CSPF vs. EPRF

Last updated Jul 14, 2026

CSPF (Cohen & Steers Preferred and Income Opportunities Active ETF) and EPRF (Innovator S&P High Quality Preferred ETF) are both Preferred Stock/Convertible Bonds funds. CSPF is actively managed, while EPRF is passively managed. Over the past year, CSPF returned 7.18% vs -2.40% for EPRF. At a 0.43 correlation, their price movements are largely independent. CSPF charges 0.59%/yr vs 0.47%/yr for EPRF.

Performance

CSPF vs. EPRF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cohen & Steers Preferred and Income Opportunities Active ETF (CSPF) and Innovator S&P High Quality Preferred ETF (EPRF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSPF achieves a 3.14% return, which is significantly higher than EPRF's -3.00% return.

CSPF

• 1D: -0.23%
• 1M: 0.19%
• 6M: 2.17%
• YTD: 3.14%
• 1Y: 7.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EPRF

• 1D: -0.28%
• 1M: -1.16%
• 6M: -4.69%
• YTD: -3.00%
• 1Y: -2.40%
• 3Y*: 2.75%
• 5Y*: -2.26%
• 10Y*: —

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

CSPF vs. EPRF - Yearly Performance Comparison

	2026 (YTD)	2025
CSPF Cohen & Steers Preferred and Income Opportunities Active ETF	3.14%	8.22%
EPRF Innovator S&P High Quality Preferred ETF	-3.00%	1.09%

Correlation

The correlation between CSPF and EPRF is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025	0.43

Return for Risk

CSPF vs. EPRF — Risk / Return Rank

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

CSPF

CSPF Risk / Return Rank: 70
CSPF Sharpe Ratio Rank: 70
CSPF Sortino Ratio Rank: 73
CSPF Omega Ratio Rank: 72
CSPF Calmar Ratio Rank: 59
CSPF Martin Ratio Rank: 74

EPRF

EPRF Risk / Return Rank: 6
EPRF Sharpe Ratio Rank: 6
EPRF Sortino Ratio Rank: 6
EPRF Omega Ratio Rank: 6
EPRF Calmar Ratio Rank: 7
EPRF Martin Ratio Rank: 7

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.

CSPF vs. EPRF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cohen & Steers Preferred and Income Opportunities Active ETF (CSPF) and Innovator S&P High Quality Preferred ETF (EPRF). 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.

	CSPF	EPRF	Difference
Sharpe ratio: Return per unit of total volatility	1.79	-0.32	+2.11
Sortino ratio: Return per unit of downside risk	2.61	-0.40	+3.00
Omega ratio: Gain probability vs. loss probability	1.34	0.96	+0.38
Calmar ratio: Return relative to maximum drawdown	2.36	-0.28	+2.64
Martin ratio: Return relative to average drawdown	10.90	-0.53	+11.43

CSPF vs. EPRF - Sharpe Ratio Comparison

The current CSPF Sharpe Ratio is 1.79, which is higher than the EPRF Sharpe Ratio of -0.32. The chart below compares the historical Sharpe Ratios of CSPF and EPRF, 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

CSPF vs. EPRF - Drawdown Comparison

The maximum CSPF drawdown since its inception was -3.06%, smaller than the maximum EPRF drawdown of -26.82%. Use the drawdown chart below to compare losses from any high point for CSPF and EPRF.

Drawdown Indicators

	CSPF	EPRF	Difference
Max Drawdown Largest peak-to-trough decline	-3.06%	-26.82%	+23.76%
Max Drawdown (1Y) Largest decline over 1 year	-3.06%	-8.59%	+5.53%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.29%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.23%	—
Current Drawdown Current decline from peak	-0.83%	-11.62%	+10.79%
Average Drawdown Average peak-to-trough decline	-0.43%	-7.42%	+6.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	4.56%	-3.90%

Volatility

CSPF vs. EPRF - Volatility Comparison

The current volatility for Cohen & Steers Preferred and Income Opportunities Active ETF (CSPF) is 1.29%, while Innovator S&P High Quality Preferred ETF (EPRF) has a volatility of 2.32%. This indicates that CSPF experiences smaller price fluctuations and is considered to be less risky than EPRF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSPF	EPRF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.29%	2.32%	-1.03%
Volatility (6M) Calculated over the trailing 6-month period	3.17%	5.52%	-2.35%
Volatility (1Y) Calculated over the trailing 1-year period	4.04%	7.50%	-3.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.16%	11.85%	-7.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.16%	13.43%	-9.27%

CSPF vs. EPRF - Expense Ratio Comparison

CSPF has a 0.59% expense ratio, which is higher than EPRF's 0.47% expense ratio.

Dividends

CSPF vs. EPRF - Dividend Comparison

CSPF's dividend yield for the trailing twelve months is around 5.29%, less than EPRF's 6.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSPF Cohen & Steers Preferred and Income Opportunities Active ETF	5.29%	4.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EPRF Innovator S&P High Quality Preferred ETF	6.22%	6.03%	6.13%	5.71%	5.67%	4.70%	4.92%	5.01%	5.27%	2.59%

Frequently Asked Questions

Can I hold both CSPF and EPRF in my portfolio?

CSPF and EPRF have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSPF or EPRF?

EPRF has higher volatility (2.32%) compared to CSPF (1.29%). In terms of maximum drawdown, CSPF dropped -3.06% vs EPRF's -26.82%.

Which ETF is better, CSPF or EPRF?

On 1-year performance, CSPF leads with 7.18% vs -2.40% for EPRF. On fees, EPRF is cheaper at 0.47% per year. On volatility, CSPF has been the lower-risk option at 1.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSPF or EPRF?

Over the 1-year period, CSPF has performed better with a 7.18% return vs -2.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSPF or EPRF?

EPRF is cheaper with a 0.47% expense ratio, compared with 0.59% for CSPF.

Which ETF pays a higher dividend yield, CSPF or EPRF?

EPRF has the higher dividend yield at 6.22%, compared with 5.29% for CSPF.

What is the main difference between CSPF and EPRF?

They also come from different issuers: Cohen & Steers and Innovator. Their fees differ too: 0.59% for CSPF and 0.47% for EPRF.

Which has better risk-adjusted returns?

CSPF currently has the higher Sharpe Ratio (1.79 vs -0.32), 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.