11.17%
- 5Y*
- 8.46%
- 10Y*
- —
CBXL vs. PAPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBXL Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF | -10.32% | -9.01% |
PAPR Innovator U.S. Equity Power Buffer ETF - April | 7.85% | 2.06% |
Correlation
The correlation between CBXL and PAPR is 0.46, 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 Oct 14, 2025 | 0.46 |
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Return for Risk
CBXL vs. PAPR — Risk / Return Rank
CBXL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PAPR
CBXL vs. PAPR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF (CBXL) 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.
| CBXL | PAPR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 2.05 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 12.70 | — |
| Martin ratioReturn relative to average drawdown | — | 66.82 | — |
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Drawdowns
CBXL vs. PAPR - Drawdown Comparison
The maximum CBXL drawdown since its inception was -19.49%, which is greater than PAPR's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for CBXL and PAPR.
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Drawdown Indicators
| CBXL | PAPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.49% | -15.31% | -4.18% |
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 DrawdownCurrent decline from peak | -19.20% | -0.09% | -19.11% |
Average DrawdownAverage peak-to-trough decline | -12.52% | -1.56% | -10.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.22% | — |
Volatility
CBXL vs. PAPR - Volatility Comparison
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Volatility by Period
| CBXL | PAPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.44% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.75% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 13.08% | 3.42% | +9.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.08% | 8.22% | +4.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.08% | 9.43% | +3.65% |
CBXL vs. PAPR - Expense Ratio Comparison
Both CBXL and PAPR have an expense ratio of 0.79%.
Dividends
CBXL vs. PAPR - Dividend Comparison
CBXL's dividend yield for the trailing twelve months is around 1.59%, while PAPR has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CBXL Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF | 1.59% | 1.42% | 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
CBXL 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.
Both ETFs have the same 0.79% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
CBXL and PAPR have the same expense ratio: 0.79% per year.
CBXL has the higher dividend yield at 1.59%, compared with 0.00% for PAPR.
They also come from different issuers: Calamos and Innovator.
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