CPRA vs. DBE
CPRA (Calamos Russell 2000 Structured Alt Protection ETF - April) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - CPRA is a Defined Outcome fund actively managed by Calamos, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. CPRA is actively managed, while DBE is passively managed. Over the past year, CPRA returned 9.35% vs 81.31% for DBE. At a correlation of -0.17, they often move in opposite directions. CPRA charges 0.69%/yr vs 0.78%/yr for DBE.
Performance
CPRA vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, CPRA achieves a 3.77% return, which is significantly lower than DBE's 79.04% return.
CPRA
- 1D
- -0.07%
- 1M
- 0.68%
- YTD
- 3.77%
- 6M
- 4.33%
- 1Y
- 9.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DBE
- 1D
- -2.52%
- 1M
- -6.01%
- YTD
- 79.04%
- 6M
- 69.31%
- 1Y
- 81.31%
- 3Y*
- 22.41%
- 5Y*
- 19.05%
- 10Y*
- 11.58%
CPRA vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CPRA Calamos Russell 2000 Structured Alt Protection ETF - April | 3.77% | 6.88% |
DBE Invesco DB Energy Fund | 79.04% | -6.96% |
Correlation
The correlation between CPRA and DBE is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.27 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025 | -0.17 |
The correlation between CPRA and DBE shifts across timeframes, from -0.27 (1 year) to -0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CPRA vs. DBE — Risk / Return Rank
CPRA
DBE
CPRA vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Russell 2000 Structured Alt Protection ETF - April (CPRA) and Invesco DB Energy Fund (DBE). 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.
| CPRA | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.77 | ||
| Sortino ratioReturn per unit of downside risk | +4.25 | ||
| Omega ratioGain probability vs. loss probability | 1.97 | 1.39 | +0.58 |
| Calmar ratioReturn relative to maximum drawdown | 10.53 | 5.67 | +4.85 |
| Martin ratioReturn relative to average drawdown | 54.34 | 11.08 | +43.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CPRA | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.11 | 2.33 | +1.77 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.65 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.41 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.31 | 0.09 | +3.22 |
Drawdowns
CPRA vs. DBE - Drawdown Comparison
The maximum CPRA drawdown since its inception was -1.69%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for CPRA and DBE.
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Drawdown Indicators
| CPRA | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.69% | -86.69% | +85.00% |
Max Drawdown (1Y)Largest decline over 1 year | -0.89% | -14.41% | +13.52% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.89% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -0.07% | -32.03% | +31.96% |
Average DrawdownAverage peak-to-trough decline | -0.15% | -57.30% | +57.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.17% | 7.37% | -7.20% |
Volatility
CPRA vs. DBE - Volatility Comparison
The current volatility for Calamos Russell 2000 Structured Alt Protection ETF - April (CPRA) is 0.61%, while Invesco DB Energy Fund (DBE) has a volatility of 13.05%. This indicates that CPRA experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPRA | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 13.05% | -12.44% |
Volatility (6M)Calculated over the trailing 6-month period | 1.20% | 30.97% | -29.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.30% | 35.07% | -32.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.81% | 29.41% | -26.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.81% | 28.34% | -25.53% |
CPRA vs. DBE - Expense Ratio Comparison
CPRA has a 0.69% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
CPRA vs. DBE - Dividend Comparison
CPRA has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.16%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CPRA Calamos Russell 2000 Structured Alt Protection ETF - April | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DBE Invesco DB Energy Fund | 2.16% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
Frequently Asked Questions
CPRA and DBE have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (13.05%) compared to CPRA (0.61%). In terms of maximum drawdown, CPRA dropped -1.69% vs DBE's -86.69%.
On 1-year performance, DBE leads with 81.31% vs 9.35% for CPRA. On fees, CPRA is cheaper at 0.69% per year. On volatility, CPRA has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DBE has performed better with a 81.31% return vs 9.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CPRA is cheaper with a 0.69% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.16%, compared with 0.00% for CPRA.
CPRA is categorized as Defined Outcome, while DBE is Oil & Gas. They also come from different issuers: Calamos and Invesco. Their fees differ too: 0.69% for CPRA and 0.78% for DBE.
CPRA currently has the higher Sharpe Ratio (4.11 vs 2.33), 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.
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