CPSJ vs. ZAPR

Last updated Jun 23, 2026

CPSJ (Calamos S&P 500 Structured Alt Protection ETF - July) and ZAPR (Innovator Equity Defined Protection ETF - 1 Yr April) are both Defined Outcome funds. CPSJ is passively managed, while ZAPR is actively managed. Over the past year, CPSJ returned 7.14% vs 6.96% for ZAPR. A 0.56 correlation means they provide meaningful diversification when combined. CPSJ charges 0.69%/yr vs 0.79%/yr for ZAPR.

Performance

CPSJ vs. ZAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos S&P 500 Structured Alt Protection ETF - July (CPSJ) and Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSJ achieves a 2.85% return, which is significantly lower than ZAPR's 3.14% return.

CPSJ

• 1D: 0.02%
• 1M: 0.42%
• YTD: 2.85%
• 6M: 2.90%
• 1Y: 7.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZAPR

• 1D: -0.04%
• 1M: 0.08%
• YTD: 3.14%
• 6M: 3.18%
• 1Y: 6.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSJ vs. ZAPR - Yearly Performance Comparison

	2026 (YTD)	2025
CPSJ Calamos S&P 500 Structured Alt Protection ETF - July	2.85%	8.35%
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April	3.14%	5.31%

Correlation

The correlation between CPSJ and ZAPR is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.56

The correlation between CPSJ and ZAPR has been stable across timeframes, ranging from 0.48 to 0.56 - a consistent structural relationship.

Return for Risk

CPSJ vs. ZAPR — Risk / Return Rank

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

CPSJ

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

ZAPR

ZAPR Risk / Return Rank: 98
ZAPR Sharpe Ratio Rank: 97
ZAPR Sortino Ratio Rank: 98
ZAPR Omega Ratio Rank: 98
ZAPR Calmar Ratio Rank: 98
ZAPR Martin Ratio Rank: 99

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.

CPSJ vs. ZAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos S&P 500 Structured Alt Protection ETF - July (CPSJ) and Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR). 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.

	CPSJ	ZAPR	Difference
Sharpe ratio: Return per unit of total volatility	3.37	4.74	-1.36
Sortino ratio: Return per unit of downside risk	5.58	8.64	-3.06
Omega ratio: Gain probability vs. loss probability	1.77	2.24	-0.47
Calmar ratio: Return relative to maximum drawdown	5.18	17.39	-12.21
Martin ratio: Return relative to average drawdown	29.40	80.28	-50.88

CPSJ vs. ZAPR - Sharpe Ratio Comparison

The current CPSJ Sharpe Ratio is 3.37, which is comparable to the ZAPR Sharpe Ratio of 4.74. The chart below compares the historical Sharpe Ratios of CPSJ and ZAPR, 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

CPSJ vs. ZAPR - Drawdown Comparison

The maximum CPSJ drawdown since its inception was -5.36%, which is greater than ZAPR's maximum drawdown of -1.72%. Use the drawdown chart below to compare losses from any high point for CPSJ and ZAPR.

Drawdown Indicators

	CPSJ	ZAPR	Difference
Max Drawdown Largest peak-to-trough decline	-5.36%	-1.72%	-3.64%
Max Drawdown (1Y) Largest decline over 1 year	-1.38%	-0.40%	-0.98%
Current Drawdown Current decline from peak	0.00%	-0.17%	+0.17%
Average Drawdown Average peak-to-trough decline	-0.44%	-0.09%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.24%	0.09%	+0.15%

Volatility

CPSJ vs. ZAPR - Volatility Comparison

The current volatility for Calamos S&P 500 Structured Alt Protection ETF - July (CPSJ) is 0.35%, while Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) has a volatility of 0.51%. This indicates that CPSJ experiences smaller price fluctuations and is considered to be less risky than ZAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSJ	ZAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.35%	0.51%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	1.65%	1.10%	+0.55%
Volatility (1Y) Calculated over the trailing 1-year period	2.13%	1.48%	+0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.53%	2.49%	+2.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.53%	2.49%	+2.04%

CPSJ vs. ZAPR - Expense Ratio Comparison

CPSJ has a 0.69% expense ratio, which is lower than ZAPR's 0.79% expense ratio.

Dividends

CPSJ vs. ZAPR - Dividend Comparison

Neither CPSJ nor ZAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPSJ and ZAPR in my portfolio?

CPSJ and ZAPR have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPSJ or ZAPR?

ZAPR has higher volatility (0.51%) compared to CPSJ (0.35%). In terms of maximum drawdown, CPSJ dropped -5.36% vs ZAPR's -1.72%.

Which ETF is better, CPSJ or ZAPR?

On 1-year performance, CPSJ leads with 7.14% vs 6.96% for ZAPR. On fees, CPSJ is cheaper at 0.69% per year. On volatility, CPSJ has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPSJ or ZAPR?

Over the 1-year period, CPSJ has performed better with a 7.14% return vs 6.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSJ or ZAPR?

CPSJ is cheaper with a 0.69% expense ratio, compared with 0.79% for ZAPR.

Which ETF pays a higher dividend yield, CPSJ or ZAPR?

CPSJ and ZAPR have nearly identical dividend yields, around 0.00%.

What is the main difference between CPSJ and ZAPR?

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

Which has better risk-adjusted returns?

ZAPR currently has the higher Sharpe Ratio (4.74 vs 3.37), 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.