ZAPR vs. CPST

Last updated Jun 4, 2026

ZAPR (Innovator Equity Defined Protection ETF - 1 Yr April) and CPST (Calamos S&P 500 Structured Alt Protection ETF - September) are both Defined Outcome funds. ZAPR is actively managed, while CPST is passively managed. Over the past year, ZAPR returned 7.17% vs 7.61% for CPST. A 0.60 correlation means they provide meaningful diversification when combined. ZAPR charges 0.79%/yr vs 0.69%/yr for CPST.

Performance

ZAPR vs. CPST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) and Calamos S&P 500 Structured Alt Protection ETF - September (CPST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZAPR achieves a 3.25% return, which is significantly higher than CPST's 2.67% return.

ZAPR

• 1D: 0.03%
• 1M: 0.52%
• YTD: 3.25%
• 6M: 3.73%
• 1Y: 7.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPST

• 1D: 0.00%
• 1M: 0.87%
• YTD: 2.67%
• 6M: 2.98%
• 1Y: 7.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZAPR vs. CPST - Yearly Performance Comparison

	2026 (YTD)	2025
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April	3.25%	5.29%
CPST Calamos S&P 500 Structured Alt Protection ETF - September	2.67%	7.19%

Correlation

The correlation between ZAPR and CPST is 0.55, 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	0.55
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.60

The correlation between ZAPR and CPST has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.

Return for Risk

ZAPR vs. CPST — Risk / Return Rank

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

ZAPR

ZAPR Risk / Return Rank: 98
ZAPR Sharpe Ratio Rank: 97
ZAPR Sortino Ratio Rank: 99
ZAPR Omega Ratio Rank: 98
ZAPR Calmar Ratio Rank: 98
ZAPR Martin Ratio Rank: 99

CPST

CPST Risk / Return Rank: 94
CPST Sharpe Ratio Rank: 94
CPST Sortino Ratio Rank: 97
CPST Omega Ratio Rank: 96
CPST Calmar Ratio Rank: 89
CPST Martin Ratio Rank: 95

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.

ZAPR vs. CPST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) and Calamos S&P 500 Structured Alt Protection ETF - September (CPST). 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.

	ZAPR	CPST	Difference
Sharpe ratio: Return per unit of total volatility	4.93	3.56	+1.37
Sortino ratio: Return per unit of downside risk	9.13	5.91	+3.22
Omega ratio: Gain probability vs. loss probability	2.30	1.82	+0.48
Calmar ratio: Return relative to maximum drawdown	17.93	5.38	+12.55
Martin ratio: Return relative to average drawdown	92.53	28.97	+63.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZAPR vs. CPST - Sharpe Ratio Comparison

The current ZAPR Sharpe Ratio is 4.93, which is higher than the CPST Sharpe Ratio of 3.56. The chart below compares the historical Sharpe Ratios of ZAPR and CPST, 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

	ZAPR	CPST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.93	3.56	+1.37
Sharpe Ratio (All Time) Calculated using the full available price history	2.96	2.02	+0.94

Drawdowns

ZAPR vs. CPST - Drawdown Comparison

The maximum ZAPR drawdown since its inception was -1.72%, smaller than the maximum CPST drawdown of -3.79%. Use the drawdown chart below to compare losses from any high point for ZAPR and CPST.

Drawdown Indicators

	ZAPR	CPST	Difference
Max Drawdown Largest peak-to-trough decline	-1.72%	-3.79%	+2.07%
Max Drawdown (1Y) Largest decline over 1 year	-0.40%	-1.42%	+1.02%
Current Drawdown Current decline from peak	-0.03%	0.00%	-0.03%
Average Drawdown Average peak-to-trough decline	-0.09%	-0.35%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.26%	-0.18%

Volatility

ZAPR vs. CPST - Volatility Comparison

Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) has a higher volatility of 0.37% compared to Calamos S&P 500 Structured Alt Protection ETF - September (CPST) at 0.30%. This indicates that ZAPR's price experiences larger fluctuations and is considered to be riskier than CPST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZAPR	CPST	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.37%	0.30%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	1.01%	1.60%	-0.59%
Volatility (1Y) Calculated over the trailing 1-year period	1.46%	2.15%	-0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.51%	3.37%	-0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.51%	3.37%	-0.86%

ZAPR vs. CPST - Expense Ratio Comparison

ZAPR has a 0.79% expense ratio, which is higher than CPST's 0.69% expense ratio.

Dividends

ZAPR vs. CPST - Dividend Comparison

Neither ZAPR nor CPST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZAPR and CPST in my portfolio?

ZAPR and CPST have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZAPR or CPST?

ZAPR has higher volatility (0.37%) compared to CPST (0.30%). In terms of maximum drawdown, ZAPR dropped -1.72% vs CPST's -3.79%.

Which ETF is better, ZAPR or CPST?

On 1-year performance, CPST leads with 7.61% vs 7.17% for ZAPR. On fees, CPST is cheaper at 0.69% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZAPR or CPST?

Over the 1-year period, CPST has performed better with a 7.61% return vs 7.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZAPR or CPST?

CPST is cheaper with a 0.69% expense ratio, compared with 0.79% for ZAPR.

Which ETF pays a higher dividend yield, ZAPR or CPST?

ZAPR and CPST have nearly identical dividend yields, around 0.00%.

What is the main difference between ZAPR and CPST?

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

Which has better risk-adjusted returns?

ZAPR currently has the higher Sharpe Ratio (4.93 vs 3.56), 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.