CPRJ vs. KAPR

Last updated Jun 24, 2026

CPRJ (Calamos Russell 2000 Structured Alt Protection ETF - July) and KAPR (Innovator Russell 2000 Power Buffer ETF - April) are both Defined Outcome funds - CPRJ tracks the MerQube Cap Protect US Small Cap PR Index - Jul while KAPR tracks the Russell 2000 Index. Both are passively managed. Over the past year, CPRJ returned 9.25% vs 23.29% for KAPR. Their correlation of 0.84 suggests significant overlap in exposure. CPRJ charges 0.69%/yr vs 0.79%/yr for KAPR.

Performance

CPRJ vs. KAPR - 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 Innovator Russell 2000 Power Buffer ETF - April (KAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPRJ achieves a 3.22% return, which is significantly lower than KAPR's 12.34% return.

CPRJ

• 1D: 0.00%
• 1M: 0.34%
• YTD: 3.22%
• 6M: 3.10%
• 1Y: 9.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KAPR

• 1D: -0.37%
• 1M: 1.73%
• YTD: 12.34%
• 6M: 12.09%
• 1Y: 23.29%
• 3Y*: 13.56%
• 5Y*: 7.23%
• 10Y*: —

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

CPRJ vs. KAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CPRJ Calamos Russell 2000 Structured Alt Protection ETF - July	3.22%	5.04%	3.95%
KAPR Innovator Russell 2000 Power Buffer ETF - April	12.34%	7.42%	6.18%

Correlation

The correlation between CPRJ and KAPR is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024	0.84

The correlation between CPRJ and KAPR has been stable across timeframes, ranging from 0.75 to 0.84 - a consistent structural relationship.

Return for Risk

CPRJ vs. KAPR — Risk / Return Rank

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

CPRJ

CPRJ Risk / Return Rank: 94
CPRJ Sharpe Ratio Rank: 89
CPRJ Sortino Ratio Rank: 95
CPRJ Omega Ratio Rank: 96
CPRJ Calmar Ratio Rank: 96
CPRJ Martin Ratio Rank: 96

KAPR

KAPR Risk / Return Rank: 96
KAPR Sharpe Ratio Rank: 95
KAPR Sortino Ratio Rank: 96
KAPR Omega Ratio Rank: 96
KAPR Calmar Ratio Rank: 97
KAPR Martin Ratio Rank: 97

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.

CPRJ vs. KAPR - 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 Innovator Russell 2000 Power Buffer ETF - April (KAPR). 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	KAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.69	3.50	-0.80
Sortino ratio: Return per unit of downside risk	4.69	5.43	-0.74
Omega ratio: Gain probability vs. loss probability	1.70	1.73	-0.03
Calmar ratio: Return relative to maximum drawdown	7.79	9.30	-1.51
Martin ratio: Return relative to average drawdown	32.38	43.60	-11.22

CPRJ vs. KAPR - Sharpe Ratio Comparison

The current CPRJ Sharpe Ratio is 2.69, which is comparable to the KAPR Sharpe Ratio of 3.50. The chart below compares the historical Sharpe Ratios of CPRJ and KAPR, 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. KAPR - Drawdown Comparison

The maximum CPRJ drawdown since its inception was -6.25%, smaller than the maximum KAPR drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for CPRJ and KAPR.

Drawdown Indicators

	CPRJ	KAPR	Difference
Max Drawdown Largest peak-to-trough decline	-6.25%	-16.91%	+10.66%
Max Drawdown (1Y) Largest decline over 1 year	-1.19%	-2.52%	+1.33%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.84%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.91%	—
Current Drawdown Current decline from peak	0.00%	-0.37%	+0.37%
Average Drawdown Average peak-to-trough decline	-0.86%	-3.89%	+3.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	0.54%	-0.25%

Volatility

CPRJ vs. KAPR - Volatility Comparison

The current volatility for Calamos Russell 2000 Structured Alt Protection ETF - July (CPRJ) is 0.33%, while Innovator Russell 2000 Power Buffer ETF - April (KAPR) has a volatility of 2.53%. This indicates that CPRJ experiences smaller price fluctuations and is considered to be less risky than KAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPRJ	KAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	2.53%	-2.20%
Volatility (6M) Calculated over the trailing 6-month period	1.60%	4.57%	-2.97%
Volatility (1Y) Calculated over the trailing 1-year period	3.52%	6.70%	-3.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.09%	11.76%	-6.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.09%	11.65%	-6.56%

CPRJ vs. KAPR - Expense Ratio Comparison

CPRJ has a 0.69% expense ratio, which is lower than KAPR's 0.79% expense ratio.

Dividends

CPRJ vs. KAPR - Dividend Comparison

Neither CPRJ nor KAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPRJ and KAPR in my portfolio?

CPRJ and KAPR have a correlation of 0.75, 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 KAPR?

KAPR has higher volatility (2.53%) compared to CPRJ (0.33%). In terms of maximum drawdown, CPRJ dropped -6.25% vs KAPR's -16.91%.

Which ETF is better, CPRJ or KAPR?

On 1-year performance, KAPR leads with 23.29% vs 9.25% for CPRJ. On fees, CPRJ is cheaper at 0.69% per year. On volatility, CPRJ has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPRJ or KAPR?

Over the 1-year period, KAPR has performed better with a 23.29% return vs 9.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPRJ or KAPR?

CPRJ is cheaper with a 0.69% expense ratio, compared with 0.79% for KAPR.

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

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

What is the main difference between CPRJ and KAPR?

CPRJ tracks MerQube Cap Protect US Small Cap PR Index - Jul, while KAPR tracks Russell 2000 Index. They also come from different issuers: Calamos and Innovator. Their fees differ too: 0.69% for CPRJ and 0.79% for KAPR.

Which has better risk-adjusted returns?

KAPR currently has the higher Sharpe Ratio (3.50 vs 2.69), 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.