CPSA vs. LJUL

Last updated Jun 3, 2026

CPSA (Calamos S&P 500 Structured Alt Protection ETF - August) and LJUL (Innovator Premium Income 15 Buffer ETF - July) are both Defined Outcome funds. CPSA is passively managed, while LJUL is actively managed. Over the past year, CPSA returned 8.51% vs 5.58% for LJUL. A 0.64 correlation means they provide meaningful diversification when combined. CPSA charges 0.69%/yr vs 0.79%/yr for LJUL.

Performance

CPSA vs. LJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos S&P 500 Structured Alt Protection ETF - August (CPSA) and Innovator Premium Income 15 Buffer ETF - July (LJUL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSA achieves a 2.81% return, which is significantly higher than LJUL's 1.84% return.

CPSA

• 1D: 0.09%
• 1M: 0.71%
• YTD: 2.81%
• 6M: 3.34%
• 1Y: 8.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

LJUL

• 1D: 0.00%
• 1M: 0.35%
• YTD: 1.84%
• 6M: 2.37%
• 1Y: 5.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSA vs. LJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CPSA Calamos S&P 500 Structured Alt Protection ETF - August	2.81%	7.39%	3.51%
LJUL Innovator Premium Income 15 Buffer ETF - July	1.84%	5.91%	2.76%

Correlation

The correlation between CPSA and LJUL is 0.57, 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	0.57
Correlation (All Time) Calculated using the full available price history since Aug 2, 2024	0.64

The correlation between CPSA and LJUL has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.

Return for Risk

CPSA vs. LJUL — Risk / Return Rank

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

CPSA

CPSA Risk / Return Rank: 94
CPSA Sharpe Ratio Rank: 94
CPSA Sortino Ratio Rank: 97
CPSA Omega Ratio Rank: 96
CPSA Calmar Ratio Rank: 90
CPSA Martin Ratio Rank: 95

LJUL

LJUL Risk / Return Rank: 96
LJUL Sharpe Ratio Rank: 93
LJUL Sortino Ratio Rank: 96
LJUL Omega Ratio Rank: 97
LJUL Calmar Ratio Rank: 97
LJUL 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.

CPSA vs. LJUL - 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 Premium Income 15 Buffer ETF - July (LJUL). 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	LJUL	Difference
Sharpe ratio Return per unit of total volatility	3.66	3.54	+0.12
Sortino ratio Return per unit of downside risk	6.09	5.79	+0.30
Omega ratio Gain probability vs. loss probability	1.82	1.88	-0.06
Calmar ratio Return relative to maximum drawdown	5.74	10.68	-4.94
Martin ratio Return relative to average drawdown	32.67	53.99	-21.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPSA vs. LJUL - Sharpe Ratio Comparison

The current CPSA Sharpe Ratio is 3.66, which is comparable to the LJUL Sharpe Ratio of 3.54. The chart below compares the historical Sharpe Ratios of CPSA and LJUL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CPSA	LJUL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.66	3.54	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	1.84	1.79	+0.05

Drawdowns

CPSA vs. LJUL - Drawdown Comparison

The maximum CPSA drawdown since its inception was -4.72%, which is greater than LJUL's maximum drawdown of -3.21%. Use the drawdown chart below to compare losses from any high point for CPSA and LJUL.

Drawdown Indicators

	CPSA	LJUL	Difference
Max Drawdown Largest peak-to-trough decline	-4.72%	-3.21%	-1.51%
Max Drawdown (1Y) Largest decline over 1 year	-1.47%	-0.52%	-0.95%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.38%	-0.12%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.10%	+0.16%

Volatility

CPSA vs. LJUL - Volatility Comparison

Calamos S&P 500 Structured Alt Protection ETF - August (CPSA) has a higher volatility of 0.46% compared to Innovator Premium Income 15 Buffer ETF - July (LJUL) at 0.22%. This indicates that CPSA's price experiences larger fluctuations and is considered to be riskier than LJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSA	LJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.46%	0.22%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	1.73%	1.06%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	2.33%	1.58%	+0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.14%	3.25%	+0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.14%	3.25%	+0.89%

CPSA vs. LJUL - Expense Ratio Comparison

CPSA has a 0.69% expense ratio, which is lower than LJUL's 0.79% expense ratio.

Dividends

CPSA vs. LJUL - Dividend Comparison

CPSA has not paid dividends to shareholders, while LJUL's dividend yield for the trailing twelve months is around 5.23%.

Position	TTM	2025	2024
CPSA Calamos S&P 500 Structured Alt Protection ETF - August	0.00%	0.00%	0.00%
LJUL Innovator Premium Income 15 Buffer ETF - July	5.23%	5.36%	2.78%

Frequently Asked Questions

Can I hold both CPSA and LJUL in my portfolio?

CPSA and LJUL have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPSA or LJUL?

CPSA has higher volatility (0.46%) compared to LJUL (0.22%). In terms of maximum drawdown, CPSA dropped -4.72% vs LJUL's -3.21%.

Which ETF is better, CPSA or LJUL?

On 1-year performance, CPSA leads with 8.51% vs 5.58% for LJUL. On fees, CPSA is cheaper at 0.69% per year. On volatility, LJUL has been the lower-risk option at 0.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPSA or LJUL?

Over the 1-year period, CPSA has performed better with a 8.51% return vs 5.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSA or LJUL?

CPSA is cheaper with a 0.69% expense ratio, compared with 0.79% for LJUL.

Which ETF pays a higher dividend yield, CPSA or LJUL?

LJUL has the higher dividend yield at 5.23%, compared with 0.00% for CPSA.

What is the main difference between CPSA and LJUL?

They also come from different issuers: Calamos and Innovator. Their fees differ too: 0.69% for CPSA and 0.79% for LJUL.

Which has better risk-adjusted returns?

CPSA currently has the higher Sharpe Ratio (3.66 vs 3.54), 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.