SEPU vs. CPRA

Last updated Aug 1, 2026

SEPU (AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF) and CPRA (Calamos Russell 2000 Structured Alt Protection ETF - April) are both Defined Outcome funds. Both are actively managed. Over the past year, SEPU returned 15.76% vs 8.87% for CPRA. Their 0.73 correlation means they have sometimes moved together and sometimes differently. SEPU charges 0.74%/yr vs 0.69%/yr for CPRA.

Performance

SEPU vs. CPRA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF (SEPU) 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, SEPU achieves a 7.10% return, which is significantly higher than CPRA's 4.58% return.

SEPU

• 1D: 0.83%
• 1M: 0.20%
• 6M: 5.98%
• YTD: 7.10%
• 1Y: 15.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.95%

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
SEPU AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF	$330.11K	$308.66K	$602.65K

SEPU vs. CPRA - Yearly Performance Comparison

	2026 (YTD)	2025
SEPU AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF	7.10%	15.90%
CPRA Calamos Russell 2000 Structured Alt Protection ETF - April	4.58%	6.93%

Correlation

The correlation between SEPU and CPRA is 0.72, 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.	0.72
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.73

The correlation between SEPU and CPRA has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.

Return for Risk

SEPU vs. CPRA — Risk / Return Rank

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

SEPU

SEPU Risk / Return Rank: 57
SEPU Sharpe Ratio Rank: 54
SEPU Sortino Ratio Rank: 52
SEPU Omega Ratio Rank: 52
SEPU Calmar Ratio Rank: 65
SEPU Martin Ratio Rank: 65

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.

SEPU vs. CPRA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF (SEPU) 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.

	SEPU	CPRA	Difference
Sharpe ratio: Return per unit of total volatility	1.32	3.96	-2.64
Sortino ratio: Return per unit of downside risk	1.86	6.87	-5.01
Omega ratio: Gain probability vs. loss probability	1.24	1.95	-0.71
Calmar ratio: Return relative to maximum drawdown	2.27	9.57	-7.30
Martin ratio: Return relative to average drawdown	7.96	54.79	-46.84

SEPU vs. CPRA - Sharpe Ratio Comparison

The current SEPU Sharpe Ratio is 1.32, which is lower than the CPRA Sharpe Ratio of 3.96. The chart below compares the historical Sharpe Ratios of SEPU 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

SEPU vs. CPRA - Drawdown Comparison

The maximum SEPU drawdown since its inception was -11.76%, which is greater than CPRA's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for SEPU and CPRA.

Drawdown Indicators

	SEPU	CPRA	Difference
Max Drawdown Largest peak-to-trough decline	-11.76%	-1.69%	-10.07%
Max Drawdown (1Y) Largest decline over 1 year	-6.23%	-0.89%	-5.34%
Current Drawdown Current decline from peak	-1.74%	-0.02%	-1.72%
Average Drawdown Average peak-to-trough decline	-1.77%	-0.14%	-1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	0.16%	+1.62%

Volatility

SEPU vs. CPRA - Volatility Comparison

AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF (SEPU) has a higher volatility of 3.17% compared to Calamos Russell 2000 Structured Alt Protection ETF - April (CPRA) at 0.44%. This indicates that SEPU'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

	SEPU	CPRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	0.44%	+2.73%
Volatility (6M) Calculated over the trailing 6-month period	8.39%	1.36%	+7.03%
Volatility (1Y) Calculated over the trailing 1-year period	10.71%	2.16%	+8.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.16%	2.71%	+8.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.16%	2.71%	+8.45%

SEPU vs. CPRA - Expense Ratio Comparison

SEPU has a 0.74% expense ratio, which is higher than CPRA's 0.69% expense ratio.

Dividends

SEPU vs. CPRA - Dividend Comparison

Neither SEPU nor CPRA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SEPU and CPRA in my portfolio?

SEPU and CPRA have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEPU or CPRA?

SEPU has higher volatility (3.17%) compared to CPRA (0.44%). In terms of maximum drawdown, SEPU dropped -11.76% vs CPRA's -1.69%.

Which ETF is better, SEPU or CPRA?

On 1-year performance, SEPU leads with 15.76% 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, SEPU or CPRA?

Over the 1-year period, SEPU has performed better with a 15.76% return vs 8.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEPU or CPRA?

CPRA is cheaper with a 0.69% expense ratio, compared with 0.74% for SEPU.

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

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

What is the main difference between SEPU and CPRA?

They also come from different issuers: Allianz and Calamos. Their fees differ too: 0.74% for SEPU and 0.69% for CPRA.

Which has better risk-adjusted returns?

CPRA currently has the higher Sharpe Ratio (3.96 vs 1.32), 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.