LJUL vs. CPNS

Last updated Jun 5, 2026

LJUL (Innovator Premium Income 15 Buffer ETF - July) and CPNS (Calamos Nasdaq-100 Structured Alt Protection ETF - September) are both Defined Outcome funds. LJUL is actively managed, while CPNS is passively managed. Over the past year, LJUL returned 5.58% vs 7.68% for CPNS. A 0.63 correlation means they provide meaningful diversification when combined. LJUL charges 0.79%/yr vs 0.69%/yr for CPNS.

Performance

LJUL vs. CPNS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 15 Buffer ETF - July (LJUL) and Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LJUL achieves a 1.89% return, which is significantly lower than CPNS's 3.05% return.

LJUL

• 1D: 0.08%
• 1M: 0.33%
• YTD: 1.89%
• 6M: 2.35%
• 1Y: 5.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPNS

• 1D: 0.05%
• 1M: 0.72%
• YTD: 3.05%
• 6M: 3.25%
• 1Y: 7.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LJUL vs. CPNS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LJUL Innovator Premium Income 15 Buffer ETF - July	1.89%	5.91%	2.33%
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	3.05%	7.25%	2.79%

Correlation

The correlation between LJUL and CPNS is 0.59, 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	0.59
Correlation (All Time) Calculated using the full available price history since Sep 4, 2024	0.63

The correlation between LJUL and CPNS has been stable across timeframes, ranging from 0.59 to 0.63 - a consistent structural relationship.

Return for Risk

LJUL vs. CPNS — Risk / Return Rank

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

LJUL

LJUL Risk / Return Rank: 96
LJUL Sharpe Ratio Rank: 94
LJUL Sortino Ratio Rank: 96
LJUL Omega Ratio Rank: 97
LJUL Calmar Ratio Rank: 97
LJUL Martin Ratio Rank: 98

CPNS

CPNS Risk / Return Rank: 95
CPNS Sharpe Ratio Rank: 94
CPNS Sortino Ratio Rank: 96
CPNS Omega Ratio Rank: 96
CPNS Calmar Ratio Rank: 91
CPNS 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.

LJUL vs. CPNS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 15 Buffer ETF - July (LJUL) and Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS). 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.

	LJUL	CPNS	Difference
Sharpe ratio: Return per unit of total volatility	3.53	3.63	-0.09
Sortino ratio: Return per unit of downside risk	5.79	5.61	+0.18
Omega ratio: Gain probability vs. loss probability	1.87	1.81	+0.06
Calmar ratio: Return relative to maximum drawdown	10.68	5.87	+4.82
Martin ratio: Return relative to average drawdown	53.88	31.91	+21.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LJUL vs. CPNS - Sharpe Ratio Comparison

The current LJUL Sharpe Ratio is 3.53, which is comparable to the CPNS Sharpe Ratio of 3.63. The chart below compares the historical Sharpe Ratios of LJUL and CPNS, 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

	LJUL	CPNS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.53	3.63	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	1.79	2.19	-0.40

Drawdowns

LJUL vs. CPNS - Drawdown Comparison

The maximum LJUL drawdown since its inception was -3.21%, smaller than the maximum CPNS drawdown of -3.99%. Use the drawdown chart below to compare losses from any high point for LJUL and CPNS.

Drawdown Indicators

	LJUL	CPNS	Difference
Max Drawdown Largest peak-to-trough decline	-3.21%	-3.99%	+0.78%
Max Drawdown (1Y) Largest decline over 1 year	-0.52%	-1.31%	+0.79%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.12%	-0.35%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	0.24%	-0.14%

Volatility

LJUL vs. CPNS - Volatility Comparison

The current volatility for Innovator Premium Income 15 Buffer ETF - July (LJUL) is 0.23%, while Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS) has a volatility of 0.31%. This indicates that LJUL experiences smaller price fluctuations and is considered to be less risky than CPNS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LJUL	CPNS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.23%	0.31%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	1.06%	1.74%	-0.68%
Volatility (1Y) Calculated over the trailing 1-year period	1.58%	2.13%	-0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.25%	3.47%	-0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.25%	3.47%	-0.22%

LJUL vs. CPNS - Expense Ratio Comparison

LJUL has a 0.79% expense ratio, which is higher than CPNS's 0.69% expense ratio.

Dividends

LJUL vs. CPNS - Dividend Comparison

LJUL's dividend yield for the trailing twelve months is around 5.22%, while CPNS has not paid dividends to shareholders.

Position	TTM	2025	2024
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	0.00%	0.00%	0.00%
LJUL Innovator Premium Income 15 Buffer ETF - July	5.22%	5.36%	2.78%

Frequently Asked Questions

Can I hold both LJUL and CPNS in my portfolio?

LJUL and CPNS have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LJUL or CPNS?

CPNS has higher volatility (0.31%) compared to LJUL (0.23%). In terms of maximum drawdown, LJUL dropped -3.21% vs CPNS's -3.99%.

Which ETF is better, LJUL or CPNS?

On 1-year performance, CPNS leads with 7.68% vs 5.58% for LJUL. On fees, CPNS is cheaper at 0.69% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LJUL or CPNS?

Over the 1-year period, CPNS has performed better with a 7.68% return vs 5.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LJUL or CPNS?

CPNS is cheaper with a 0.69% expense ratio, compared with 0.79% for LJUL.

Which ETF pays a higher dividend yield, LJUL or CPNS?

LJUL has the higher dividend yield at 5.22%, compared with 0.00% for CPNS.

What is the main difference between LJUL and CPNS?

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

Which has better risk-adjusted returns?

CPNS currently has the higher Sharpe Ratio (3.63 vs 3.53), 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.