CPRA vs. USOY

Last updated Jun 6, 2026

CPRA (Calamos Russell 2000 Structured Alt Protection ETF - April) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - CPRA is a Defined Outcome fund actively managed by Calamos, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, CPRA returned 9.16% vs 51.90% for USOY. At a correlation of -0.16, they often move in opposite directions. CPRA charges 0.69%/yr vs 1.22%/yr for USOY.

Performance

CPRA vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Russell 2000 Structured Alt Protection ETF - April (CPRA) and Defiance Oil Enhanced Options Income ETF (USOY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPRA achieves a 3.53% return, which is significantly lower than USOY's 56.61% return.

CPRA

• 1D: -0.36%
• 1M: 0.04%
• YTD: 3.53%
• 6M: 4.01%
• 1Y: 9.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: -1.67%
• 1M: 1.06%
• YTD: 56.61%
• 6M: 52.27%
• 1Y: 51.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPRA vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
CPRA Calamos Russell 2000 Structured Alt Protection ETF - April	3.53%	6.88%
USOY Defiance Oil Enhanced Options Income ETF	56.61%	-10.23%

Correlation

The correlation between CPRA and USOY is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	-0.16

Return for Risk

CPRA vs. USOY — Risk / Return Rank

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

CPRA

CPRA Risk / Return Rank: 97
CPRA Sharpe Ratio Rank: 96
CPRA Sortino Ratio Rank: 98
CPRA Omega Ratio Rank: 97
CPRA Calmar Ratio Rank: 97
CPRA Martin Ratio Rank: 98

USOY

USOY Risk / Return Rank: 53
USOY Sharpe Ratio Rank: 51
USOY Sortino Ratio Rank: 44
USOY Omega Ratio Rank: 53
USOY Calmar Ratio Rank: 75
USOY Martin Ratio Rank: 44

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.

CPRA vs. USOY - 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 Defiance Oil Enhanced Options Income ETF (USOY). 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	USOY	Difference
Sharpe ratio: Return per unit of total volatility	3.96	1.71	+2.26
Sortino ratio: Return per unit of downside risk	6.71	2.13	+4.58
Omega ratio: Gain probability vs. loss probability	1.92	1.32	+0.60
Calmar ratio: Return relative to maximum drawdown	10.31	3.65	+6.66
Martin ratio: Return relative to average drawdown	52.75	6.98	+45.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPRA vs. USOY - Sharpe Ratio Comparison

The current CPRA Sharpe Ratio is 3.96, which is higher than the USOY Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of CPRA and USOY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CPRA	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.96	1.71	+2.26
Sharpe Ratio (All Time) Calculated using the full available price history	3.19	0.91	+2.29

Drawdowns

CPRA vs. USOY - Drawdown Comparison

The maximum CPRA drawdown since its inception was -1.69%, smaller than the maximum USOY drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for CPRA and USOY.

Drawdown Indicators

	CPRA	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-1.69%	-17.46%	+15.77%
Max Drawdown (1Y) Largest decline over 1 year	-0.89%	-14.29%	+13.40%
Current Drawdown Current decline from peak	-0.36%	-8.37%	+8.01%
Average Drawdown Average peak-to-trough decline	-0.15%	-6.47%	+6.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.17%	7.45%	-7.28%

Volatility

CPRA vs. USOY - Volatility Comparison

The current volatility for Calamos Russell 2000 Structured Alt Protection ETF - April (CPRA) is 0.68%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 9.70%. This indicates that CPRA experiences smaller price fluctuations and is considered to be less risky than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPRA	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	9.70%	-9.02%
Volatility (6M) Calculated over the trailing 6-month period	1.26%	27.33%	-26.07%
Volatility (1Y) Calculated over the trailing 1-year period	2.32%	30.56%	-28.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.82%	26.14%	-23.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.82%	26.14%	-23.32%

CPRA vs. USOY - Expense Ratio Comparison

CPRA has a 0.69% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

CPRA vs. USOY - Dividend Comparison

CPRA has not paid dividends to shareholders, while USOY's dividend yield for the trailing twelve months is around 57.61%.

Position	TTM	2025	2024
CPRA Calamos Russell 2000 Structured Alt Protection ETF - April	0.00%	0.00%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	57.61%	104.32%	48.60%

Frequently Asked Questions

Can I hold both CPRA and USOY in my portfolio?

CPRA and USOY have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPRA or USOY?

USOY has higher volatility (9.70%) compared to CPRA (0.68%). In terms of maximum drawdown, CPRA dropped -1.69% vs USOY's -17.46%.

Which ETF is better, CPRA or USOY?

On 1-year performance, USOY leads with 51.90% vs 9.16% for CPRA. On fees, CPRA is cheaper at 0.69% per year. On volatility, CPRA has been the lower-risk option at 0.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPRA or USOY?

Over the 1-year period, USOY has performed better with a 51.90% return vs 9.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPRA or USOY?

CPRA is cheaper with a 0.69% expense ratio, compared with 1.22% for USOY.

Which ETF pays a higher dividend yield, CPRA or USOY?

USOY has the higher dividend yield at 57.61%, compared with 0.00% for CPRA.

What is the main difference between CPRA and USOY?

CPRA is categorized as Defined Outcome, while USOY is Derivative Income. They also come from different issuers: Calamos and Defiance. Their fees differ too: 0.69% for CPRA and 1.22% for USOY.

Which has better risk-adjusted returns?

CPRA currently has the higher Sharpe Ratio (3.96 vs 1.71), 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.