EAPR vs. CBOJ

Last updated Apr 15, 2026

EAPR (Innovator Emerging Markets Power Buffer ETF - April) and CBOJ (Calamos Bitcoin Structured Alt Protection ETF - January) are both Defined Outcome funds — EAPR tracks the MSCI Emerging Markets while CBOJ tracks the CBOE Bitcoin US ETF Index. Both are passively managed. Over the past year, EAPR returned 23.36% vs -0.59% for CBOJ. At 0.31, their price movements are largely independent. EAPR charges 0.89%/yr vs 0.69%/yr for CBOJ.

Performance

EAPR vs. CBOJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Emerging Markets Power Buffer ETF - April (EAPR) and Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EAPR achieves a 7.65% return, which is significantly higher than CBOJ's -0.52% return.

EAPR

• 1D: 0.93%
• 1M: 6.46%
• YTD: 7.65%
• 6M: 10.17%
• 1Y: 23.36%
• 3Y*: 9.37%
• 5Y*: 4.84%
• 10Y*: —

CBOJ

• 1D: 0.08%
• 1M: 0.52%
• YTD: -0.52%
• 6M: -5.43%
• 1Y: -0.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EAPR vs. CBOJ - Yearly Performance Comparison

	2026 (YTD)	2025
EAPR Innovator Emerging Markets Power Buffer ETF - April	7.65%	13.84%
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	-0.52%	-0.83%

Correlation

The correlation between EAPR and CBOJ is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	0.31

Return for Risk

EAPR vs. CBOJ — Risk / Return Rank

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

EAPR

EAPR Risk / Return Rank: 98
EAPR Sharpe Ratio Rank: 95
EAPR Sortino Ratio Rank: 98
EAPR Omega Ratio Rank: 98
EAPR Calmar Ratio Rank: 99
EAPR Martin Ratio Rank: 98

CBOJ

CBOJ Risk / Return Rank: 5
CBOJ Sharpe Ratio Rank: 5
CBOJ Sortino Ratio Rank: 5
CBOJ Omega Ratio Rank: 5
CBOJ Calmar Ratio Rank: 6
CBOJ Martin Ratio Rank: 6

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.

EAPR vs. CBOJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Emerging Markets Power Buffer ETF - April (EAPR) and Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ). 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.

	EAPR	CBOJ	Difference
Sharpe ratio Return per unit of total volatility	3.81	-0.12	+3.92
Sortino ratio Return per unit of downside risk	7.59	-0.13	+7.72
Omega ratio Gain probability vs. loss probability	2.14	0.98	+1.16
Calmar ratio Return relative to maximum drawdown	18.56	-0.01	+18.57
Martin ratio Return relative to average drawdown	75.39	-0.02	+75.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EAPR vs. CBOJ - Sharpe Ratio Comparison

The current EAPR Sharpe Ratio is 3.81, which is higher than the CBOJ Sharpe Ratio of -0.12. The chart below compares the historical Sharpe Ratios of EAPR and CBOJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EAPR	CBOJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.81	-0.12	+3.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	-0.23	+0.73

Drawdowns

EAPR vs. CBOJ - Drawdown Comparison

The maximum EAPR drawdown since its inception was -17.65%, which is greater than CBOJ's maximum drawdown of -8.13%. Use the drawdown chart below to compare losses from any high point for EAPR and CBOJ.

Drawdown Indicators

	EAPR	CBOJ	Difference
Max Drawdown Largest peak-to-trough decline	-17.65%	-8.13%	-9.52%
Max Drawdown (1Y) Largest decline over 1 year	-1.42%	-8.13%	+6.71%
Max Drawdown (5Y) Largest decline over 5 years	-17.65%	—	—
Current Drawdown Current decline from peak	0.00%	-6.91%	+6.91%
Average Drawdown Average peak-to-trough decline	-4.16%	-2.74%	-1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	4.41%	-4.06%

Volatility

EAPR vs. CBOJ - Volatility Comparison

Innovator Emerging Markets Power Buffer ETF - April (EAPR) has a higher volatility of 4.08% compared to Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) at 0.71%. This indicates that EAPR's price experiences larger fluctuations and is considered to be riskier than CBOJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EAPR	CBOJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.08%	0.71%	+3.37%
Volatility (6M) Calculated over the trailing 6-month period	4.53%	3.71%	+0.82%
Volatility (1Y) Calculated over the trailing 1-year period	6.22%	4.98%	+1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.96%	4.73%	+5.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.95%	4.73%	+5.22%

EAPR vs. CBOJ - Expense Ratio Comparison

EAPR has a 0.89% expense ratio, which is higher than CBOJ's 0.69% expense ratio.

Dividends

EAPR vs. CBOJ - Dividend Comparison

EAPR has not paid dividends to shareholders, while CBOJ's dividend yield for the trailing twelve months is around 3.17%.

	TTM	2025
EAPR Innovator Emerging Markets Power Buffer ETF - April	0.00%	0.00%
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	3.17%	3.16%