KFEB vs. CPSD

Last updated Jun 4, 2026

KFEB (Innovator U.S. Small Cap Power Buffer ETF - February) and CPSD (Calamos S&P 500 Structured Alt Protection ETF - December) are both Defined Outcome funds. Both are actively managed. Over the past year, KFEB returned 24.53% vs 9.16% for CPSD. A 0.66 correlation means they provide meaningful diversification when combined. KFEB charges 0.79%/yr vs 0.69%/yr for CPSD.

Performance

KFEB vs. CPSD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Small Cap Power Buffer ETF - February (KFEB) and Calamos S&P 500 Structured Alt Protection ETF - December (CPSD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KFEB achieves a 11.46% return, which is significantly higher than CPSD's 2.55% return.

KFEB

• 1D: -0.56%
• 1M: 1.73%
• YTD: 11.46%
• 6M: 10.76%
• 1Y: 24.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSD

• 1D: 0.07%
• 1M: 0.89%
• YTD: 2.55%
• 6M: 2.99%
• 1Y: 9.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KFEB vs. CPSD - Yearly Performance Comparison

	2026 (YTD)	2025
KFEB Innovator U.S. Small Cap Power Buffer ETF - February	11.46%	8.76%
CPSD Calamos S&P 500 Structured Alt Protection ETF - December	2.55%	7.28%

Correlation

The correlation between KFEB and CPSD is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	0.66

The correlation between KFEB and CPSD has been stable across timeframes, ranging from 0.64 to 0.66 - a consistent structural relationship.

Return for Risk

KFEB vs. CPSD — Risk / Return Rank

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

KFEB

KFEB Risk / Return Rank: 74
KFEB Sharpe Ratio Rank: 70
KFEB Sortino Ratio Rank: 73
KFEB Omega Ratio Rank: 65
KFEB Calmar Ratio Rank: 82
KFEB Martin Ratio Rank: 80

CPSD

CPSD Risk / Return Rank: 94
CPSD Sharpe Ratio Rank: 92
CPSD Sortino Ratio Rank: 95
CPSD Omega Ratio Rank: 95
CPSD Calmar Ratio Rank: 92
CPSD Martin Ratio Rank: 95

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.

KFEB vs. CPSD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF - February (KFEB) and Calamos S&P 500 Structured Alt Protection ETF - December (CPSD). 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.

	KFEB	CPSD	Difference
Sharpe ratio: Return per unit of total volatility	2.25	3.26	-1.02
Sortino ratio: Return per unit of downside risk	3.26	5.18	-1.92
Omega ratio: Gain probability vs. loss probability	1.39	1.72	-0.33
Calmar ratio: Return relative to maximum drawdown	4.25	6.19	-1.94
Martin ratio: Return relative to average drawdown	15.46	30.66	-15.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KFEB vs. CPSD - Sharpe Ratio Comparison

The current KFEB Sharpe Ratio is 2.25, which is lower than the CPSD Sharpe Ratio of 3.26. The chart below compares the historical Sharpe Ratios of KFEB and CPSD, 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

	KFEB	CPSD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.25	3.26	-1.02
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	2.03	-0.85

Drawdowns

KFEB vs. CPSD - Drawdown Comparison

The maximum KFEB drawdown since its inception was -14.16%, which is greater than CPSD's maximum drawdown of -3.45%. Use the drawdown chart below to compare losses from any high point for KFEB and CPSD.

Drawdown Indicators

	KFEB	CPSD	Difference
Max Drawdown Largest peak-to-trough decline	-14.16%	-3.45%	-10.71%
Max Drawdown (1Y) Largest decline over 1 year	-5.80%	-1.49%	-4.31%
Current Drawdown Current decline from peak	-0.57%	0.00%	-0.57%
Average Drawdown Average peak-to-trough decline	-2.33%	-0.47%	-1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	0.30%	+1.29%

Volatility

KFEB vs. CPSD - Volatility Comparison

Innovator U.S. Small Cap Power Buffer ETF - February (KFEB) has a higher volatility of 2.41% compared to Calamos S&P 500 Structured Alt Protection ETF - December (CPSD) at 0.37%. This indicates that KFEB's price experiences larger fluctuations and is considered to be riskier than CPSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KFEB	CPSD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.41%	0.37%	+2.04%
Volatility (6M) Calculated over the trailing 6-month period	7.71%	1.58%	+6.13%
Volatility (1Y) Calculated over the trailing 1-year period	10.99%	2.83%	+8.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.27%	3.41%	+9.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.27%	3.41%	+9.86%

KFEB vs. CPSD - Expense Ratio Comparison

KFEB has a 0.79% expense ratio, which is higher than CPSD's 0.69% expense ratio.

Dividends

KFEB vs. CPSD - Dividend Comparison

Neither KFEB nor CPSD has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KFEB and CPSD in my portfolio?

KFEB and CPSD have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KFEB or CPSD?

KFEB has higher volatility (2.41%) compared to CPSD (0.37%). In terms of maximum drawdown, KFEB dropped -14.16% vs CPSD's -3.45%.

Which ETF is better, KFEB or CPSD?

On 1-year performance, KFEB leads with 24.53% vs 9.16% for CPSD. On fees, CPSD is cheaper at 0.69% per year. On volatility, CPSD has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KFEB or CPSD?

Over the 1-year period, KFEB has performed better with a 24.53% return vs 9.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KFEB or CPSD?

CPSD is cheaper with a 0.69% expense ratio, compared with 0.79% for KFEB.

Which ETF pays a higher dividend yield, KFEB or CPSD?

KFEB and CPSD have nearly identical dividend yields, around 0.00%.

What is the main difference between KFEB and CPSD?

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

Which has better risk-adjusted returns?

CPSD currently has the higher Sharpe Ratio (3.26 vs 2.25), 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.