CPSA vs. BAPR
Compare and contrast key facts about Calamos S&P 500 Structured Alt Protection ETF - August (CPSA) and Innovator U.S. Equity Buffer ETF - April (BAPR).
CPSA and BAPR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CPSA is a passively managed fund by Calamos that tracks the performance of the MerQube Cap Protect US Lrg Cap PR Index - Aug. It was launched on Aug 1, 2024. BAPR is a passively managed fund by Innovator that tracks the performance of the Cboe S&P 500 Buffer Protect Index April. It was launched on Mar 29, 2019. Both CPSA and BAPR are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
CPSA vs. BAPR - Performance Comparison
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Returns By Period
In the year-to-date period, CPSA achieves a 0.27% return, which is significantly lower than BAPR's 3.29% return.
CPSA
- 1D
- 0.13%
- 1M
- -0.13%
- YTD
- 0.27%
- 6M
- 1.27%
- 1Y
- 11.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BAPR
- 1D
- 0.41%
- 1M
- 2.76%
- YTD
- 3.29%
- 6M
- 5.45%
- 1Y
- 25.50%
- 3Y*
- 13.93%
- 5Y*
- 10.22%
- 10Y*
- —
CPSA vs. BAPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CPSA Calamos S&P 500 Structured Alt Protection ETF - August | 0.27% | 7.39% | 3.51% |
BAPR Innovator U.S. Equity Buffer ETF - April | 3.29% | 8.28% | 6.95% |
Correlation
The correlation between CPSA and BAPR is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification — they'll tend to fall together during downturns. For meaningful risk reduction, look for holdings with correlations below 0.5.
CPSA vs. BAPR - Expense Ratio Comparison
CPSA has a 0.69% expense ratio, which is lower than BAPR's 0.79% expense ratio.
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Return for Risk
CPSA vs. BAPR — Risk / Return Rank
CPSA
BAPR
CPSA vs. BAPR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos S&P 500 Structured Alt Protection ETF - August (CPSA) and Innovator U.S. Equity Buffer ETF - April (BAPR). 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.
| CPSA | BAPR | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.79 | 2.46 | +0.33 |
Sortino ratioReturn per unit of downside risk | 5.10 | 4.67 | +0.44 |
Omega ratioGain probability vs. loss probability | 1.79 | 1.80 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 4.01 | 2.62 | +1.39 |
Martin ratioReturn relative to average drawdown | 21.00 | 20.01 | +0.98 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CPSA | BAPR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.79 | 2.46 | +0.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.89 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.58 | 0.76 | +0.81 |
Drawdowns
CPSA vs. BAPR - Drawdown Comparison
The maximum CPSA drawdown since its inception was -4.72%, smaller than the maximum BAPR drawdown of -23.91%. Use the drawdown chart below to compare losses from any high point for CPSA and BAPR.
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Drawdown Indicators
| CPSA | BAPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.72% | -23.91% | +19.19% |
Max Drawdown (1Y)Largest decline over 1 year | -1.99% | -3.93% | +1.94% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.58% | — |
Current DrawdownCurrent decline from peak | -0.48% | 0.00% | -0.48% |
Average DrawdownAverage peak-to-trough decline | -0.42% | -2.65% | +2.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 0.79% | -0.41% |
Volatility
CPSA vs. BAPR - Volatility Comparison
The current volatility for Calamos S&P 500 Structured Alt Protection ETF - August (CPSA) is 1.15%, while Innovator U.S. Equity Buffer ETF - April (BAPR) has a volatility of 3.50%. This indicates that CPSA experiences smaller price fluctuations and is considered to be less risky than BAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPSA | BAPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 3.50% | -2.35% |
Volatility (6M)Calculated over the trailing 6-month period | 1.71% | 4.33% | -2.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.06% | 10.47% | -6.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.28% | 11.54% | -7.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.28% | 13.24% | -8.96% |
Dividends
CPSA vs. BAPR - Dividend Comparison
Neither CPSA nor BAPR has paid dividends to shareholders.