PAPR vs. CPSM

Last updated Jun 4, 2026

PAPR (Innovator U.S. Equity Power Buffer ETF - April) and CPSM (Calamos S&P 500 Structured Alt Protection ETF - May) are both Defined Outcome funds. PAPR is passively managed, while CPSM is actively managed. Over the past year, PAPR returned 14.95% vs 5.88% for CPSM. A 0.69 correlation means they provide meaningful diversification when combined. PAPR charges 0.79%/yr vs 0.69%/yr for CPSM.

Performance

PAPR vs. CPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - April (PAPR) and Calamos S&P 500 Structured Alt Protection ETF - May (CPSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAPR achieves a 7.72% return, which is significantly higher than CPSM's 2.27% return.

PAPR

• 1D: -0.18%
• 1M: 1.59%
• YTD: 7.72%
• 6M: 8.40%
• 1Y: 14.95%
• 3Y*: 11.66%
• 5Y*: 8.37%
• 10Y*: —

CPSM

• 1D: -0.06%
• 1M: 0.71%
• YTD: 2.27%
• 6M: 2.72%
• 1Y: 5.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAPR vs. CPSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PAPR Innovator U.S. Equity Power Buffer ETF - April	7.72%	6.58%	11.87%
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	2.27%	7.21%	6.67%

Correlation

The correlation between PAPR and CPSM is 0.56, 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	0.56
Correlation (All Time) Calculated using the full available price history since May 2, 2024	0.69

The correlation between PAPR and CPSM shifts across timeframes, from 0.56 (1 year) to 0.69 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PAPR vs. CPSM — Risk / Return Rank

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

PAPR

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

CPSM

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

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.

PAPR vs. CPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - April (PAPR) and Calamos S&P 500 Structured Alt Protection ETF - May (CPSM). 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.

	PAPR	CPSM	Difference
Sharpe ratio Return per unit of total volatility	4.56	3.78	+0.79
Sortino ratio Return per unit of downside risk	8.35	6.33	+2.02
Omega ratio Gain probability vs. loss probability	2.12	1.84	+0.28
Calmar ratio Return relative to maximum drawdown	18.05	13.01	+5.04
Martin ratio Return relative to average drawdown	82.05	61.11	+20.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAPR vs. CPSM - Sharpe Ratio Comparison

The current PAPR Sharpe Ratio is 4.56, which is comparable to the CPSM Sharpe Ratio of 3.78. The chart below compares the historical Sharpe Ratios of PAPR and CPSM, 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

	PAPR	CPSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.56	3.78	+0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	1.54	-0.71

Drawdowns

PAPR vs. CPSM - Drawdown Comparison

The maximum PAPR drawdown since its inception was -15.31%, which is greater than CPSM's maximum drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for PAPR and CPSM.

Drawdown Indicators

	PAPR	CPSM	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-5.19%	-10.12%
Max Drawdown (1Y) Largest decline over 1 year	-0.83%	-0.45%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	-11.87%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.87%	—	—
Current Drawdown Current decline from peak	-0.21%	-0.06%	-0.15%
Average Drawdown Average peak-to-trough decline	-1.57%	-0.20%	-1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.18%	0.10%	+0.08%

Volatility

PAPR vs. CPSM - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - April (PAPR) has a higher volatility of 0.86% compared to Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) at 0.35%. This indicates that PAPR's price experiences larger fluctuations and is considered to be riskier than CPSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAPR	CPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	0.35%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	2.46%	1.14%	+1.32%
Volatility (1Y) Calculated over the trailing 1-year period	3.29%	1.57%	+1.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.21%	5.10%	+3.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.44%	5.10%	+4.34%

PAPR vs. CPSM - Expense Ratio Comparison

PAPR has a 0.79% expense ratio, which is higher than CPSM's 0.69% expense ratio.

Dividends

PAPR vs. CPSM - Dividend Comparison

Neither PAPR nor CPSM has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PAPR Innovator U.S. Equity Power Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.07%

Frequently Asked Questions

Can I hold both PAPR and CPSM in my portfolio?

PAPR and CPSM have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAPR or CPSM?

PAPR has higher volatility (0.86%) compared to CPSM (0.35%). In terms of maximum drawdown, PAPR dropped -15.31% vs CPSM's -5.19%.

Which ETF is better, PAPR or CPSM?

On 1-year performance, PAPR leads with 14.95% vs 5.88% for CPSM. On fees, CPSM is cheaper at 0.69% per year. On volatility, CPSM has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAPR or CPSM?

Over the 1-year period, PAPR has performed better with a 14.95% return vs 5.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAPR or CPSM?

CPSM is cheaper with a 0.69% expense ratio, compared with 0.79% for PAPR.

Which ETF pays a higher dividend yield, PAPR or CPSM?

PAPR and CPSM have nearly identical dividend yields, around 0.00%.

What is the main difference between PAPR and CPSM?

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

Which has better risk-adjusted returns?

PAPR currently has the higher Sharpe Ratio (4.56 vs 3.78), 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.