ZDEK vs. CPRJ

Last updated Aug 1, 2026

ZDEK (Innovator Equity Defined Protection ETF - 1 Yr December) and CPRJ (Calamos Russell 2000 Structured Alt Protection ETF - July) are both Defined Outcome funds. ZDEK is actively managed, while CPRJ is passively managed. Over the past year, ZDEK returned 7.82% vs 7.00% for CPRJ. Their 0.67 correlation means they have sometimes moved together and sometimes differently. ZDEK charges 0.79%/yr vs 0.69%/yr for CPRJ.

Performance

ZDEK vs. CPRJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK) and Calamos Russell 2000 Structured Alt Protection ETF - July (CPRJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ZDEK having a 3.22% return and CPRJ slightly lower at 3.12%.

ZDEK

• 1D: 0.29%
• 1M: 0.55%
• 6M: 2.85%
• YTD: 3.22%
• 1Y: 7.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.42%

CPRJ

• 1D: -0.11%
• 1M: -0.14%
• 6M: 2.28%
• YTD: 3.12%
• 1Y: 7.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.87%

*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)
CPRJ Calamos Russell 2000 Structured Alt Protection ETF - July	$492.45K	$690.59K	$374.92K
ZDEK Innovator Equity Defined Protection ETF - 1 Yr December	$110.83K	$191.70K	$210.54K

ZDEK vs. CPRJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZDEK Innovator Equity Defined Protection ETF - 1 Yr December	3.22%	7.78%	-0.33%
CPRJ Calamos Russell 2000 Structured Alt Protection ETF - July	3.12%	5.04%	-1.30%

Correlation

The correlation between ZDEK and CPRJ is 0.61, 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.	0.61
Correlation (All Time) Calculated using the full available price history since Dec 2, 2024	0.67

The correlation between ZDEK and CPRJ has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.

Return for Risk

ZDEK vs. CPRJ — Risk / Return Rank

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

ZDEK

ZDEK Risk / Return Rank: 95
ZDEK Sharpe Ratio Rank: 95
ZDEK Sortino Ratio Rank: 96
ZDEK Omega Ratio Rank: 95
ZDEK Calmar Ratio Rank: 94
ZDEK Martin Ratio Rank: 96

CPRJ

CPRJ Risk / Return Rank: 96
CPRJ Sharpe Ratio Rank: 95
CPRJ Sortino Ratio Rank: 96
CPRJ Omega Ratio Rank: 95
CPRJ Calmar Ratio Rank: 96
CPRJ 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.

ZDEK vs. CPRJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK) and Calamos Russell 2000 Structured Alt Protection ETF - July (CPRJ). 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.

	ZDEK	CPRJ	Difference
Sharpe ratio: Return per unit of total volatility	2.76	2.76	0.00
Sortino ratio: Return per unit of downside risk	4.21	4.55	-0.34
Omega ratio: Gain probability vs. loss probability	1.58	1.57	+0.01
Calmar ratio: Return relative to maximum drawdown	4.87	6.37	-1.50
Martin ratio: Return relative to average drawdown	24.85	25.23	-0.39

ZDEK vs. CPRJ - Sharpe Ratio Comparison

The current ZDEK Sharpe Ratio is 2.76, which is comparable to the CPRJ Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of ZDEK and CPRJ, 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

ZDEK vs. CPRJ - Drawdown Comparison

The maximum ZDEK drawdown since its inception was -3.40%, smaller than the maximum CPRJ drawdown of -6.25%. Use the drawdown chart below to compare losses from any high point for ZDEK and CPRJ.

Drawdown Indicators

	ZDEK	CPRJ	Difference
Max Drawdown Largest peak-to-trough decline	-3.40%	-6.25%	+2.85%
Max Drawdown (1Y) Largest decline over 1 year	-1.51%	-1.07%	-0.44%
Current Drawdown Current decline from peak	0.00%	-0.25%	+0.25%
Average Drawdown Average peak-to-trough decline	-0.42%	-0.83%	+0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	0.27%	+0.03%

Volatility

ZDEK vs. CPRJ - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK) is 0.65%, while Calamos Russell 2000 Structured Alt Protection ETF - July (CPRJ) has a volatility of 0.73%. This indicates that ZDEK experiences smaller price fluctuations and is considered to be less risky than CPRJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZDEK	CPRJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	0.73%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	1.76%	1.69%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	2.67%	2.48%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.24%	4.99%	-1.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.24%	4.99%	-1.75%

ZDEK vs. CPRJ - Expense Ratio Comparison

ZDEK has a 0.79% expense ratio, which is higher than CPRJ's 0.69% expense ratio.

Dividends

ZDEK vs. CPRJ - Dividend Comparison

Neither ZDEK nor CPRJ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZDEK and CPRJ in my portfolio?

ZDEK and CPRJ have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZDEK or CPRJ?

CPRJ has higher volatility (0.73%) compared to ZDEK (0.65%). In terms of maximum drawdown, ZDEK dropped -3.40% vs CPRJ's -6.25%.

Which ETF is better, ZDEK or CPRJ?

On 1-year performance, ZDEK leads with 7.82% vs 7.00% for CPRJ. On fees, CPRJ 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, ZDEK or CPRJ?

Over the 1-year period, ZDEK has performed better with a 7.82% return vs 7.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZDEK or CPRJ?

CPRJ is cheaper with a 0.69% expense ratio, compared with 0.79% for ZDEK.

Which ETF pays a higher dividend yield, ZDEK or CPRJ?

ZDEK and CPRJ have nearly identical dividend yields, around 0.00%.

What is the main difference between ZDEK and CPRJ?

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

Which has better risk-adjusted returns?

CPRJ currently has the higher Sharpe Ratio (2.76 vs 2.76), 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.