CBOY vs. PBFR

Last updated Jun 4, 2026

CBOY (Calamos Bitcoin Structured Alt Protection ETF - July) and PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) are both Defined Outcome funds. CBOY is passively managed, while PBFR is actively managed. At a 0.32 correlation, their price movements are largely independent. CBOY charges 0.69%/yr vs 0.50%/yr for PBFR.

Performance

CBOY vs. PBFR - 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 20 ETF (PBFR). 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 PBFR's 4.52% return.

CBOY

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

PBFR

• 1D: -0.16%
• 1M: 1.58%
• YTD: 4.52%
• 6M: 5.34%
• 1Y: 12.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOY vs. PBFR - Yearly Performance Comparison

	2026 (YTD)	2025
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	-0.57%	-0.40%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	4.52%	5.61%

Correlation

The correlation between CBOY and PBFR is 0.32, 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	0.32

Return for Risk

CBOY vs. PBFR — Risk / Return Rank

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

PBFR

PBFR Risk / Return Rank: 90
PBFR Sharpe Ratio Rank: 88
PBFR Sortino Ratio Rank: 91
PBFR Omega Ratio Rank: 93
PBFR Calmar Ratio Rank: 84
PBFR Martin Ratio Rank: 93

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. PBFR - 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 20 ETF (PBFR). 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	PBFR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.99	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.32	1.54	-1.86

Drawdowns

CBOY vs. PBFR - Drawdown Comparison

The maximum CBOY drawdown since its inception was -3.99%, smaller than the maximum PBFR drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for CBOY and PBFR.

Drawdown Indicators

	CBOY	PBFR	Difference
Max Drawdown Largest peak-to-trough decline	-3.99%	-8.50%	+4.51%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.82%	—
Current Drawdown Current decline from peak	-3.38%	-0.16%	-3.22%
Average Drawdown Average peak-to-trough decline	-2.18%	-0.63%	-1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.53%	—

Volatility

Volatility by Period

	CBOY	PBFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.64%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.34%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.32%	4.33%	-1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.32%	6.89%	-3.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.32%	6.89%	-3.57%

CBOY vs. PBFR - Expense Ratio Comparison

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

Dividends

CBOY vs. PBFR - Dividend Comparison

CBOY's dividend yield for the trailing twelve months is around 1.38%, more than PBFR's 0.01% yield.

Position	TTM	2025	2024
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	1.38%	1.37%	0.00%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	0.01%	0.01%	0.01%

Frequently Asked Questions

Can I hold both CBOY and PBFR in my portfolio?

CBOY and PBFR have a correlation of 0.32, 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 PBFR?

On fees, PBFR 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 PBFR?

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

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

CBOY has the higher dividend yield at 1.38%, compared with 0.01% for PBFR.

What is the main difference between CBOY and PBFR?

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