CPRA vs. ZAPR

Last updated Jun 25, 2026

CPRA (Calamos Russell 2000 Structured Alt Protection ETF - April) and ZAPR (Innovator Equity Defined Protection ETF - 1 Yr April) are both Defined Outcome funds. Both are actively managed. Over the past year, CPRA returned 8.80% vs 6.28% for ZAPR. A 0.58 correlation means they provide meaningful diversification when combined. CPRA charges 0.69%/yr vs 0.79%/yr for ZAPR.

Performance

CPRA vs. ZAPR - 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 Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPRA achieves a 4.07% return, which is significantly higher than ZAPR's 3.01% return.

CPRA

• 1D: 0.04%
• 1M: 0.49%
• YTD: 4.07%
• 6M: 4.07%
• 1Y: 8.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZAPR

• 1D: 0.00%
• 1M: -0.06%
• YTD: 3.01%
• 6M: 2.99%
• 1Y: 6.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPRA vs. ZAPR - Yearly Performance Comparison

	2026 (YTD)	2025
CPRA Calamos Russell 2000 Structured Alt Protection ETF - April	4.07%	6.93%
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April	3.01%	5.31%

Correlation

The correlation between CPRA and ZAPR is 0.53, 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	0.53
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.58

The correlation between CPRA and ZAPR has been stable across timeframes, ranging from 0.53 to 0.58 - a consistent structural relationship.

Return for Risk

CPRA vs. ZAPR — 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: 97
CPRA Sortino Ratio Rank: 98
CPRA Omega Ratio Rank: 97
CPRA Calmar Ratio Rank: 97
CPRA Martin Ratio Rank: 98

ZAPR

ZAPR Risk / Return Rank: 98
ZAPR Sharpe Ratio Rank: 97
ZAPR Sortino Ratio Rank: 98
ZAPR Omega Ratio Rank: 98
ZAPR Calmar Ratio Rank: 99
ZAPR 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.

CPRA vs. ZAPR - 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 Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR). 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.

	CPRA	ZAPR	Difference
Sharpe ratio: Return per unit of total volatility	3.92	4.36	-0.44
Sortino ratio: Return per unit of downside risk	6.64	7.72	-1.08
Omega ratio: Gain probability vs. loss probability	1.90	2.10	-0.20
Calmar ratio: Return relative to maximum drawdown	9.91	15.70	-5.80
Martin ratio: Return relative to average drawdown	50.77	69.28	-18.51

CPRA vs. ZAPR - Sharpe Ratio Comparison

The current CPRA Sharpe Ratio is 3.92, which is comparable to the ZAPR Sharpe Ratio of 4.36. The chart below compares the historical Sharpe Ratios of CPRA and ZAPR, 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

CPRA vs. ZAPR - Drawdown Comparison

The maximum CPRA drawdown since its inception was -1.69%, roughly equal to the maximum ZAPR drawdown of -1.72%. Use the drawdown chart below to compare losses from any high point for CPRA and ZAPR.

Drawdown Indicators

	CPRA	ZAPR	Difference
Max Drawdown Largest peak-to-trough decline	-1.69%	-1.72%	+0.03%
Max Drawdown (1Y) Largest decline over 1 year	-0.89%	-0.40%	-0.49%
Current Drawdown Current decline from peak	-0.02%	-0.30%	+0.28%
Average Drawdown Average peak-to-trough decline	-0.15%	-0.09%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.17%	0.09%	+0.08%

Volatility

CPRA vs. ZAPR - Volatility Comparison

Calamos Russell 2000 Structured Alt Protection ETF - April (CPRA) has a higher volatility of 0.65% compared to Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) at 0.52%. This indicates that CPRA's price experiences larger fluctuations and is considered to be riskier than ZAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPRA	ZAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	0.52%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	1.32%	1.09%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	2.25%	1.46%	+0.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.79%	2.49%	+0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.79%	2.49%	+0.30%

CPRA vs. ZAPR - Expense Ratio Comparison

CPRA has a 0.69% expense ratio, which is lower than ZAPR's 0.79% expense ratio.

Dividends

CPRA vs. ZAPR - Dividend Comparison

Neither CPRA nor ZAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPRA and ZAPR in my portfolio?

CPRA and ZAPR have a correlation of 0.53, 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 ZAPR?

CPRA has higher volatility (0.65%) compared to ZAPR (0.52%). In terms of maximum drawdown, CPRA dropped -1.69% vs ZAPR's -1.72%.

Which ETF is better, CPRA or ZAPR?

On 1-year performance, CPRA leads with 8.80% vs 6.28% for ZAPR. On fees, CPRA is cheaper at 0.69% per year. On volatility, ZAPR has been the lower-risk option at 0.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPRA or ZAPR?

Over the 1-year period, CPRA has performed better with a 8.80% return vs 6.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPRA or ZAPR?

CPRA is cheaper with a 0.69% expense ratio, compared with 0.79% for ZAPR.

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

CPRA and ZAPR have nearly identical dividend yields, around 0.00%.

What is the main difference between CPRA and ZAPR?

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

Which has better risk-adjusted returns?

ZAPR currently has the higher Sharpe Ratio (4.36 vs 3.92), 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.