GJAN vs. CPRA

Last updated Aug 2, 2026

GJAN (FT Vest U.S. Equity Moderate Buffer ETF - January) and CPRA (Calamos Russell 2000 Structured Alt Protection ETF - April) are both Defined Outcome funds. GJAN is passively managed, while CPRA is actively managed. Over the past year, GJAN returned 12.73% vs 8.87% for CPRA. Their 0.73 correlation means they have sometimes moved together and sometimes differently. GJAN charges 0.85%/yr vs 0.69%/yr for CPRA.

Performance

GJAN vs. CPRA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Moderate Buffer ETF - January (GJAN) and Calamos Russell 2000 Structured Alt Protection ETF - April (CPRA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GJAN achieves a 5.88% return, which is significantly higher than CPRA's 4.58% return.

GJAN

• 1D: 0.39%
• 1M: 0.69%
• 6M: 5.31%
• YTD: 5.88%
• 1Y: 12.73%
• 3Y*: 11.18%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.12%

CPRA

• 1D: -0.02%
• 1M: 0.32%
• 6M: 3.95%
• YTD: 4.58%
• 1Y: 8.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.76%

*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)
CPRA Calamos Russell 2000 Structured Alt Protection ETF - April	$23.06K	$26.22K	$32.24K
GJAN FT Vest U.S. Equity Moderate Buffer ETF - January	$430.42K	$535.40K	$1.08M

GJAN vs. CPRA - Yearly Performance Comparison

	2026 (YTD)	2025
GJAN FT Vest U.S. Equity Moderate Buffer ETF - January	5.88%	13.59%
CPRA Calamos Russell 2000 Structured Alt Protection ETF - April	4.58%	6.93%

Correlation

The correlation between GJAN and CPRA is 0.69, 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.	0.69
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.73

The correlation between GJAN and CPRA has been stable across timeframes, ranging from 0.69 to 0.73 - a consistent structural relationship.

Return for Risk

GJAN vs. CPRA — Risk / Return Rank

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

GJAN

GJAN Risk / Return Rank: 83
GJAN Sharpe Ratio Rank: 84
GJAN Sortino Ratio Rank: 86
GJAN Omega Ratio Rank: 88
GJAN Calmar Ratio Rank: 71
GJAN Martin Ratio Rank: 87

CPRA

CPRA Risk / Return Rank: 98
CPRA Sharpe Ratio Rank: 98
CPRA Sortino Ratio Rank: 98
CPRA Omega Ratio Rank: 98
CPRA Calmar Ratio Rank: 98
CPRA Martin Ratio Rank: 98

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.

GJAN vs. CPRA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Moderate Buffer ETF - January (GJAN) and Calamos Russell 2000 Structured Alt Protection ETF - April (CPRA). 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.

	GJAN	CPRA	Difference
Sharpe ratio: Return per unit of total volatility	1.99	3.96	-1.97
Sortino ratio: Return per unit of downside risk	2.91	6.87	-3.97
Omega ratio: Gain probability vs. loss probability	1.40	1.95	-0.55
Calmar ratio: Return relative to maximum drawdown	2.51	9.57	-7.06
Martin ratio: Return relative to average drawdown	12.78	54.79	-42.01

GJAN vs. CPRA - Sharpe Ratio Comparison

The current GJAN Sharpe Ratio is 1.99, which is lower than the CPRA Sharpe Ratio of 3.96. The chart below compares the historical Sharpe Ratios of GJAN and CPRA, 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

GJAN vs. CPRA - Drawdown Comparison

The maximum GJAN drawdown since its inception was -10.60%, which is greater than CPRA's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for GJAN and CPRA.

Drawdown Indicators

	GJAN	CPRA	Difference
Max Drawdown Largest peak-to-trough decline	-10.60%	-1.69%	-8.91%
Max Drawdown (1Y) Largest decline over 1 year	-4.71%	-0.89%	-3.82%
Max Drawdown (3Y) Largest decline over 3 years	-10.60%	—	—
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.77%	-0.14%	-0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.16%	+0.77%

Volatility

GJAN vs. CPRA - Volatility Comparison

FT Vest U.S. Equity Moderate Buffer ETF - January (GJAN) has a higher volatility of 1.52% compared to Calamos Russell 2000 Structured Alt Protection ETF - April (CPRA) at 0.44%. This indicates that GJAN's price experiences larger fluctuations and is considered to be riskier than CPRA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GJAN	CPRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	0.44%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	4.94%	1.36%	+3.58%
Volatility (1Y) Calculated over the trailing 1-year period	5.95%	2.16%	+3.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.53%	2.71%	+4.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.53%	2.71%	+4.82%

GJAN vs. CPRA - Expense Ratio Comparison

GJAN has a 0.85% expense ratio, which is higher than CPRA's 0.69% expense ratio.

Dividends

GJAN vs. CPRA - Dividend Comparison

Neither GJAN nor CPRA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GJAN and CPRA in my portfolio?

GJAN and CPRA have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GJAN or CPRA?

GJAN has higher volatility (1.52%) compared to CPRA (0.44%). In terms of maximum drawdown, GJAN dropped -10.60% vs CPRA's -1.69%.

Which ETF is better, GJAN or CPRA?

On 1-year performance, GJAN leads with 12.73% vs 8.87% for CPRA. On fees, CPRA is cheaper at 0.69% per year. On volatility, CPRA has been the lower-risk option at 0.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GJAN or CPRA?

Over the 1-year period, GJAN has performed better with a 12.73% return vs 8.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GJAN or CPRA?

CPRA is cheaper with a 0.69% expense ratio, compared with 0.85% for GJAN.

Which ETF pays a higher dividend yield, GJAN or CPRA?

GJAN and CPRA have nearly identical dividend yields, around 0.00%.

What is the main difference between GJAN and CPRA?

They also come from different issuers: FT Vest and Calamos. Their fees differ too: 0.85% for GJAN and 0.69% for CPRA.

Which has better risk-adjusted returns?

CPRA currently has the higher Sharpe Ratio (3.96 vs 1.99), 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.