NDEC vs. CPRA

Last updated Aug 1, 2026

NDEC (Innovator Growth-100 Power Buffer ETF - December) and CPRA (Calamos Russell 2000 Structured Alt Protection ETF - April) are both Defined Outcome funds. NDEC is passively managed, while CPRA is actively managed. Over the past year, NDEC returned 14.52% vs 8.87% for CPRA. Their 0.64 correlation means they have sometimes moved together and sometimes differently. NDEC charges 0.79%/yr vs 0.69%/yr for CPRA.

Performance

NDEC vs. CPRA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth-100 Power Buffer ETF - December (NDEC) 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, NDEC achieves a 7.34% return, which is significantly higher than CPRA's 4.58% return.

NDEC

• 1D: 0.49%
• 1M: -0.06%
• 6M: 6.67%
• YTD: 7.34%
• 1Y: 14.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.02%

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
NDEC Innovator Growth-100 Power Buffer ETF - December	$165.85K	$367.56K	$591.89K

NDEC vs. CPRA - Yearly Performance Comparison

	2026 (YTD)	2025
NDEC Innovator Growth-100 Power Buffer ETF - December	7.34%	17.68%
CPRA Calamos Russell 2000 Structured Alt Protection ETF - April	4.58%	6.93%

Correlation

The correlation between NDEC and CPRA is 0.63, 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.	0.63
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.64

The correlation between NDEC and CPRA has been stable across timeframes, ranging from 0.63 to 0.64 - a consistent structural relationship.

Return for Risk

NDEC vs. CPRA — Risk / Return Rank

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

NDEC

NDEC Risk / Return Rank: 73
NDEC Sharpe Ratio Rank: 74
NDEC Sortino Ratio Rank: 74
NDEC Omega Ratio Rank: 76
NDEC Calmar Ratio Rank: 61
NDEC Martin Ratio Rank: 77

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.

NDEC vs. CPRA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth-100 Power Buffer ETF - December (NDEC) 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.

	NDEC	CPRA	Difference
Sharpe ratio: Return per unit of total volatility	1.70	3.96	-2.26
Sortino ratio: Return per unit of downside risk	2.43	6.87	-4.44
Omega ratio: Gain probability vs. loss probability	1.32	1.95	-0.63
Calmar ratio: Return relative to maximum drawdown	2.20	9.57	-7.38
Martin ratio: Return relative to average drawdown	9.94	54.79	-44.85

NDEC vs. CPRA - Sharpe Ratio Comparison

The current NDEC Sharpe Ratio is 1.70, which is lower than the CPRA Sharpe Ratio of 3.96. The chart below compares the historical Sharpe Ratios of NDEC 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

NDEC vs. CPRA - Drawdown Comparison

The maximum NDEC drawdown since its inception was -12.98%, which is greater than CPRA's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for NDEC and CPRA.

Drawdown Indicators

	NDEC	CPRA	Difference
Max Drawdown Largest peak-to-trough decline	-12.98%	-1.69%	-11.29%
Max Drawdown (1Y) Largest decline over 1 year	-6.19%	-0.89%	-5.30%
Current Drawdown Current decline from peak	-1.00%	-0.02%	-0.98%
Average Drawdown Average peak-to-trough decline	-1.39%	-0.14%	-1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.36%	0.16%	+1.20%

Volatility

NDEC vs. CPRA - Volatility Comparison

Innovator Growth-100 Power Buffer ETF - December (NDEC) has a higher volatility of 2.61% compared to Calamos Russell 2000 Structured Alt Protection ETF - April (CPRA) at 0.44%. This indicates that NDEC'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

	NDEC	CPRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.61%	0.44%	+2.17%
Volatility (6M) Calculated over the trailing 6-month period	6.86%	1.36%	+5.50%
Volatility (1Y) Calculated over the trailing 1-year period	8.01%	2.16%	+5.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.44%	2.71%	+8.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.44%	2.71%	+8.73%

NDEC vs. CPRA - Expense Ratio Comparison

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

Dividends

NDEC vs. CPRA - Dividend Comparison

Neither NDEC nor CPRA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NDEC and CPRA in my portfolio?

NDEC and CPRA have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NDEC or CPRA?

NDEC has higher volatility (2.61%) compared to CPRA (0.44%). In terms of maximum drawdown, NDEC dropped -12.98% vs CPRA's -1.69%.

Which ETF is better, NDEC or CPRA?

On 1-year performance, NDEC leads with 14.52% vs 8.87% for CPRA. 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, NDEC or CPRA?

Over the 1-year period, NDEC has performed better with a 14.52% return vs 8.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NDEC or CPRA?

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

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

NDEC and CPRA have nearly identical dividend yields, around 0.00%.

What is the main difference between NDEC and CPRA?

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

Which has better risk-adjusted returns?

CPRA currently has the higher Sharpe Ratio (3.96 vs 1.70), 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.