CPSM vs. KMAR

Last updated Aug 4, 2026

CPSM (Calamos S&P 500 Structured Alt Protection ETF - May) and KMAR (Innovator U.S. Small Cap Power Buffer ETF - March) are both Defined Outcome funds. CPSM is actively managed, while KMAR is passively managed. Over the past year, CPSM returned 5.17% vs 24.41% for KMAR. Their 0.59 correlation means they have sometimes moved together and sometimes differently. CPSM charges 0.69%/yr vs 0.79%/yr for KMAR.

Performance

CPSM vs. KMAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) and Innovator U.S. Small Cap Power Buffer ETF - March (KMAR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSM achieves a 2.72% return, which is significantly lower than KMAR's 12.74% return.

CPSM

• 1D: 0.17%
• 1M: 0.44%
• 6M: 2.35%
• YTD: 2.72%
• 1Y: 5.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.46%

KMAR

• 1D: 0.84%
• 1M: 0.78%
• 6M: 9.45%
• YTD: 12.74%
• 1Y: 24.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.47%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	$102.78K	$72.25K	$161.61K
KMAR Innovator U.S. Small Cap Power Buffer ETF - March	$120.12K	$77.14K	$163.43K

CPSM vs. KMAR - Yearly Performance Comparison

	2026 (YTD)	2025
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	2.72%	5.76%
KMAR Innovator U.S. Small Cap Power Buffer ETF - March	12.74%	11.45%

Correlation

The correlation between CPSM and KMAR is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.56
Correlation (All Time) Calculated using the full available price history since Mar 3, 2025	0.59

The correlation between CPSM and KMAR has been stable across timeframes, ranging from 0.56 to 0.59 - a consistent structural relationship.

Return for Risk

CPSM vs. KMAR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CPSM

CPSM Risk / Return Rank: 97
CPSM Sharpe Ratio Rank: 96
CPSM Sortino Ratio Rank: 97
CPSM Omega Ratio Rank: 96
CPSM Calmar Ratio Rank: 98
CPSM Martin Ratio Rank: 98

KMAR

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CPSM vs. KMAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) and Innovator U.S. Small Cap Power Buffer ETF - March (KMAR). 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.

	CPSM	KMAR	Difference
Sharpe ratio: Return per unit of total volatility	3.12	2.68	+0.44
Sortino ratio: Return per unit of downside risk	5.04	3.94	+1.10
Omega ratio: Gain probability vs. loss probability	1.65	1.52	+0.14
Calmar ratio: Return relative to maximum drawdown	10.61	5.01	+5.60
Martin ratio: Return relative to average drawdown	40.17	21.18	+18.99

CPSM vs. KMAR - Sharpe Ratio Comparison

The current CPSM Sharpe Ratio is 3.12, which is comparable to the KMAR Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of CPSM and KMAR, 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

CPSM vs. KMAR - Drawdown Comparison

The maximum CPSM drawdown since its inception was -5.19%, smaller than the maximum KMAR drawdown of -11.32%. Use the drawdown chart below to compare losses from any high point for CPSM and KMAR.

Drawdown Indicators

	CPSM	KMAR	Difference
Max Drawdown Largest peak-to-trough decline	-5.19%	-11.32%	+6.13%
Max Drawdown (1Y) Largest decline over 1 year	-0.49%	-4.89%	+4.40%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.20%	-1.26%	+1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	1.16%	-1.03%

Volatility

CPSM vs. KMAR - Volatility Comparison

The current volatility for Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) is 0.47%, while Innovator U.S. Small Cap Power Buffer ETF - March (KMAR) has a volatility of 1.82%. This indicates that CPSM experiences smaller price fluctuations and is considered to be less risky than KMAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSM	KMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.47%	1.82%	-1.35%
Volatility (6M) Calculated over the trailing 6-month period	1.25%	6.80%	-5.55%
Volatility (1Y) Calculated over the trailing 1-year period	1.67%	9.17%	-7.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.93%	11.78%	-6.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.93%	11.78%	-6.85%

CPSM vs. KMAR - Expense Ratio Comparison

CPSM has a 0.69% expense ratio, which is lower than KMAR's 0.79% expense ratio.

Dividends

CPSM vs. KMAR - Dividend Comparison

Neither CPSM nor KMAR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPSM and KMAR in my portfolio?

CPSM and KMAR have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPSM or KMAR?

KMAR has higher volatility (1.82%) compared to CPSM (0.47%). In terms of maximum drawdown, CPSM dropped -5.19% vs KMAR's -11.32%.

Which ETF is better, CPSM or KMAR?

On 1-year performance, KMAR leads with 24.41% vs 5.17% for CPSM. On fees, CPSM is cheaper at 0.69% per year. On volatility, CPSM has been the lower-risk option at 0.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPSM or KMAR?

Over the 1-year period, KMAR has performed better with a 24.41% return vs 5.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSM or KMAR?

CPSM is cheaper with a 0.69% expense ratio, compared with 0.79% for KMAR.

Which ETF pays a higher dividend yield, CPSM or KMAR?

CPSM and KMAR have nearly identical dividend yields, around 0.00%.

What is the main difference between CPSM and KMAR?

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

Which has better risk-adjusted returns?

CPSM currently has the higher Sharpe Ratio (3.12 vs 2.68), 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.