EAPR vs. CBOJ

Last updated Aug 2, 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 15.75% vs -5.78% for CBOJ. Their 0.34 correlation means their historical movements had little consistent relationship. 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 9.17% return, which is significantly higher than CBOJ's -1.75% return.

EAPR

• 1D: 0.61%
• 1M: 0.32%
• 6M: 8.21%
• YTD: 9.17%
• 1Y: 15.75%
• 3Y*: 8.62%
• 5Y*: 5.46%
• 10Y*: —
• ALL TIME*: 4.84%

CBOJ

• 1D: -0.34%
• 1M: 0.03%
• 6M: -1.58%
• YTD: -1.75%
• 1Y: -5.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.69%

*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)
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	$97.19K	$74.47K	$86.67K
EAPR Innovator Emerging Markets Power Buffer ETF - April	$354.30K	$262.28K	$462.78K

EAPR vs. CBOJ - Yearly Performance Comparison

	2026 (YTD)	2025
EAPR Innovator Emerging Markets Power Buffer ETF - April	9.17%	13.88%
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	-1.75%	-0.83%

Correlation

The correlation between EAPR and CBOJ is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (All Time) Calculated using the full available price history since Jan 22, 2025	0.34

Return for Risk

EAPR vs. CBOJ — Risk / Return Rank

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

EAPR

EAPR Risk / Return Rank: 79
EAPR Sharpe Ratio Rank: 70
EAPR Sortino Ratio Rank: 72
EAPR Omega Ratio Rank: 87
EAPR Calmar Ratio Rank: 80
EAPR Martin Ratio Rank: 86

CBOJ

CBOJ Risk / Return Rank: 2
CBOJ Sharpe Ratio Rank: 0
CBOJ Sortino Ratio Rank: 1
CBOJ Omega Ratio Rank: 1
CBOJ Calmar Ratio Rank: 3
CBOJ Martin Ratio Rank: 4

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.

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.

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.

	EAPR	CBOJ	Difference
Sharpe ratio: Return per unit of total volatility	1.59	-1.30	+2.89
Sortino ratio: Return per unit of downside risk	2.34	-1.74	+4.08
Omega ratio: Gain probability vs. loss probability	1.39	0.80	+0.59
Calmar ratio: Return relative to maximum drawdown	2.90	-0.73	+3.64
Martin ratio: Return relative to average drawdown	12.34	-1.04	+13.38

EAPR vs. CBOJ - Sharpe Ratio Comparison

The current EAPR Sharpe Ratio is 1.59, which is higher than the CBOJ Sharpe Ratio of -1.30. 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.

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 -8.44%. 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%	-8.44%	-9.21%
Max Drawdown (1Y) Largest decline over 1 year	-5.28%	-8.44%	+3.16%
Max Drawdown (3Y) Largest decline over 3 years	-10.24%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.34%	—	—
Current Drawdown Current decline from peak	-2.78%	-8.06%	+5.28%
Average Drawdown Average peak-to-trough decline	-4.02%	-3.63%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	5.95%	-4.71%

Volatility

EAPR vs. CBOJ - Volatility Comparison

Innovator Emerging Markets Power Buffer ETF - April (EAPR) has a higher volatility of 4.40% 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	4.40%	0.71%	+3.69%
Volatility (6M) Calculated over the trailing 6-month period	9.26%	2.31%	+6.95%
Volatility (1Y) Calculated over the trailing 1-year period	9.63%	4.75%	+4.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.41%	4.41%	+6.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.30%	4.41%	+5.89%

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 3.21%.

Position	TTM	2025
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	3.21%	3.16%
EAPR Innovator Emerging Markets Power Buffer ETF - April	0.00%	0.00%

Frequently Asked Questions

Can I hold both EAPR and CBOJ in my portfolio?

EAPR and CBOJ have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EAPR or CBOJ?

EAPR has higher volatility (4.40%) compared to CBOJ (0.71%). In terms of maximum drawdown, EAPR dropped -17.65% vs CBOJ's -8.44%.

Which ETF is better, EAPR or CBOJ?

On 1-year performance, EAPR leads with 15.75% vs -5.78% for CBOJ. On fees, CBOJ is cheaper at 0.69% per year. On volatility, CBOJ has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EAPR or CBOJ?

Over the 1-year period, EAPR has performed better with a 15.75% return vs -5.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EAPR or CBOJ?

CBOJ is cheaper with a 0.69% expense ratio, compared with 0.89% for EAPR.

Which ETF pays a higher dividend yield, EAPR or CBOJ?

CBOJ has the higher dividend yield at 3.21%, compared with 0.00% for EAPR.

What is the main difference between EAPR and CBOJ?

EAPR tracks MSCI Emerging Markets, while CBOJ tracks CBOE Bitcoin US ETF Index. They also come from different issuers: Innovator and Calamos. Their fees differ too: 0.89% for EAPR and 0.69% for CBOJ.

Which has better risk-adjusted returns?

EAPR currently has the higher Sharpe Ratio (1.59 vs -1.30), 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.