MOON vs. CPRJ

Last updated Jun 24, 2026

MOON (Direxion Moonshot Innovators ETF) and CPRJ (Calamos Russell 2000 Structured Alt Protection ETF - July) are both exchange-traded funds - MOON is a Technology Equities fund tracking the S&P Kensho Moonshots Index, while CPRJ is a Defined Outcome fund tracking the MerQube Cap Protect US Small Cap PR Index - Jul. Both are passively managed. At a 0.12 correlation, their price movements are largely independent. MOON charges 0.65%/yr vs 0.69%/yr for CPRJ.

Performance

MOON vs. CPRJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Moonshot Innovators ETF (MOON) and Calamos Russell 2000 Structured Alt Protection ETF - July (CPRJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MOON

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPRJ

• 1D: 0.00%
• 1M: 0.34%
• YTD: 3.22%
• 6M: 3.10%
• 1Y: 9.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MOON vs. CPRJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MOON Direxion Moonshot Innovators ETF	0.00%	0.00%	9.31%
CPRJ Calamos Russell 2000 Structured Alt Protection ETF - July	3.22%	5.04%	3.95%

Correlation

The correlation between MOON and CPRJ is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024	0.12

Return for Risk

MOON vs. CPRJ — Risk / Return Rank

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

MOON

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

CPRJ

CPRJ Risk / Return Rank: 94
CPRJ Sharpe Ratio Rank: 89
CPRJ Sortino Ratio Rank: 95
CPRJ Omega Ratio Rank: 96
CPRJ Calmar Ratio Rank: 96
CPRJ Martin Ratio Rank: 96

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.

MOON vs. CPRJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Moonshot Innovators ETF (MOON) and Calamos Russell 2000 Structured Alt Protection ETF - July (CPRJ). 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.

	MOON	CPRJ	Difference
Sharpe ratio: Return per unit of total volatility	—	2.69	—
Sortino ratio: Return per unit of downside risk	—	4.69	—
Omega ratio: Gain probability vs. loss probability	—	1.70	—
Calmar ratio: Return relative to maximum drawdown	—	7.79	—
Martin ratio: Return relative to average drawdown	—	32.38	—

Drawdowns

Drawdown Indicators

	MOON	CPRJ	Difference
Max Drawdown Largest peak-to-trough decline	—	-6.25%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-1.19%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-0.86%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.29%	—

Volatility

Volatility by Period

	MOON	CPRJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.33%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.60%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	3.52%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	5.09%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	5.09%	—

MOON vs. CPRJ - Expense Ratio Comparison

MOON has a 0.65% expense ratio, which is lower than CPRJ's 0.69% expense ratio.

Dividends

MOON vs. CPRJ - Dividend Comparison

Neither MOON nor CPRJ has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
CPRJ Calamos Russell 2000 Structured Alt Protection ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MOON Direxion Moonshot Innovators ETF	0.00%	0.00%	0.62%	1.41%	0.00%	1.64%

Frequently Asked Questions

Can I hold both MOON and CPRJ in my portfolio?

MOON and CPRJ have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MOON or CPRJ?

On fees, MOON is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MOON or CPRJ?

MOON is cheaper with a 0.65% expense ratio, compared with 0.69% for CPRJ.

Which ETF pays a higher dividend yield, MOON or CPRJ?

MOON and CPRJ have nearly identical dividend yields, around 0.00%.

What is the main difference between MOON and CPRJ?

MOON is categorized as Technology Equities, while CPRJ is Defined Outcome. MOON tracks S&P Kensho Moonshots Index, while CPRJ tracks MerQube Cap Protect US Small Cap PR Index - Jul. They also come from different issuers: Direxion and Calamos. Their fees differ too: 0.65% for MOON and 0.69% for CPRJ.