CBXO vs. BAPR

Last updated Jun 5, 2026

CBXO (Calamos Bitcoin 90 Series Structured Alt Protection ETF - October) and BAPR (Innovator U.S. Equity Buffer ETF - April) are both Defined Outcome funds. CBXO is actively managed, while BAPR is passively managed. At a 0.40 correlation, their price movements are largely independent. CBXO charges 0.69%/yr vs 0.79%/yr for BAPR.

Performance

CBXO vs. BAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin 90 Series Structured Alt Protection ETF - October (CBXO) and Innovator U.S. Equity Buffer ETF - April (BAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBXO achieves a -3.71% return, which is significantly lower than BAPR's 10.98% return.

CBXO

• 1D: -0.04%
• 1M: -1.12%
• YTD: -3.71%
• 6M: -4.94%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BAPR

• 1D: 0.16%
• 1M: 2.02%
• YTD: 10.98%
• 6M: 11.84%
• 1Y: 20.29%
• 3Y*: 15.39%
• 5Y*: 11.21%
• 10Y*: —

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

CBXO vs. BAPR - Yearly Performance Comparison

	2026 (YTD)	2025
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	-3.71%	-8.02%
BAPR Innovator U.S. Equity Buffer ETF - April	10.98%	2.15%

Correlation

The correlation between CBXO and BAPR is 0.40, 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 8, 2025	0.40

Return for Risk

CBXO vs. BAPR — Risk / Return Rank

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

BAPR

BAPR Risk / Return Rank: 96
BAPR Sharpe Ratio Rank: 94
BAPR Sortino Ratio Rank: 97
BAPR Omega Ratio Rank: 97
BAPR Calmar Ratio Rank: 97
BAPR 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.

CBXO vs. BAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 90 Series Structured Alt Protection ETF - October (CBXO) and Innovator U.S. Equity Buffer ETF - April (BAPR). 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

	CBXO	BAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.62	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.98	—
Sharpe Ratio (All Time) Calculated using the full available price history	-2.36	0.84	-3.19

Drawdowns

CBXO vs. BAPR - Drawdown Comparison

The maximum CBXO drawdown since its inception was -11.43%, smaller than the maximum BAPR drawdown of -23.91%. Use the drawdown chart below to compare losses from any high point for CBXO and BAPR.

Drawdown Indicators

	CBXO	BAPR	Difference
Max Drawdown Largest peak-to-trough decline	-11.43%	-23.91%	+12.48%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.93%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-15.58%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.58%	—
Current Drawdown Current decline from peak	-11.43%	-0.07%	-11.36%
Average Drawdown Average peak-to-trough decline	-8.47%	-2.59%	-5.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.35%	—

Volatility

Volatility by Period

	CBXO	BAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.03%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.53%	—
Volatility (1Y) Calculated over the trailing 1-year period	7.20%	5.63%	+1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.20%	11.49%	-4.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.20%	13.12%	-5.92%

CBXO vs. BAPR - Expense Ratio Comparison

CBXO has a 0.69% expense ratio, which is lower than BAPR's 0.79% expense ratio.

Dividends

CBXO vs. BAPR - Dividend Comparison

CBXO's dividend yield for the trailing twelve months is around 0.53%, while BAPR has not paid dividends to shareholders.

Position	TTM	2025
BAPR Innovator U.S. Equity Buffer ETF - April	0.00%	0.00%
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	0.53%	0.51%

Frequently Asked Questions

Can I hold both CBXO and BAPR in my portfolio?

CBXO and BAPR have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBXO or BAPR?

On fees, CBXO 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, CBXO or BAPR?

CBXO is cheaper with a 0.69% expense ratio, compared with 0.79% for BAPR.

Which ETF pays a higher dividend yield, CBXO or BAPR?

CBXO has the higher dividend yield at 0.53%, compared with 0.00% for BAPR.

What is the main difference between CBXO and BAPR?

They also come from different issuers: Calamos and Innovator. Their fees differ too: 0.69% for CBXO and 0.79% for BAPR.