CBOA vs. PMSE

Last updated Jun 4, 2026

CBOA (Calamos Bitcoin Structured Alt Protection ETF - April) and PMSE (PGIM S&P 500 Max Buffer ETF - September) are both Defined Outcome funds. CBOA is passively managed, while PMSE is actively managed. At a 0.44 correlation, their price movements are largely independent. CBOA charges 0.69%/yr vs 0.50%/yr for PMSE.

Performance

CBOA vs. PMSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin Structured Alt Protection ETF - April (CBOA) and PGIM S&P 500 Max Buffer ETF - September (PMSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOA achieves a -6.06% return, which is significantly lower than PMSE's 2.85% return.

CBOA

• 1D: -0.19%
• 1M: -1.65%
• YTD: -6.06%
• 6M: -6.36%
• 1Y: -4.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMSE

• 1D: 0.00%
• 1M: 0.94%
• YTD: 2.85%
• 6M: 3.28%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOA vs. PMSE - Yearly Performance Comparison

	2026 (YTD)	2025
CBOA Calamos Bitcoin Structured Alt Protection ETF - April	-6.06%	-0.84%
PMSE PGIM S&P 500 Max Buffer ETF - September	2.85%	2.23%

Correlation

The correlation between CBOA and PMSE is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 3, 2025	0.44

Return for Risk

CBOA vs. PMSE — Risk / Return Rank

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

CBOA

CBOA Risk / Return Rank: 3
CBOA Sharpe Ratio Rank: 2
CBOA Sortino Ratio Rank: 3
CBOA Omega Ratio Rank: 2
CBOA Calmar Ratio Rank: 4
CBOA Martin Ratio Rank: 3

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.

CBOA vs. PMSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - April (CBOA) and PGIM S&P 500 Max Buffer ETF - September (PMSE). 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.

	CBOA	PMSE	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	—	—
Sortino ratio: Return per unit of downside risk	-1.13	—	—
Omega ratio: Gain probability vs. loss probability	0.85	—	—
Calmar ratio: Return relative to maximum drawdown	-0.61	—	—
Martin ratio: Return relative to average drawdown	-1.18	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CBOA	PMSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.19	3.05	-3.24

Drawdowns

CBOA vs. PMSE - Drawdown Comparison

The maximum CBOA drawdown since its inception was -7.91%, which is greater than PMSE's maximum drawdown of -1.44%. Use the drawdown chart below to compare losses from any high point for CBOA and PMSE.

Drawdown Indicators

	CBOA	PMSE	Difference
Max Drawdown Largest peak-to-trough decline	-7.91%	-1.44%	-6.47%
Max Drawdown (1Y) Largest decline over 1 year	-7.91%	—	—
Current Drawdown Current decline from peak	-7.91%	-0.02%	-7.89%
Average Drawdown Average peak-to-trough decline	-2.38%	-0.17%	-2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	—	—

Volatility

Volatility by Period

	CBOA	PMSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.67%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.39%	2.28%	+3.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.14%	2.28%	+2.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.14%	2.28%	+2.86%

CBOA vs. PMSE - Expense Ratio Comparison

CBOA has a 0.69% expense ratio, which is higher than PMSE's 0.50% expense ratio.

Dividends

CBOA vs. PMSE - Dividend Comparison

CBOA's dividend yield for the trailing twelve months is around 2.38%, while PMSE has not paid dividends to shareholders.

Position	TTM	2025
CBOA Calamos Bitcoin Structured Alt Protection ETF - April	2.38%	2.24%
PMSE PGIM S&P 500 Max Buffer ETF - September	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBOA and PMSE in my portfolio?

CBOA and PMSE have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBOA or PMSE?

On fees, PMSE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBOA or PMSE?

PMSE is cheaper with a 0.50% expense ratio, compared with 0.69% for CBOA.

Which ETF pays a higher dividend yield, CBOA or PMSE?

CBOA has the higher dividend yield at 2.38%, compared with 0.00% for PMSE.

What is the main difference between CBOA and PMSE?

They also come from different issuers: Calamos and PGIM. Their fees differ too: 0.69% for CBOA and 0.50% for PMSE.