CPRJ vs. CPRA

Last updated Aug 2, 2026

CPRJ (Calamos Russell 2000 Structured Alt Protection ETF - July) and CPRA (Calamos Russell 2000 Structured Alt Protection ETF - April) are both Defined Outcome funds from Calamos. CPRJ is passively managed, while CPRA is actively managed. Over the past year, CPRJ returned 7.00% vs 8.87% for CPRA. Their 0.77 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.69% expense ratio.

Performance

CPRJ vs. CPRA - Performance Comparison

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

Returns By Period

In the year-to-date period, CPRJ achieves a 3.12% return, which is significantly lower than CPRA's 4.58% return.

CPRJ

• 1D: -0.11%
• 1M: -0.14%
• 6M: 2.28%
• YTD: 3.12%
• 1Y: 7.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.87%

CPRA

• 1D: -0.02%
• 1M: 0.32%
• 6M: 3.95%
• YTD: 4.58%
• 1Y: 8.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.76%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CPRA Calamos Russell 2000 Structured Alt Protection ETF - April	$23.06K	$26.22K	$32.24K
CPRJ Calamos Russell 2000 Structured Alt Protection ETF - July	$492.45K	$690.59K	$374.92K

CPRJ vs. CPRA - Yearly Performance Comparison

	2026 (YTD)	2025
CPRJ Calamos Russell 2000 Structured Alt Protection ETF - July	3.12%	7.88%
CPRA Calamos Russell 2000 Structured Alt Protection ETF - April	4.58%	6.93%

Correlation

The correlation between CPRJ and CPRA is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.77

The correlation between CPRJ and CPRA has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.

Return for Risk

CPRJ vs. CPRA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CPRJ

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

CPRA

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CPRJ vs. CPRA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Russell 2000 Structured Alt Protection ETF - July (CPRJ) and Calamos Russell 2000 Structured Alt Protection ETF - April (CPRA). 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.

	CPRJ	CPRA	Difference
Sharpe ratio: Return per unit of total volatility	2.76	3.96	-1.20
Sortino ratio: Return per unit of downside risk	4.55	6.87	-2.33
Omega ratio: Gain probability vs. loss probability	1.57	1.95	-0.38
Calmar ratio: Return relative to maximum drawdown	6.37	9.57	-3.20
Martin ratio: Return relative to average drawdown	25.23	54.79	-29.56

CPRJ vs. CPRA - Sharpe Ratio Comparison

The current CPRJ Sharpe Ratio is 2.76, which is lower than the CPRA Sharpe Ratio of 3.96. The chart below compares the historical Sharpe Ratios of CPRJ and CPRA, 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

CPRJ vs. CPRA - Drawdown Comparison

The maximum CPRJ drawdown since its inception was -6.25%, which is greater than CPRA's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for CPRJ and CPRA.

Drawdown Indicators

	CPRJ	CPRA	Difference
Max Drawdown Largest peak-to-trough decline	-6.25%	-1.69%	-4.56%
Max Drawdown (1Y) Largest decline over 1 year	-1.07%	-0.89%	-0.18%
Current Drawdown Current decline from peak	-0.25%	-0.02%	-0.23%
Average Drawdown Average peak-to-trough decline	-0.83%	-0.14%	-0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	0.16%	+0.11%

Volatility

CPRJ vs. CPRA - Volatility Comparison

Calamos Russell 2000 Structured Alt Protection ETF - July (CPRJ) has a higher volatility of 0.73% compared to Calamos Russell 2000 Structured Alt Protection ETF - April (CPRA) at 0.44%. This indicates that CPRJ's price experiences larger fluctuations and is considered to be riskier than CPRA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPRJ	CPRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	0.44%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	1.69%	1.36%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	2.48%	2.16%	+0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.99%	2.71%	+2.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.99%	2.71%	+2.28%

CPRJ vs. CPRA - Expense Ratio Comparison

Both CPRJ and CPRA have an expense ratio of 0.69%.

Dividends

CPRJ vs. CPRA - Dividend Comparison

Neither CPRJ nor CPRA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPRJ and CPRA in my portfolio?

CPRJ and CPRA have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPRJ or CPRA?

CPRJ has higher volatility (0.73%) compared to CPRA (0.44%). In terms of maximum drawdown, CPRJ dropped -6.25% vs CPRA's -1.69%.

Which ETF is better, CPRJ or CPRA?

On 1-year performance, CPRA leads with 8.87% vs 7.00% for CPRJ. Both ETFs have the same 0.69% expense ratio. On volatility, CPRA has been the lower-risk option at 0.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPRJ or CPRA?

Over the 1-year period, CPRA has performed better with a 8.87% return vs 7.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPRJ or CPRA?

CPRJ and CPRA have the same expense ratio: 0.69% per year.

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

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

Which has better risk-adjusted returns?

CPRA currently has the higher Sharpe Ratio (3.96 vs 2.76), 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.