CPRO vs. IBIC

Last updated Jun 23, 2026

CPRO (Calamos Russell 2000 Structured Alt Protection ETF - October) and IBIC (iShares iBonds Oct 2026 Term TIPS ETF) are both exchange-traded funds - CPRO is a Defined Outcome fund actively managed by Calamos, while IBIC is a Inflation-Protected Bonds fund tracking the ICE 2026 Maturity US Inflation-Linked Treasury Index. CPRO is actively managed, while IBIC is passively managed. Over the past year, CPRO returned 13.53% vs 4.38% for IBIC. At a correlation of -0.19, they often move in opposite directions. CPRO charges 0.69%/yr vs 0.10%/yr for IBIC.

Performance

CPRO vs. IBIC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Russell 2000 Structured Alt Protection ETF - October (CPRO) and iShares iBonds Oct 2026 Term TIPS ETF (IBIC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPRO achieves a 4.39% return, which is significantly higher than IBIC's 2.39% return.

CPRO

• 1D: 0.20%
• 1M: 0.95%
• YTD: 4.39%
• 6M: 4.04%
• 1Y: 13.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBIC

• 1D: 0.06%
• 1M: 0.08%
• YTD: 2.39%
• 6M: 2.49%
• 1Y: 4.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPRO vs. IBIC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CPRO Calamos Russell 2000 Structured Alt Protection ETF - October	4.39%	8.34%	0.22%
IBIC iShares iBonds Oct 2026 Term TIPS ETF	2.39%	4.96%	0.74%

Correlation

The correlation between CPRO and IBIC is -0.16, 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	-0.16
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	-0.19

Return for Risk

CPRO vs. IBIC — Risk / Return Rank

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

CPRO

CPRO Risk / Return Rank: 94
CPRO Sharpe Ratio Rank: 91
CPRO Sortino Ratio Rank: 96
CPRO Omega Ratio Rank: 94
CPRO Calmar Ratio Rank: 95
CPRO Martin Ratio Rank: 95

IBIC

IBIC Risk / Return Rank: 98
IBIC Sharpe Ratio Rank: 98
IBIC Sortino Ratio Rank: 98
IBIC Omega Ratio Rank: 98
IBIC Calmar Ratio Rank: 98
IBIC 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.

CPRO vs. IBIC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Russell 2000 Structured Alt Protection ETF - October (CPRO) and iShares iBonds Oct 2026 Term TIPS ETF (IBIC). 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.

	CPRO	IBIC	Difference
Sharpe ratio: Return per unit of total volatility	3.03	4.94	-1.91
Sortino ratio: Return per unit of downside risk	5.55	8.90	-3.35
Omega ratio: Gain probability vs. loss probability	1.67	2.21	-0.55
Calmar ratio: Return relative to maximum drawdown	7.68	16.41	-8.73
Martin ratio: Return relative to average drawdown	28.45	58.11	-29.66

CPRO vs. IBIC - Sharpe Ratio Comparison

The current CPRO Sharpe Ratio is 3.03, which is lower than the IBIC Sharpe Ratio of 4.94. The chart below compares the historical Sharpe Ratios of CPRO and IBIC, 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

CPRO vs. IBIC - Drawdown Comparison

The maximum CPRO drawdown since its inception was -3.36%, which is greater than IBIC's maximum drawdown of -0.90%. Use the drawdown chart below to compare losses from any high point for CPRO and IBIC.

Drawdown Indicators

	CPRO	IBIC	Difference
Max Drawdown Largest peak-to-trough decline	-3.36%	-0.90%	-2.46%
Max Drawdown (1Y) Largest decline over 1 year	-1.77%	-0.27%	-1.50%
Current Drawdown Current decline from peak	0.00%	-0.11%	+0.11%
Average Drawdown Average peak-to-trough decline	-0.69%	-0.10%	-0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	0.08%	+0.40%

Volatility

CPRO vs. IBIC - Volatility Comparison

Calamos Russell 2000 Structured Alt Protection ETF - October (CPRO) has a higher volatility of 0.77% compared to iShares iBonds Oct 2026 Term TIPS ETF (IBIC) at 0.16%. This indicates that CPRO's price experiences larger fluctuations and is considered to be riskier than IBIC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPRO	IBIC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	0.16%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	2.12%	0.67%	+1.45%
Volatility (1Y) Calculated over the trailing 1-year period	4.49%	0.89%	+3.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.13%	1.57%	+2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.13%	1.57%	+2.56%

CPRO vs. IBIC - Expense Ratio Comparison

CPRO has a 0.69% expense ratio, which is higher than IBIC's 0.10% expense ratio.

Dividends

CPRO vs. IBIC - Dividend Comparison

CPRO has not paid dividends to shareholders, while IBIC's dividend yield for the trailing twelve months is around 3.59%.

Position	TTM	2025	2024	2023
CPRO Calamos Russell 2000 Structured Alt Protection ETF - October	0.00%	0.00%	0.00%	0.00%
IBIC iShares iBonds Oct 2026 Term TIPS ETF	3.59%	4.43%	4.65%	0.83%

Frequently Asked Questions

Can I hold both CPRO and IBIC in my portfolio?

CPRO and IBIC have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPRO or IBIC?

CPRO has higher volatility (0.77%) compared to IBIC (0.16%). In terms of maximum drawdown, CPRO dropped -3.36% vs IBIC's -0.90%.

Which ETF is better, CPRO or IBIC?

On 1-year performance, CPRO leads with 13.53% vs 4.38% for IBIC. On fees, IBIC is cheaper at 0.10% per year. On volatility, IBIC has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPRO or IBIC?

Over the 1-year period, CPRO has performed better with a 13.53% return vs 4.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPRO or IBIC?

IBIC is cheaper with a 0.10% expense ratio, compared with 0.69% for CPRO.

Which ETF pays a higher dividend yield, CPRO or IBIC?

IBIC has the higher dividend yield at 3.59%, compared with 0.00% for CPRO.

What is the main difference between CPRO and IBIC?

CPRO is categorized as Defined Outcome, while IBIC is Inflation-Protected Bonds. They also come from different issuers: Calamos and iShares. Their fees differ too: 0.69% for CPRO and 0.10% for IBIC.

Which has better risk-adjusted returns?

IBIC currently has the higher Sharpe Ratio (4.94 vs 3.03), 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.