CPSM vs. ZAPR

Last updated Jun 24, 2026

CPSM (Calamos S&P 500 Structured Alt Protection ETF - May) and ZAPR (Innovator Equity Defined Protection ETF - 1 Yr April) are both Defined Outcome funds. Both are actively managed. Over the past year, CPSM returned 5.15% vs 6.50% for ZAPR. A 0.52 correlation means they provide meaningful diversification when combined. CPSM charges 0.69%/yr vs 0.79%/yr for ZAPR.

Performance

CPSM 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 - May (CPSM) 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, CPSM achieves a 1.94% return, which is significantly lower than ZAPR's 3.01% return.

CPSM

• 1D: -0.14%
• 1M: -0.09%
• YTD: 1.94%
• 6M: 2.03%
• 1Y: 5.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZAPR

• 1D: -0.13%
• 1M: -0.06%
• YTD: 3.01%
• 6M: 3.01%
• 1Y: 6.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSM vs. ZAPR - Yearly Performance Comparison

	2026 (YTD)	2025
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	1.94%	6.48%
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April	3.01%	5.31%

Correlation

The correlation between CPSM and ZAPR is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.52

The correlation between CPSM and ZAPR has been stable across timeframes, ranging from 0.47 to 0.52 - a consistent structural relationship.

Return for Risk

CPSM vs. ZAPR — Risk / Return Rank

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

CPSM

CPSM Risk / Return Rank: 96
CPSM Sharpe Ratio Rank: 93
CPSM Sortino Ratio Rank: 95
CPSM Omega Ratio Rank: 95
CPSM Calmar Ratio Rank: 97
CPSM Martin Ratio Rank: 97

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.

CPSM 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 - May (CPSM) 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.

	CPSM	ZAPR	Difference
Sharpe ratio: Return per unit of total volatility	3.15	4.48	-1.33
Sortino ratio: Return per unit of downside risk	5.05	7.98	-2.93
Omega ratio: Gain probability vs. loss probability	1.67	2.13	-0.46
Calmar ratio: Return relative to maximum drawdown	10.57	16.26	-5.68
Martin ratio: Return relative to average drawdown	45.23	73.32	-28.08

CPSM vs. ZAPR - Sharpe Ratio Comparison

The current CPSM Sharpe Ratio is 3.15, which is comparable to the ZAPR Sharpe Ratio of 4.48. The chart below compares the historical Sharpe Ratios of CPSM 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

CPSM vs. ZAPR - Drawdown Comparison

The maximum CPSM drawdown since its inception was -5.19%, which is greater than ZAPR's maximum drawdown of -1.72%. Use the drawdown chart below to compare losses from any high point for CPSM and ZAPR.

Drawdown Indicators

	CPSM	ZAPR	Difference
Max Drawdown Largest peak-to-trough decline	-5.19%	-1.72%	-3.47%
Max Drawdown (1Y) Largest decline over 1 year	-0.49%	-0.40%	-0.09%
Current Drawdown Current decline from peak	-0.39%	-0.30%	-0.09%
Average Drawdown Average peak-to-trough decline	-0.20%	-0.09%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	0.09%	+0.02%

Volatility

CPSM vs. ZAPR - Volatility Comparison

Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) has a higher volatility of 0.66% compared to Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) at 0.52%. This indicates that CPSM's price experiences larger fluctuations and is considered to be riskier than ZAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSM	ZAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	0.52%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	1.16%	1.11%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	1.65%	1.48%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.05%	2.49%	+2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.05%	2.49%	+2.56%

CPSM vs. ZAPR - Expense Ratio Comparison

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

Dividends

CPSM vs. ZAPR - Dividend Comparison

Neither CPSM nor ZAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPSM and ZAPR in my portfolio?

CPSM and ZAPR have a correlation of 0.47, 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 ZAPR?

CPSM has higher volatility (0.66%) compared to ZAPR (0.52%). In terms of maximum drawdown, CPSM dropped -5.19% vs ZAPR's -1.72%.

Which ETF is better, CPSM or ZAPR?

On 1-year performance, ZAPR leads with 6.50% vs 5.15% for CPSM. On fees, CPSM is cheaper at 0.69% per year. On volatility, ZAPR has been the lower-risk option at 0.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPSM or ZAPR?

Over the 1-year period, ZAPR has performed better with a 6.50% return vs 5.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSM or ZAPR?

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

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

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

What is the main difference between CPSM and ZAPR?

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

Which has better risk-adjusted returns?

ZAPR currently has the higher Sharpe Ratio (4.48 vs 3.15), 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.