DAPR vs. CPNS

Last updated Aug 2, 2026

DAPR (FT Vest U.S. Equity Deep Buffer ETF - April) and CPNS (Calamos Nasdaq-100 Structured Alt Protection ETF - September) are both Defined Outcome funds - DAPR tracks the S&P 500 while CPNS tracks the MerQube Cap Protect US Large Cap Tech PR Index - Sep. Both are passively managed. Over the past year, DAPR returned 8.55% vs 6.58% for CPNS. Their 0.74 correlation means they have sometimes moved together and sometimes differently. DAPR charges 0.85%/yr vs 0.69%/yr for CPNS.

Performance

DAPR vs. CPNS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Deep Buffer ETF - April (DAPR) and Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DAPR achieves a 4.42% return, which is significantly higher than CPNS's 3.80% return.

DAPR

• 1D: 0.39%
• 1M: 0.59%
• 6M: 4.01%
• YTD: 4.42%
• 1Y: 8.55%
• 3Y*: 9.77%
• 5Y*: 5.99%
• 10Y*: —
• ALL TIME*: 6.09%

CPNS

• 1D: 0.15%
• 1M: 0.54%
• 6M: 3.27%
• YTD: 3.80%
• 1Y: 6.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.86%

*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)
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	$59.75K	$61.06K	$67.17K
DAPR FT Vest U.S. Equity Deep Buffer ETF - April	$260.71K	$269.51K	$613.05K

DAPR vs. CPNS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DAPR FT Vest U.S. Equity Deep Buffer ETF - April	4.42%	5.74%	2.95%
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	3.80%	7.25%	1.93%

Correlation

The correlation between DAPR and CPNS is 0.66, 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.	0.66
Correlation (All Time) Calculated using the full available price history since Sep 3, 2024	0.74

The correlation between DAPR and CPNS has been stable across timeframes, ranging from 0.66 to 0.74 - a consistent structural relationship.

Return for Risk

DAPR vs. CPNS — Risk / Return Rank

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

DAPR

DAPR Risk / Return Rank: 94
DAPR Sharpe Ratio Rank: 91
DAPR Sortino Ratio Rank: 92
DAPR Omega Ratio Rank: 94
DAPR Calmar Ratio Rank: 95
DAPR Martin Ratio Rank: 97

CPNS

CPNS Risk / Return Rank: 96
CPNS Sharpe Ratio Rank: 96
CPNS Sortino Ratio Rank: 96
CPNS Omega Ratio Rank: 96
CPNS Calmar Ratio Rank: 94
CPNS Martin Ratio Rank: 96

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.

DAPR vs. CPNS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Deep Buffer ETF - April (DAPR) and Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS). 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.

	DAPR	CPNS	Difference
Sharpe ratio: Return per unit of total volatility	2.33	2.98	-0.64
Sortino ratio: Return per unit of downside risk	3.47	4.53	-1.05
Omega ratio: Gain probability vs. loss probability	1.50	1.63	-0.13
Calmar ratio: Return relative to maximum drawdown	5.18	4.91	+0.27
Martin ratio: Return relative to average drawdown	26.81	26.25	+0.56

DAPR vs. CPNS - Sharpe Ratio Comparison

The current DAPR Sharpe Ratio is 2.33, which is comparable to the CPNS Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of DAPR and CPNS, 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

DAPR vs. CPNS - Drawdown Comparison

The maximum DAPR drawdown since its inception was -10.51%, which is greater than CPNS's maximum drawdown of -3.99%. Use the drawdown chart below to compare losses from any high point for DAPR and CPNS.

Drawdown Indicators

	DAPR	CPNS	Difference
Max Drawdown Largest peak-to-trough decline	-10.51%	-3.99%	-6.52%
Max Drawdown (1Y) Largest decline over 1 year	-1.59%	-1.31%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-10.51%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.51%	—	—
Current Drawdown Current decline from peak	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-2.25%	-0.34%	-1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	0.25%	+0.06%

Volatility

DAPR vs. CPNS - Volatility Comparison

FT Vest U.S. Equity Deep Buffer ETF - April (DAPR) has a higher volatility of 1.58% compared to Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS) at 0.58%. This indicates that DAPR's price experiences larger fluctuations and is considered to be riskier than CPNS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAPR	CPNS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.58%	0.58%	+1.00%
Volatility (6M) Calculated over the trailing 6-month period	3.03%	1.76%	+1.27%
Volatility (1Y) Calculated over the trailing 1-year period	3.53%	2.17%	+1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.24%	3.43%	+4.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.10%	3.43%	+4.67%

DAPR vs. CPNS - Expense Ratio Comparison

DAPR has a 0.85% expense ratio, which is higher than CPNS's 0.69% expense ratio.

Dividends

DAPR vs. CPNS - Dividend Comparison

Neither DAPR nor CPNS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DAPR and CPNS in my portfolio?

DAPR and CPNS have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DAPR or CPNS?

DAPR has higher volatility (1.58%) compared to CPNS (0.58%). In terms of maximum drawdown, DAPR dropped -10.51% vs CPNS's -3.99%.

Which ETF is better, DAPR or CPNS?

On 1-year performance, DAPR leads with 8.55% vs 6.58% for CPNS. On fees, CPNS is cheaper at 0.69% per year. On volatility, CPNS has been the lower-risk option at 0.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DAPR or CPNS?

Over the 1-year period, DAPR has performed better with a 8.55% return vs 6.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DAPR or CPNS?

CPNS is cheaper with a 0.69% expense ratio, compared with 0.85% for DAPR.

Which ETF pays a higher dividend yield, DAPR or CPNS?

DAPR and CPNS have nearly identical dividend yields, around 0.00%.

What is the main difference between DAPR and CPNS?

DAPR tracks S&P 500, while CPNS tracks MerQube Cap Protect US Large Cap Tech PR Index - Sep. They also come from different issuers: FT Vest and Calamos. Their fees differ too: 0.85% for DAPR and 0.69% for CPNS.

Which has better risk-adjusted returns?

CPNS currently has the higher Sharpe Ratio (2.98 vs 2.33), 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.