CPSD vs. UAPR

Last updated Jun 20, 2026

CPSD (Calamos S&P 500 Structured Alt Protection ETF - December) and UAPR (Innovator U.S. Equity Ultra Buffer ETF - April) are both Defined Outcome funds. CPSD is actively managed, while UAPR is passively managed. Over the past year, CPSD returned 9.03% vs 13.69% for UAPR. A 0.75 correlation means they provide meaningful diversification when combined. CPSD charges 0.69%/yr vs 0.79%/yr for UAPR.

Performance

CPSD vs. UAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos S&P 500 Structured Alt Protection ETF - December (CPSD) and Innovator U.S. Equity Ultra Buffer ETF - April (UAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSD achieves a 2.57% return, which is significantly lower than UAPR's 6.85% return.

CPSD

• 1D: 0.17%
• 1M: 0.36%
• YTD: 2.57%
• 6M: 2.75%
• 1Y: 9.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UAPR

• 1D: 0.29%
• 1M: 0.32%
• YTD: 6.85%
• 6M: 7.15%
• 1Y: 13.69%
• 3Y*: 10.60%
• 5Y*: 6.57%
• 10Y*: —

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

CPSD vs. UAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CPSD Calamos S&P 500 Structured Alt Protection ETF - December	2.57%	7.63%	0.04%
UAPR Innovator U.S. Equity Ultra Buffer ETF - April	6.85%	6.27%	-0.90%

Correlation

The correlation between CPSD and UAPR 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 Dec 2, 2024	0.75

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

Return for Risk

CPSD vs. UAPR — Risk / Return Rank

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

CPSD

CPSD Risk / Return Rank: 94
CPSD Sharpe Ratio Rank: 93
CPSD Sortino Ratio Rank: 95
CPSD Omega Ratio Rank: 95
CPSD Calmar Ratio Rank: 93
CPSD Martin Ratio Rank: 95

UAPR

UAPR Risk / Return Rank: 98
UAPR Sharpe Ratio Rank: 97
UAPR Sortino Ratio Rank: 98
UAPR Omega Ratio Rank: 97
UAPR Calmar Ratio Rank: 98
UAPR 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.

CPSD vs. UAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos S&P 500 Structured Alt Protection ETF - December (CPSD) and Innovator U.S. Equity Ultra Buffer ETF - April (UAPR). 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.

	CPSD	UAPR	Difference
Sharpe ratio: Return per unit of total volatility	3.21	4.20	-0.99
Sortino ratio: Return per unit of downside risk	5.07	7.12	-2.04
Omega ratio: Gain probability vs. loss probability	1.70	2.00	-0.30
Calmar ratio: Return relative to maximum drawdown	6.06	12.33	-6.27
Martin ratio: Return relative to average drawdown	29.76	62.26	-32.50

CPSD vs. UAPR - Sharpe Ratio Comparison

The current CPSD Sharpe Ratio is 3.21, which is comparable to the UAPR Sharpe Ratio of 4.20. The chart below compares the historical Sharpe Ratios of CPSD and UAPR, 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

CPSD vs. UAPR - Drawdown Comparison

The maximum CPSD drawdown since its inception was -3.45%, smaller than the maximum UAPR drawdown of -14.61%. Use the drawdown chart below to compare losses from any high point for CPSD and UAPR.

Drawdown Indicators

	CPSD	UAPR	Difference
Max Drawdown Largest peak-to-trough decline	-3.45%	-14.61%	+11.16%
Max Drawdown (1Y) Largest decline over 1 year	-1.49%	-1.11%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.84%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-10.84%	—
Current Drawdown Current decline from peak	-0.02%	-0.23%	+0.21%
Average Drawdown Average peak-to-trough decline	-0.46%	-3.30%	+2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	0.22%	+0.08%

Volatility

CPSD vs. UAPR - Volatility Comparison

The current volatility for Calamos S&P 500 Structured Alt Protection ETF - December (CPSD) is 0.61%, while Innovator U.S. Equity Ultra Buffer ETF - April (UAPR) has a volatility of 1.25%. This indicates that CPSD experiences smaller price fluctuations and is considered to be less risky than UAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSD	UAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.61%	1.25%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	1.64%	2.53%	-0.89%
Volatility (1Y) Calculated over the trailing 1-year period	2.81%	3.26%	-0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.38%	6.90%	-3.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.38%	8.41%	-5.03%

CPSD vs. UAPR - Expense Ratio Comparison

CPSD has a 0.69% expense ratio, which is lower than UAPR's 0.79% expense ratio.

Dividends

CPSD vs. UAPR - Dividend Comparison

Neither CPSD nor UAPR has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CPSD Calamos S&P 500 Structured Alt Protection ETF - December	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UAPR Innovator U.S. Equity Ultra Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.17%

Frequently Asked Questions

Can I hold both CPSD and UAPR in my portfolio?

CPSD and UAPR 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, CPSD or UAPR?

UAPR has higher volatility (1.25%) compared to CPSD (0.61%). In terms of maximum drawdown, CPSD dropped -3.45% vs UAPR's -14.61%.

Which ETF is better, CPSD or UAPR?

On 1-year performance, UAPR leads with 13.69% vs 9.03% for CPSD. On fees, CPSD is cheaper at 0.69% per year. On volatility, CPSD has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPSD or UAPR?

Over the 1-year period, UAPR has performed better with a 13.69% return vs 9.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSD or UAPR?

CPSD is cheaper with a 0.69% expense ratio, compared with 0.79% for UAPR.

Which ETF pays a higher dividend yield, CPSD or UAPR?

CPSD and UAPR have nearly identical dividend yields, around 0.00%.

What is the main difference between CPSD and UAPR?

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

Which has better risk-adjusted returns?

UAPR currently has the higher Sharpe Ratio (4.20 vs 3.21), 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.