ZOCT vs. CPSM

Last updated Jun 24, 2026

ZOCT (Innovator Equity Defined Protection ETF - 1 Yr October) and CPSM (Calamos S&P 500 Structured Alt Protection ETF - May) are both Defined Outcome funds. Both are actively managed. Over the past year, ZOCT returned 6.70% vs 5.15% for CPSM. A 0.63 correlation means they provide meaningful diversification when combined. ZOCT charges 0.79%/yr vs 0.69%/yr for CPSM.

Performance

ZOCT vs. CPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr October (ZOCT) 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, ZOCT achieves a 2.62% return, which is significantly higher than CPSM's 1.94% return.

ZOCT

• 1D: -0.16%
• 1M: 0.25%
• YTD: 2.62%
• 6M: 2.57%
• 1Y: 6.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSM

• 1D: -0.14%
• 1M: -0.09%
• YTD: 1.94%
• 6M: 2.03%
• 1Y: 5.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZOCT vs. CPSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZOCT Innovator Equity Defined Protection ETF - 1 Yr October	2.62%	6.24%	0.56%
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	1.94%	7.21%	1.29%

Correlation

The correlation between ZOCT and CPSM is 0.59, 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	0.59
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	0.63

The correlation between ZOCT and CPSM has been stable across timeframes, ranging from 0.59 to 0.63 - a consistent structural relationship.

Return for Risk

ZOCT vs. CPSM — Risk / Return Rank

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

ZOCT

ZOCT Risk / Return Rank: 93
ZOCT Sharpe Ratio Rank: 93
ZOCT Sortino Ratio Rank: 95
ZOCT Omega Ratio Rank: 94
ZOCT Calmar Ratio Rank: 87
ZOCT Martin Ratio Rank: 93

CPSM

CPSM Risk / Return Rank: 96
CPSM Sharpe Ratio Rank: 93
CPSM Sortino Ratio Rank: 95
CPSM Omega Ratio Rank: 95
CPSM Calmar Ratio Rank: 97
CPSM Martin Ratio Rank: 97

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.

ZOCT vs. CPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr October (ZOCT) 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.

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.

	ZOCT	CPSM	Difference
Sharpe ratio: Return per unit of total volatility	3.06	3.15	-0.09
Sortino ratio: Return per unit of downside risk	4.93	5.05	-0.12
Omega ratio: Gain probability vs. loss probability	1.65	1.67	-0.02
Calmar ratio: Return relative to maximum drawdown	4.60	10.57	-5.97
Martin ratio: Return relative to average drawdown	22.17	45.23	-23.06

ZOCT vs. CPSM - Sharpe Ratio Comparison

The current ZOCT Sharpe Ratio is 3.06, which is comparable to the CPSM Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of ZOCT 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.

Drawdowns

ZOCT vs. CPSM - Drawdown Comparison

The maximum ZOCT drawdown since its inception was -3.18%, smaller than the maximum CPSM drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for ZOCT and CPSM.

Drawdown Indicators

	ZOCT	CPSM	Difference
Max Drawdown Largest peak-to-trough decline	-3.18%	-5.19%	+2.01%
Max Drawdown (1Y) Largest decline over 1 year	-1.46%	-0.49%	-0.97%
Current Drawdown Current decline from peak	-0.20%	-0.39%	+0.19%
Average Drawdown Average peak-to-trough decline	-0.33%	-0.20%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	0.11%	+0.19%

Volatility

ZOCT vs. CPSM - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr October (ZOCT) is 0.54%, while Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) has a volatility of 0.66%. This indicates that ZOCT experiences smaller price fluctuations and is considered to be less risky than CPSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZOCT	CPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	0.66%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	1.72%	1.16%	+0.56%
Volatility (1Y) Calculated over the trailing 1-year period	2.21%	1.65%	+0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.02%	5.05%	-2.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.02%	5.05%	-2.03%

ZOCT vs. CPSM - Expense Ratio Comparison

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

Dividends

ZOCT vs. CPSM - Dividend Comparison

Neither ZOCT nor CPSM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZOCT and CPSM in my portfolio?

ZOCT and CPSM have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZOCT or CPSM?

CPSM has higher volatility (0.66%) compared to ZOCT (0.54%). In terms of maximum drawdown, ZOCT dropped -3.18% vs CPSM's -5.19%.

Which ETF is better, ZOCT or CPSM?

On 1-year performance, ZOCT leads with 6.70% vs 5.15% for CPSM. On fees, CPSM is cheaper at 0.69% per year. On volatility, ZOCT has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZOCT or CPSM?

Over the 1-year period, ZOCT has performed better with a 6.70% return vs 5.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZOCT or CPSM?

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

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

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

What is the main difference between ZOCT and CPSM?

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

Which has better risk-adjusted returns?

CPSM currently has the higher Sharpe Ratio (3.15 vs 3.06), 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.