CBOY vs. BUFP

Last updated Aug 4, 2026

CBOY (Calamos Bitcoin Structured Alt Protection ETF - July) and BUFP (PGIM Laddered S&P 500 Buffer 12 ETF) are both Defined Outcome funds - CBOY tracks the CBOE Bitcoin US ETF Index while BUFP tracks the S&P 500. Both are passively managed. Over the past year, CBOY returned -1.45% vs 14.81% for BUFP. Their 0.33 correlation means their historical movements had little consistent relationship. CBOY charges 0.69%/yr vs 0.50%/yr for BUFP.

Performance

CBOY vs. BUFP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin Structured Alt Protection ETF - July (CBOY) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOY achieves a -0.20% return, which is significantly lower than BUFP's 7.65% return.

CBOY

• 1D: 0.16%
• 1M: 0.10%
• 6M: 0.49%
• YTD: -0.20%
• 1Y: -1.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -0.58%

BUFP

• 1D: 0.50%
• 1M: 1.19%
• 6M: 6.45%
• YTD: 7.65%
• 1Y: 14.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.74%

*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)
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	$1.05M	$1.21M	$1.54M
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	$82.72K	$66.50K	$36.54K

CBOY vs. BUFP - Yearly Performance Comparison

	2026 (YTD)	2025
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	-0.20%	-0.42%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	7.65%	7.39%

Correlation

The correlation between CBOY and BUFP is 0.34, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.34
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.33

Return for Risk

CBOY vs. BUFP — Risk / Return Rank

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

CBOY

CBOY Risk / Return Rank: 6
CBOY Sharpe Ratio Rank: 5
CBOY Sortino Ratio Rank: 5
CBOY Omega Ratio Rank: 4
CBOY Calmar Ratio Rank: 6
CBOY Martin Ratio Rank: 7

BUFP

BUFP Risk / Return Rank: 90
BUFP Sharpe Ratio Rank: 90
BUFP Sortino Ratio Rank: 92
BUFP Omega Ratio Rank: 92
BUFP Calmar Ratio Rank: 85
BUFP Martin Ratio Rank: 93

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.

CBOY vs. BUFP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - July (CBOY) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). 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.

	CBOY	BUFP	Difference
Sharpe ratio: Return per unit of total volatility	-0.46	2.32	-2.78
Sortino ratio: Return per unit of downside risk	-0.62	3.44	-4.06
Omega ratio: Gain probability vs. loss probability	0.92	1.47	-0.55
Calmar ratio: Return relative to maximum drawdown	-0.36	3.37	-3.74
Martin ratio: Return relative to average drawdown	-0.52	18.03	-18.55

CBOY vs. BUFP - Sharpe Ratio Comparison

The current CBOY Sharpe Ratio is -0.46, which is lower than the BUFP Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of CBOY and BUFP, 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

CBOY vs. BUFP - Drawdown Comparison

The maximum CBOY drawdown since its inception was -3.99%, smaller than the maximum BUFP drawdown of -11.98%. Use the drawdown chart below to compare losses from any high point for CBOY and BUFP.

Drawdown Indicators

	CBOY	BUFP	Difference
Max Drawdown Largest peak-to-trough decline	-3.99%	-11.98%	+7.99%
Max Drawdown (1Y) Largest decline over 1 year	-3.99%	-4.41%	+0.42%
Current Drawdown Current decline from peak	-3.03%	0.00%	-3.03%
Average Drawdown Average peak-to-trough decline	-2.33%	-0.97%	-1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	0.82%	+1.98%

Volatility

CBOY vs. BUFP - Volatility Comparison

The current volatility for Calamos Bitcoin Structured Alt Protection ETF - July (CBOY) is 1.06%, while PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) has a volatility of 1.70%. This indicates that CBOY experiences smaller price fluctuations and is considered to be less risky than BUFP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBOY	BUFP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	1.70%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	1.33%	5.24%	-3.91%
Volatility (1Y) Calculated over the trailing 1-year period	3.15%	6.44%	-3.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.22%	9.30%	-6.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.22%	9.30%	-6.08%

CBOY vs. BUFP - Expense Ratio Comparison

CBOY has a 0.69% expense ratio, which is higher than BUFP's 0.50% expense ratio.

Dividends

CBOY vs. BUFP - Dividend Comparison

CBOY's dividend yield for the trailing twelve months is around 1.37%, more than BUFP's 0.01% yield.

Position	TTM	2025	2024
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	0.01%	0.01%	0.02%
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	1.37%	1.37%	0.00%

Frequently Asked Questions

Can I hold both CBOY and BUFP in my portfolio?

CBOY and BUFP have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBOY or BUFP?

BUFP has higher volatility (1.70%) compared to CBOY (1.06%). In terms of maximum drawdown, CBOY dropped -3.99% vs BUFP's -11.98%.

Which ETF is better, CBOY or BUFP?

On 1-year performance, BUFP leads with 14.81% vs -1.45% for CBOY. On fees, BUFP is cheaper at 0.50% per year. On volatility, CBOY has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBOY or BUFP?

Over the 1-year period, BUFP has performed better with a 14.81% return vs -1.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBOY or BUFP?

BUFP is cheaper with a 0.50% expense ratio, compared with 0.69% for CBOY.

Which ETF pays a higher dividend yield, CBOY or BUFP?

CBOY has the higher dividend yield at 1.37%, compared with 0.01% for BUFP.

What is the main difference between CBOY and BUFP?

CBOY tracks CBOE Bitcoin US ETF Index, while BUFP tracks S&P 500. They also come from different issuers: Calamos and PGIM. Their fees differ too: 0.69% for CBOY and 0.50% for BUFP.

Which has better risk-adjusted returns?

BUFP currently has the higher Sharpe Ratio (2.32 vs -0.46), 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.