CPRJ vs. JANB

Last updated Aug 2, 2026

CPRJ (Calamos Russell 2000 Structured Alt Protection ETF - July) and JANB (Aptus January Buffer ETF) are both Defined Outcome funds. CPRJ is passively managed, while JANB is actively managed. Their 0.66 correlation means they have sometimes moved together and sometimes differently. CPRJ charges 0.69%/yr vs 0.25%/yr for JANB.

Performance

CPRJ vs. JANB - 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 Aptus January Buffer ETF (JANB). 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 JANB's 6.95% return.

CPRJ

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

JANB

• 1D: 0.48%
• 1M: 0.80%
• 6M: 6.06%
• YTD: 6.95%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
CPRJ Calamos Russell 2000 Structured Alt Protection ETF - July	$492.45K	$690.59K	$374.92K
JANB Aptus January Buffer ETF	$172.70K	$156.00K	$568.29K

CPRJ vs. JANB - Yearly Performance Comparison

	2026 (YTD)	2025
CPRJ Calamos Russell 2000 Structured Alt Protection ETF - July	3.12%	1.02%
JANB Aptus January Buffer ETF	6.95%	2.76%

Correlation

The correlation between CPRJ and JANB is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 14, 2025	0.66

Return for Risk

CPRJ vs. JANB — 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

JANB

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. JANB - 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 Aptus January Buffer ETF (JANB). 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	JANB	Difference
Sharpe ratio: Return per unit of total volatility	2.76	—	—
Sortino ratio: Return per unit of downside risk	4.55	—	—
Omega ratio: Gain probability vs. loss probability	1.57	—	—
Calmar ratio: Return relative to maximum drawdown	6.37	—	—
Martin ratio: Return relative to average drawdown	25.23	—	—

Drawdowns

CPRJ vs. JANB - Drawdown Comparison

The maximum CPRJ drawdown since its inception was -6.25%, roughly equal to the maximum JANB drawdown of -6.52%. Use the drawdown chart below to compare losses from any high point for CPRJ and JANB.

Drawdown Indicators

	CPRJ	JANB	Difference
Max Drawdown Largest peak-to-trough decline	-6.25%	-6.52%	+0.27%
Max Drawdown (1Y) Largest decline over 1 year	-1.07%	—	—
Current Drawdown Current decline from peak	-0.25%	-0.06%	-0.19%
Average Drawdown Average peak-to-trough decline	-0.83%	-1.02%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	—	—

Volatility

Volatility by Period

	CPRJ	JANB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.69%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.48%	7.38%	-4.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.99%	7.38%	-2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.99%	7.38%	-2.39%

CPRJ vs. JANB - Expense Ratio Comparison

CPRJ has a 0.69% expense ratio, which is higher than JANB's 0.25% expense ratio.

Dividends

CPRJ vs. JANB - Dividend Comparison

Neither CPRJ nor JANB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPRJ and JANB in my portfolio?

CPRJ and JANB have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CPRJ or JANB?

On fees, JANB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CPRJ or JANB?

JANB is cheaper with a 0.25% expense ratio, compared with 0.69% for CPRJ.

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

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

What is the main difference between CPRJ and JANB?

They also come from different issuers: Calamos and Aptus. Their fees differ too: 0.69% for CPRJ and 0.25% for JANB.