CPNS vs. XBAP

Last updated Jun 24, 2026

CPNS (Calamos Nasdaq-100 Structured Alt Protection ETF - September) and XBAP (Innovator U.S. Equity Accelerated 9 Buffer ETF - April) are both Defined Outcome funds. CPNS is passively managed, while XBAP is actively managed. Over the past year, CPNS returned 7.21% vs 14.57% for XBAP. A 0.75 correlation means they provide meaningful diversification when combined. CPNS charges 0.69%/yr vs 0.79%/yr for XBAP.

Performance

CPNS vs. XBAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS) and Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPNS achieves a 3.05% return, which is significantly lower than XBAP's 7.58% return.

CPNS

• 1D: -0.18%
• 1M: 0.16%
• YTD: 3.05%
• 6M: 2.93%
• 1Y: 7.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XBAP

• 1D: -0.37%
• 1M: -0.07%
• YTD: 7.58%
• 6M: 7.77%
• 1Y: 14.57%
• 3Y*: 13.22%
• 5Y*: 9.51%
• 10Y*: —

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

CPNS vs. XBAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	3.05%	7.25%	1.93%
XBAP Innovator U.S. Equity Accelerated 9 Buffer ETF - April	7.58%	13.38%	3.19%

Correlation

The correlation between CPNS and XBAP is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (All Time) Calculated using the full available price history since Sep 3, 2024	0.75

The correlation between CPNS and XBAP has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.

Return for Risk

CPNS vs. XBAP — Risk / Return Rank

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

CPNS

CPNS Risk / Return Rank: 95
CPNS Sharpe Ratio Rank: 95
CPNS Sortino Ratio Rank: 96
CPNS Omega Ratio Rank: 96
CPNS Calmar Ratio Rank: 92
CPNS Martin Ratio Rank: 96

XBAP

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

CPNS vs. XBAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS) and Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP). 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.

	CPNS	XBAP	Difference
Sharpe ratio: Return per unit of total volatility	3.41	4.06	-0.65
Sortino ratio: Return per unit of downside risk	5.20	7.30	-2.11
Omega ratio: Gain probability vs. loss probability	1.74	2.04	-0.29
Calmar ratio: Return relative to maximum drawdown	5.51	11.29	-5.78
Martin ratio: Return relative to average drawdown	29.76	64.34	-34.58

CPNS vs. XBAP - Sharpe Ratio Comparison

The current CPNS Sharpe Ratio is 3.41, which is comparable to the XBAP Sharpe Ratio of 4.06. The chart below compares the historical Sharpe Ratios of CPNS and XBAP, 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

CPNS vs. XBAP - Drawdown Comparison

The maximum CPNS drawdown since its inception was -3.99%, smaller than the maximum XBAP drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for CPNS and XBAP.

Drawdown Indicators

	CPNS	XBAP	Difference
Max Drawdown Largest peak-to-trough decline	-3.99%	-14.57%	+10.58%
Max Drawdown (1Y) Largest decline over 1 year	-1.31%	-1.30%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-14.57%	—
Current Drawdown Current decline from peak	-0.19%	-0.69%	+0.50%
Average Drawdown Average peak-to-trough decline	-0.36%	-1.73%	+1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.24%	0.23%	+0.01%

Volatility

CPNS vs. XBAP - Volatility Comparison

The current volatility for Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS) is 0.58%, while Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) has a volatility of 1.57%. This indicates that CPNS experiences smaller price fluctuations and is considered to be less risky than XBAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPNS	XBAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	1.57%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	1.75%	2.94%	-1.19%
Volatility (1Y) Calculated over the trailing 1-year period	2.14%	3.62%	-1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.51%	9.98%	-6.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.51%	9.84%	-6.33%

CPNS vs. XBAP - Expense Ratio Comparison

CPNS has a 0.69% expense ratio, which is lower than XBAP's 0.79% expense ratio.

Dividends

CPNS vs. XBAP - Dividend Comparison

Neither CPNS nor XBAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPNS and XBAP in my portfolio?

CPNS and XBAP have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPNS or XBAP?

XBAP has higher volatility (1.57%) compared to CPNS (0.58%). In terms of maximum drawdown, CPNS dropped -3.99% vs XBAP's -14.57%.

Which ETF is better, CPNS or XBAP?

On 1-year performance, XBAP leads with 14.57% vs 7.21% for CPNS. On fees, CPNS is cheaper at 0.69% per year. On volatility, CPNS has been the lower-risk option at 0.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPNS or XBAP?

Over the 1-year period, XBAP has performed better with a 14.57% return vs 7.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPNS or XBAP?

CPNS is cheaper with a 0.69% expense ratio, compared with 0.79% for XBAP.

Which ETF pays a higher dividend yield, CPNS or XBAP?

CPNS and XBAP have nearly identical dividend yields, around 0.00%.

What is the main difference between CPNS and XBAP?

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

Which has better risk-adjusted returns?

XBAP currently has the higher Sharpe Ratio (4.06 vs 3.41), 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.