KDEC vs. CPSM

Last updated Jun 23, 2026

KDEC (Innovator U.S. Small Cap Power Buffer ETF - December) and CPSM (Calamos S&P 500 Structured Alt Protection ETF - May) are both Defined Outcome funds. Both are actively managed. Over the past year, KDEC returned 19.36% vs 5.49% for CPSM. A 0.56 correlation means they provide meaningful diversification when combined. KDEC charges 0.79%/yr vs 0.69%/yr for CPSM.

Performance

KDEC vs. CPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Small Cap Power Buffer ETF - December (KDEC) 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, KDEC achieves a 10.52% return, which is significantly higher than CPSM's 2.08% return.

KDEC

• 1D: 0.16%
• 1M: 2.02%
• YTD: 10.52%
• 6M: 9.04%
• 1Y: 19.36%
• 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)

KDEC vs. CPSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KDEC Innovator U.S. Small Cap Power Buffer ETF - December	10.52%	6.52%	-4.04%
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	2.08%	7.21%	-0.01%

Correlation

The correlation between KDEC and CPSM is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (All Time) Calculated using the full available price history since Dec 2, 2024	0.56

The correlation between KDEC and CPSM has been stable across timeframes, ranging from 0.49 to 0.56 - a consistent structural relationship.

Return for Risk

KDEC vs. CPSM — Risk / Return Rank

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

KDEC

KDEC Risk / Return Rank: 66
KDEC Sharpe Ratio Rank: 64
KDEC Sortino Ratio Rank: 67
KDEC Omega Ratio Rank: 60
KDEC Calmar Ratio Rank: 73
KDEC Martin Ratio Rank: 67

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.

KDEC vs. CPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF - December (KDEC) 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.

	KDEC	CPSM	Difference
Sharpe ratio: Return per unit of total volatility	2.04	3.35	-1.32
Sortino ratio: Return per unit of downside risk	2.96	5.42	-2.46
Omega ratio: Gain probability vs. loss probability	1.36	1.73	-0.37
Calmar ratio: Return relative to maximum drawdown	3.61	11.26	-7.64
Martin ratio: Return relative to average drawdown	11.91	49.30	-37.39

KDEC vs. CPSM - Sharpe Ratio Comparison

The current KDEC Sharpe Ratio is 2.04, which is lower than the CPSM Sharpe Ratio of 3.35. The chart below compares the historical Sharpe Ratios of KDEC 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

KDEC vs. CPSM - Drawdown Comparison

The maximum KDEC drawdown since its inception was -16.52%, which is greater than CPSM's maximum drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for KDEC and CPSM.

Drawdown Indicators

	KDEC	CPSM	Difference
Max Drawdown Largest peak-to-trough decline	-16.52%	-5.19%	-11.33%
Max Drawdown (1Y) Largest decline over 1 year	-5.38%	-0.49%	-4.89%
Current Drawdown Current decline from peak	0.00%	-0.25%	+0.25%
Average Drawdown Average peak-to-trough decline	-2.97%	-0.20%	-2.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	0.11%	+1.52%

Volatility

KDEC vs. CPSM - Volatility Comparison

Innovator U.S. Small Cap Power Buffer ETF - December (KDEC) has a higher volatility of 2.24% compared to Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) at 0.64%. This indicates that KDEC'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

	KDEC	CPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.24%	0.64%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	6.72%	1.17%	+5.55%
Volatility (1Y) Calculated over the trailing 1-year period	9.57%	1.65%	+7.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.29%	5.05%	+7.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.29%	5.05%	+7.24%

KDEC vs. CPSM - Expense Ratio Comparison

KDEC has a 0.79% expense ratio, which is higher than CPSM's 0.69% expense ratio.

Dividends

KDEC vs. CPSM - Dividend Comparison

Neither KDEC nor CPSM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KDEC and CPSM in my portfolio?

KDEC and CPSM have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KDEC or CPSM?

KDEC has higher volatility (2.24%) compared to CPSM (0.64%). In terms of maximum drawdown, KDEC dropped -16.52% vs CPSM's -5.19%.

Which ETF is better, KDEC or CPSM?

On 1-year performance, KDEC leads with 19.36% 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, KDEC or CPSM?

Over the 1-year period, KDEC has performed better with a 19.36% return vs 5.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KDEC or CPSM?

CPSM is cheaper with a 0.69% expense ratio, compared with 0.79% for KDEC.

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

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

What is the main difference between KDEC and CPSM?

They also come from different issuers: Innovator and Calamos. Their fees differ too: 0.79% for KDEC and 0.69% for CPSM.

Which has better risk-adjusted returns?

CPSM currently has the higher Sharpe Ratio (3.35 vs 2.04), 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.