CBOY vs. BUFP

Last updated Jun 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. At a 0.31 correlation, their price movements are largely independent. 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 -0.57% return, which is significantly lower than BUFP's 6.23% return.

CBOY

• 1D: -0.02%
• 1M: 0.10%
• YTD: -0.57%
• 6M: -1.12%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUFP

• 1D: -0.22%
• 1M: 2.04%
• YTD: 6.23%
• 6M: 7.00%
• 1Y: 17.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOY vs. BUFP - Yearly Performance Comparison

	2026 (YTD)	2025
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	-0.57%	-0.40%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	6.23%	7.17%

Correlation

The correlation between CBOY and BUFP is 0.31, 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 Jul 9, 2025	0.31

Return for Risk

CBOY vs. BUFP — Risk / Return Rank

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

BUFP

BUFP Risk / Return Rank: 86
BUFP Sharpe Ratio Rank: 84
BUFP Sortino Ratio Rank: 89
BUFP Omega Ratio Rank: 89
BUFP Calmar Ratio Rank: 77
BUFP Martin Ratio Rank: 91

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.

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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	CBOY	BUFP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.32	1.40	-1.72

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	—	-4.41%	—
Current Drawdown Current decline from peak	-3.38%	-0.22%	-3.16%
Average Drawdown Average peak-to-trough decline	-2.18%	-1.00%	-1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.79%	—

Volatility

Volatility by Period

	CBOY	BUFP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.95%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.82%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.32%	6.27%	-2.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.32%	9.49%	-6.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.32%	9.49%	-6.17%

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 1.38%, 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	1.38%	1.37%	0.00%

Frequently Asked Questions

Can I hold both CBOY and BUFP in my portfolio?

CBOY and BUFP have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBOY or BUFP?

On fees, BUFP 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, 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 1.38%, 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.