LJUL vs. CPRA

Last updated Aug 1, 2026

LJUL (Innovator Premium Income 15 Buffer ETF - July) and CPRA (Calamos Russell 2000 Structured Alt Protection ETF - April) are both Defined Outcome funds. Both are actively managed. Over the past year, LJUL returned 5.51% vs 8.87% for CPRA. Their 0.57 correlation means they have sometimes moved together and sometimes differently. LJUL charges 0.79%/yr vs 0.69%/yr for CPRA.

Performance

LJUL vs. CPRA - 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 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, LJUL achieves a 2.59% return, which is significantly lower than CPRA's 4.58% return.

LJUL

• 1D: 0.21%
• 1M: 0.47%
• 6M: 2.30%
• YTD: 2.59%
• 1Y: 5.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.64%

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
LJUL Innovator Premium Income 15 Buffer ETF - July	$42.40K	$69.77K	$41.95K

LJUL vs. CPRA - Yearly Performance Comparison

	2026 (YTD)	2025
LJUL Innovator Premium Income 15 Buffer ETF - July	2.59%	4.85%
CPRA Calamos Russell 2000 Structured Alt Protection ETF - April	4.58%	6.93%

Correlation

The correlation between LJUL and CPRA is 0.57, 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.	0.57
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.57

The correlation between LJUL and CPRA has been stable across timeframes, ranging from 0.57 to 0.57 - a consistent structural relationship.

Return for Risk

LJUL vs. CPRA — Risk / Return Rank

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

LJUL

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

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.

LJUL vs. CPRA - 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 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.

	LJUL	CPRA	Difference
Sharpe ratio: Return per unit of total volatility	3.51	3.96	-0.45
Sortino ratio: Return per unit of downside risk	5.86	6.87	-1.02
Omega ratio: Gain probability vs. loss probability	1.87	1.95	-0.08
Calmar ratio: Return relative to maximum drawdown	10.53	9.57	+0.96
Martin ratio: Return relative to average drawdown	53.35	54.79	-1.44

LJUL vs. CPRA - Sharpe Ratio Comparison

The current LJUL Sharpe Ratio is 3.51, which is comparable to the CPRA Sharpe Ratio of 3.96. The chart below compares the historical Sharpe Ratios of LJUL 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

LJUL vs. CPRA - Drawdown Comparison

The maximum LJUL drawdown since its inception was -4.85%, which is greater than CPRA's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for LJUL and CPRA.

Drawdown Indicators

	LJUL	CPRA	Difference
Max Drawdown Largest peak-to-trough decline	-4.85%	-1.69%	-3.16%
Max Drawdown (1Y) Largest decline over 1 year	-0.52%	-0.89%	+0.37%
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.66%	-0.14%	-0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	0.16%	-0.06%

Volatility

LJUL vs. CPRA - Volatility Comparison

Innovator Premium Income 15 Buffer ETF - July (LJUL) has a higher volatility of 0.55% compared to Calamos Russell 2000 Structured Alt Protection ETF - April (CPRA) at 0.44%. This indicates that LJUL'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

	LJUL	CPRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.55%	0.44%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	1.15%	1.36%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	1.57%	2.16%	-0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.21%	2.71%	+1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.21%	2.71%	+1.50%

LJUL vs. CPRA - Expense Ratio Comparison

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

Dividends

LJUL vs. CPRA - Dividend Comparison

LJUL's dividend yield for the trailing twelve months is around 5.21%, while CPRA has not paid dividends to shareholders.

Position	TTM	2025	2024
CPRA Calamos Russell 2000 Structured Alt Protection ETF - April	0.00%	0.00%	0.00%
LJUL Innovator Premium Income 15 Buffer ETF - July	5.21%	5.36%	2.78%

Frequently Asked Questions

Can I hold both LJUL and CPRA in my portfolio?

LJUL and CPRA have a correlation of 0.57, 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 CPRA?

LJUL has higher volatility (0.55%) compared to CPRA (0.44%). In terms of maximum drawdown, LJUL dropped -4.85% vs CPRA's -1.69%.

Which ETF is better, LJUL or CPRA?

On 1-year performance, CPRA leads with 8.87% vs 5.51% for LJUL. 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, LJUL or CPRA?

Over the 1-year period, CPRA has performed better with a 8.87% return vs 5.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LJUL or CPRA?

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

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

LJUL has the higher dividend yield at 5.21%, compared with 0.00% for CPRA.

What is the main difference between LJUL and CPRA?

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

Which has better risk-adjusted returns?

CPRA currently has the higher Sharpe Ratio (3.96 vs 3.51), 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.