CPSN vs. PAPR

Last updated Jun 21, 2026

CPSN (Calamos S&P 500 Structured Alt Protection ETF - November) and PAPR (Innovator U.S. Equity Power Buffer ETF - April) are both Defined Outcome funds. CPSN is actively managed, while PAPR is passively managed. Over the past year, CPSN returned 7.11% vs 14.96% for PAPR. A 0.78 correlation means they provide meaningful diversification when combined. CPSN charges 0.69%/yr vs 0.79%/yr for PAPR.

Performance

CPSN vs. PAPR - Performance Comparison

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

Returns By Period

In the year-to-date period, CPSN achieves a 2.79% return, which is significantly lower than PAPR's 7.85% return.

CPSN

• 1D: 0.13%
• 1M: 0.29%
• YTD: 2.79%
• 6M: 2.92%
• 1Y: 7.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPR

• 1D: 0.52%
• 1M: 0.67%
• YTD: 7.85%
• 6M: 8.06%
• 1Y: 14.96%
• 3Y*: 11.17%
• 5Y*: 8.46%
• 10Y*: —

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

CPSN vs. PAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CPSN Calamos S&P 500 Structured Alt Protection ETF - November	2.79%	6.38%	0.57%
PAPR Innovator U.S. Equity Power Buffer ETF - April	7.85%	6.58%	2.41%

Correlation

The correlation between CPSN and PAPR is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since Nov 1, 2024	0.78

The correlation between CPSN and PAPR has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.

Return for Risk

CPSN vs. PAPR — Risk / Return Rank

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

CPSN

CPSN Risk / Return Rank: 93
CPSN Sharpe Ratio Rank: 94
CPSN Sortino Ratio Rank: 96
CPSN Omega Ratio Rank: 96
CPSN Calmar Ratio Rank: 84
CPSN Martin Ratio Rank: 93

PAPR

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

CPSN vs. PAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos S&P 500 Structured Alt Protection ETF - November (CPSN) and Innovator U.S. Equity Power Buffer ETF - April (PAPR). 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.

	CPSN	PAPR	Difference
Sharpe ratio: Return per unit of total volatility	3.44	4.31	-0.87
Sortino ratio: Return per unit of downside risk	5.60	7.59	-1.98
Omega ratio: Gain probability vs. loss probability	1.77	2.05	-0.28
Calmar ratio: Return relative to maximum drawdown	4.40	12.70	-8.30
Martin ratio: Return relative to average drawdown	23.90	66.82	-42.92

CPSN vs. PAPR - Sharpe Ratio Comparison

The current CPSN Sharpe Ratio is 3.44, which is comparable to the PAPR Sharpe Ratio of 4.31. The chart below compares the historical Sharpe Ratios of CPSN and PAPR, 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

CPSN vs. PAPR - Drawdown Comparison

The maximum CPSN drawdown since its inception was -3.23%, smaller than the maximum PAPR drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for CPSN and PAPR.

Drawdown Indicators

	CPSN	PAPR	Difference
Max Drawdown Largest peak-to-trough decline	-3.23%	-15.31%	+12.08%
Max Drawdown (1Y) Largest decline over 1 year	-1.63%	-1.16%	-0.47%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.87%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.87%	—
Current Drawdown Current decline from peak	-0.07%	-0.09%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.32%	-1.56%	+1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	0.22%	+0.08%

Volatility

CPSN vs. PAPR - Volatility Comparison

The current volatility for Calamos S&P 500 Structured Alt Protection ETF - November (CPSN) is 0.66%, while Innovator U.S. Equity Power Buffer ETF - April (PAPR) has a volatility of 1.44%. This indicates that CPSN experiences smaller price fluctuations and is considered to be less risky than PAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSN	PAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	1.44%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	1.76%	2.75%	-0.99%
Volatility (1Y) Calculated over the trailing 1-year period	2.09%	3.42%	-1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.10%	8.22%	-5.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.10%	9.43%	-6.33%

CPSN vs. PAPR - Expense Ratio Comparison

CPSN has a 0.69% expense ratio, which is lower than PAPR's 0.79% expense ratio.

Dividends

CPSN vs. PAPR - Dividend Comparison

Neither CPSN nor PAPR has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CPSN Calamos S&P 500 Structured Alt Protection ETF - November	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PAPR Innovator U.S. Equity Power Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.07%

Frequently Asked Questions

Can I hold both CPSN and PAPR in my portfolio?

CPSN and PAPR have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPSN or PAPR?

PAPR has higher volatility (1.44%) compared to CPSN (0.66%). In terms of maximum drawdown, CPSN dropped -3.23% vs PAPR's -15.31%.

Which ETF is better, CPSN or PAPR?

On 1-year performance, PAPR leads with 14.96% vs 7.11% for CPSN. On fees, CPSN is cheaper at 0.69% per year. On volatility, CPSN has been the lower-risk option at 0.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPSN or PAPR?

Over the 1-year period, PAPR has performed better with a 14.96% return vs 7.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSN or PAPR?

CPSN is cheaper with a 0.69% expense ratio, compared with 0.79% for PAPR.

Which ETF pays a higher dividend yield, CPSN or PAPR?

CPSN and PAPR have nearly identical dividend yields, around 0.00%.

What is the main difference between CPSN and PAPR?

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

Which has better risk-adjusted returns?

PAPR currently has the higher Sharpe Ratio (4.31 vs 3.44), 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.