UAPR vs. CPSD

Last updated Aug 4, 2026

UAPR (Innovator U.S. Equity Ultra Buffer ETF - April) and CPSD (Calamos S&P 500 Structured Alt Protection ETF - December) are both Defined Outcome funds. UAPR is passively managed, while CPSD is actively managed. Over the past year, UAPR returned 12.69% vs 7.99% for CPSD. Their 0.75 correlation means they have sometimes moved together and sometimes differently. UAPR charges 0.79%/yr vs 0.69%/yr for CPSD.

Performance

UAPR vs. CPSD - Performance Comparison

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

Returns By Period

In the year-to-date period, UAPR achieves a 8.16% return, which is significantly higher than CPSD's 3.36% return.

UAPR

• 1D: 0.27%
• 1M: 0.78%
• 6M: 7.41%
• YTD: 8.16%
• 1Y: 12.69%
• 3Y*: 10.66%
• 5Y*: 6.55%
• 10Y*: —
• ALL TIME*: 5.01%

CPSD

• 1D: 0.16%
• 1M: 0.75%
• 6M: 2.87%
• YTD: 3.36%
• 1Y: 7.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.63%

*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)
CPSD Calamos S&P 500 Structured Alt Protection ETF - December	$87.11K	$54.32K	$43.47K
UAPR Innovator U.S. Equity Ultra Buffer ETF - April	$272.17K	$278.57K	$295.72K

UAPR vs. CPSD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UAPR Innovator U.S. Equity Ultra Buffer ETF - April	8.16%	6.27%	-0.90%
CPSD Calamos S&P 500 Structured Alt Protection ETF - December	3.36%	7.63%	0.04%

Correlation

The correlation between UAPR and CPSD is 0.74, 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.	0.74
Correlation (All Time) Calculated using the full available price history since Dec 2, 2024	0.75

The correlation between UAPR and CPSD has been stable across timeframes, ranging from 0.74 to 0.75 - a consistent structural relationship.

Return for Risk

UAPR vs. CPSD — Risk / Return Rank

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

UAPR

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

CPSD

CPSD Risk / Return Rank: 96
CPSD Sharpe Ratio Rank: 95
CPSD Sortino Ratio Rank: 96
CPSD Omega Ratio Rank: 96
CPSD Calmar Ratio Rank: 95
CPSD Martin Ratio Rank: 96

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.

UAPR vs. CPSD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - April (UAPR) and Calamos S&P 500 Structured Alt Protection ETF - December (CPSD). 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.

	UAPR	CPSD	Difference
Sharpe ratio: Return per unit of total volatility	3.82	2.92	+0.91
Sortino ratio: Return per unit of downside risk	6.34	4.62	+1.72
Omega ratio: Gain probability vs. loss probability	1.87	1.63	+0.25
Calmar ratio: Return relative to maximum drawdown	11.46	5.40	+6.06
Martin ratio: Return relative to average drawdown	53.09	26.65	+26.44

UAPR vs. CPSD - Sharpe Ratio Comparison

The current UAPR Sharpe Ratio is 3.82, which is higher than the CPSD Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of UAPR and CPSD, 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

UAPR vs. CPSD - Drawdown Comparison

The maximum UAPR drawdown since its inception was -14.61%, which is greater than CPSD's maximum drawdown of -3.45%. Use the drawdown chart below to compare losses from any high point for UAPR and CPSD.

Drawdown Indicators

	UAPR	CPSD	Difference
Max Drawdown Largest peak-to-trough decline	-14.61%	-3.45%	-11.16%
Max Drawdown (1Y) Largest decline over 1 year	-1.11%	-1.49%	+0.38%
Max Drawdown (3Y) Largest decline over 3 years	-10.84%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.84%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.25%	-0.43%	-2.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.24%	0.30%	-0.06%

Volatility

UAPR vs. CPSD - Volatility Comparison

Innovator U.S. Equity Ultra Buffer ETF - April (UAPR) has a higher volatility of 0.98% compared to Calamos S&P 500 Structured Alt Protection ETF - December (CPSD) at 0.68%. This indicates that UAPR's price experiences larger fluctuations and is considered to be riskier than CPSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UAPR	CPSD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	0.68%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	2.71%	1.71%	+1.00%
Volatility (1Y) Calculated over the trailing 1-year period	3.34%	2.76%	+0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.90%	3.31%	+3.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.35%	3.31%	+5.04%

UAPR vs. CPSD - Expense Ratio Comparison

UAPR has a 0.79% expense ratio, which is higher than CPSD's 0.69% expense ratio.

Dividends

UAPR vs. CPSD - Dividend Comparison

Neither UAPR nor CPSD has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CPSD Calamos S&P 500 Structured Alt Protection ETF - December	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UAPR Innovator U.S. Equity Ultra Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.17%

Frequently Asked Questions

Can I hold both UAPR and CPSD in my portfolio?

UAPR and CPSD have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UAPR or CPSD?

UAPR has higher volatility (0.98%) compared to CPSD (0.68%). In terms of maximum drawdown, UAPR dropped -14.61% vs CPSD's -3.45%.

Which ETF is better, UAPR or CPSD?

On 1-year performance, UAPR leads with 12.69% vs 7.99% for CPSD. On fees, CPSD is cheaper at 0.69% per year. On volatility, CPSD has been the lower-risk option at 0.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UAPR or CPSD?

Over the 1-year period, UAPR has performed better with a 12.69% return vs 7.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UAPR or CPSD?

CPSD is cheaper with a 0.69% expense ratio, compared with 0.79% for UAPR.

Which ETF pays a higher dividend yield, UAPR or CPSD?

UAPR and CPSD have nearly identical dividend yields, around 0.00%.

What is the main difference between UAPR and CPSD?

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

Which has better risk-adjusted returns?

UAPR currently has the higher Sharpe Ratio (3.82 vs 2.92), 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.