EBUF vs. CPSM

Last updated Jun 23, 2026

EBUF (Innovator Emerging Markets 10 Buffer ETF - Quarterly) and CPSM (Calamos S&P 500 Structured Alt Protection ETF - May) are both Defined Outcome funds. Both are actively managed. Over the past year, EBUF returned 16.34% vs 5.49% for CPSM. At a 0.47 correlation, their price movements are largely independent. EBUF charges 0.89%/yr vs 0.69%/yr for CPSM.

Performance

EBUF vs. CPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Emerging Markets 10 Buffer ETF - Quarterly (EBUF) and Calamos S&P 500 Structured Alt Protection ETF - May (CPSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EBUF achieves a 10.75% return, which is significantly higher than CPSM's 2.08% return.

EBUF

• 1D: 0.26%
• 1M: 1.58%
• YTD: 10.75%
• 6M: 11.89%
• 1Y: 16.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSM

• 1D: -0.07%
• 1M: 0.05%
• YTD: 2.08%
• 6M: 2.19%
• 1Y: 5.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EBUF vs. CPSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EBUF Innovator Emerging Markets 10 Buffer ETF - Quarterly	10.75%	11.55%	2.75%
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	2.08%	7.21%	3.93%

Correlation

The correlation between EBUF and CPSM 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 Jul 1, 2024	0.47

Return for Risk

EBUF vs. CPSM — Risk / Return Rank

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

EBUF

EBUF Risk / Return Rank: 94
EBUF Sharpe Ratio Rank: 89
EBUF Sortino Ratio Rank: 94
EBUF Omega Ratio Rank: 95
EBUF Calmar Ratio Rank: 96
EBUF Martin Ratio Rank: 96

CPSM

CPSM Risk / Return Rank: 96
CPSM Sharpe Ratio Rank: 94
CPSM Sortino Ratio Rank: 96
CPSM Omega Ratio Rank: 95
CPSM Calmar Ratio Rank: 97
CPSM 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.

EBUF vs. CPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Emerging Markets 10 Buffer ETF - Quarterly (EBUF) and Calamos S&P 500 Structured Alt Protection ETF - May (CPSM). 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.

	EBUF	CPSM	Difference
Sharpe ratio: Return per unit of total volatility	2.87	3.35	-0.49
Sortino ratio: Return per unit of downside risk	4.72	5.42	-0.70
Omega ratio: Gain probability vs. loss probability	1.70	1.73	-0.03
Calmar ratio: Return relative to maximum drawdown	9.01	11.26	-2.24
Martin ratio: Return relative to average drawdown	35.61	49.30	-13.69

EBUF vs. CPSM - Sharpe Ratio Comparison

The current EBUF Sharpe Ratio is 2.87, which is comparable to the CPSM Sharpe Ratio of 3.35. The chart below compares the historical Sharpe Ratios of EBUF and CPSM, 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

EBUF vs. CPSM - Drawdown Comparison

The maximum EBUF drawdown since its inception was -6.49%, which is greater than CPSM's maximum drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for EBUF and CPSM.

Drawdown Indicators

	EBUF	CPSM	Difference
Max Drawdown Largest peak-to-trough decline	-6.49%	-5.19%	-1.30%
Max Drawdown (1Y) Largest decline over 1 year	-1.82%	-0.49%	-1.33%
Current Drawdown Current decline from peak	0.00%	-0.25%	+0.25%
Average Drawdown Average peak-to-trough decline	-0.49%	-0.20%	-0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	0.11%	+0.35%

Volatility

EBUF vs. CPSM - Volatility Comparison

Innovator Emerging Markets 10 Buffer ETF - Quarterly (EBUF) has a higher volatility of 1.95% compared to Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) at 0.64%. This indicates that EBUF's price experiences larger fluctuations and is considered to be riskier than CPSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EBUF	CPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.95%	0.64%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	4.84%	1.17%	+3.67%
Volatility (1Y) Calculated over the trailing 1-year period	5.74%	1.65%	+4.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.66%	5.05%	+1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.66%	5.05%	+1.61%

EBUF vs. CPSM - Expense Ratio Comparison

EBUF has a 0.89% expense ratio, which is higher than CPSM's 0.69% expense ratio.

Dividends

EBUF vs. CPSM - Dividend Comparison

Neither EBUF nor CPSM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EBUF and CPSM in my portfolio?

EBUF and CPSM 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, EBUF or CPSM?

EBUF has higher volatility (1.95%) compared to CPSM (0.64%). In terms of maximum drawdown, EBUF dropped -6.49% vs CPSM's -5.19%.

Which ETF is better, EBUF or CPSM?

On 1-year performance, EBUF leads with 16.34% vs 5.49% for CPSM. On fees, CPSM is cheaper at 0.69% per year. On volatility, CPSM has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EBUF or CPSM?

Over the 1-year period, EBUF has performed better with a 16.34% return vs 5.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EBUF or CPSM?

CPSM is cheaper with a 0.69% expense ratio, compared with 0.89% for EBUF.

Which ETF pays a higher dividend yield, EBUF or CPSM?

EBUF and CPSM have nearly identical dividend yields, around 0.00%.

What is the main difference between EBUF and CPSM?

They also come from different issuers: Innovator and Calamos. Their fees differ too: 0.89% for EBUF and 0.69% for CPSM.

Which has better risk-adjusted returns?

CPSM currently has the higher Sharpe Ratio (3.35 vs 2.87), 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.