CBXY vs. PAPR

Last updated Jul 17, 2026

CBXY (Calamos Bitcoin 90 Series Structured Alt Protection ETF - July) and PAPR (Innovator U.S. Equity Power Buffer ETF - April) are both Defined Outcome funds - CBXY 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, CBXY returned -12.80% vs 13.18% for PAPR. At a 0.37 correlation, their price movements are largely independent. CBXY charges 0.69%/yr vs 0.79%/yr for PAPR.

Performance

CBXY vs. PAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin 90 Series Structured Alt Protection ETF - July (CBXY) 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, CBXY achieves a -4.51% return, which is significantly lower than PAPR's 8.44% return.

CBXY

• 1D: -0.12%
• 1M: 0.59%
• 6M: -7.02%
• YTD: -4.51%
• 1Y: -12.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPR

• 1D: -0.11%
• 1M: 0.57%
• 6M: 7.99%
• YTD: 8.44%
• 1Y: 13.18%
• 3Y*: 10.80%
• 5Y*: 8.29%
• 10Y*: —

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

CBXY vs. PAPR - Yearly Performance Comparison

	2026 (YTD)	2025
CBXY Calamos Bitcoin 90 Series Structured Alt Protection ETF - July	-4.51%	-6.20%
PAPR Innovator U.S. Equity Power Buffer ETF - April	8.44%	4.84%

Correlation

The correlation between CBXY and PAPR is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.37

Return for Risk

CBXY vs. PAPR — Risk / Return Rank

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

CBXY

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

PAPR

PAPR Risk / Return Rank: 98
PAPR Sharpe Ratio Rank: 98
PAPR Sortino Ratio Rank: 98
PAPR Omega Ratio Rank: 97
PAPR Calmar Ratio Rank: 98
PAPR 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.

CBXY vs. PAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 90 Series Structured Alt Protection ETF - July (CBXY) 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.

	CBXY	PAPR	Difference
Sharpe ratio: Return per unit of total volatility	-1.33	3.87	-5.20
Sortino ratio: Return per unit of downside risk	-1.79	6.70	-8.49
Omega ratio: Gain probability vs. loss probability	0.78	1.90	-1.11
Calmar ratio: Return relative to maximum drawdown	-0.78	11.41	-12.19
Martin ratio: Return relative to average drawdown	-1.12	56.46	-57.58

CBXY vs. PAPR - Sharpe Ratio Comparison

The current CBXY Sharpe Ratio is -1.33, which is lower than the PAPR Sharpe Ratio of 3.87. The chart below compares the historical Sharpe Ratios of CBXY 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

CBXY vs. PAPR - Drawdown Comparison

The maximum CBXY drawdown since its inception was -16.43%, which is greater than PAPR's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for CBXY and PAPR.

Drawdown Indicators

	CBXY	PAPR	Difference
Max Drawdown Largest peak-to-trough decline	-16.43%	-15.31%	-1.12%
Max Drawdown (1Y) Largest decline over 1 year	-16.43%	-1.16%	-15.27%
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	-15.09%	-0.11%	-14.98%
Average Drawdown Average peak-to-trough decline	-9.61%	-1.55%	-8.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.44%	0.23%	+11.21%

Volatility

CBXY vs. PAPR - Volatility Comparison

Calamos Bitcoin 90 Series Structured Alt Protection ETF - July (CBXY) has a higher volatility of 2.33% compared to Innovator U.S. Equity Power Buffer ETF - April (PAPR) at 1.14%. This indicates that CBXY'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

	CBXY	PAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.33%	1.14%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	4.84%	2.84%	+2.00%
Volatility (1Y) Calculated over the trailing 1-year period	9.72%	3.42%	+6.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.86%	8.22%	+1.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.86%	9.38%	+0.48%

CBXY vs. PAPR - Expense Ratio Comparison

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

Dividends

CBXY vs. PAPR - Dividend Comparison

CBXY's dividend yield for the trailing twelve months is around 1.44%, while PAPR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CBXY Calamos Bitcoin 90 Series Structured Alt Protection ETF - July	1.44%	1.38%	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 CBXY and PAPR in my portfolio?

CBXY and PAPR have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBXY or PAPR?

CBXY has higher volatility (2.33%) compared to PAPR (1.14%). In terms of maximum drawdown, CBXY dropped -16.43% vs PAPR's -15.31%.

Which ETF is better, CBXY or PAPR?

On 1-year performance, PAPR leads with 13.18% vs -12.80% for CBXY. On fees, CBXY is cheaper at 0.69% per year. On volatility, PAPR has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBXY or PAPR?

Over the 1-year period, PAPR has performed better with a 13.18% return vs -12.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBXY or PAPR?

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

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

CBXY has the higher dividend yield at 1.44%, compared with 0.00% for PAPR.

What is the main difference between CBXY and PAPR?

CBXY 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 CBXY and 0.79% for PAPR.

Which has better risk-adjusted returns?

PAPR currently has the higher Sharpe Ratio (3.87 vs -1.33), 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.