CBOY vs. PMSE

Last updated Jun 4, 2026

CBOY (Calamos Bitcoin Structured Alt Protection ETF - July) and PMSE (PGIM S&P 500 Max Buffer ETF - September) are both Defined Outcome funds. CBOY is passively managed, while PMSE is actively managed. At a 0.33 correlation, their price movements are largely independent. CBOY charges 0.69%/yr vs 0.50%/yr for PMSE.

Performance

CBOY vs. PMSE - 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 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, CBOY achieves a -0.57% return, which is significantly lower than PMSE's 2.85% return.

CBOY

• 1D: -0.02%
• 1M: 0.10%
• YTD: -0.57%
• 6M: -1.12%
• 1Y: —
• 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)

CBOY vs. PMSE - Yearly Performance Comparison

	2026 (YTD)	2025
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	-0.57%	-1.42%
PMSE PGIM S&P 500 Max Buffer ETF - September	2.85%	2.23%

Correlation

The correlation between CBOY and PMSE is 0.33, 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	0.33

Return for Risk

CBOY vs. PMSE - 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 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.

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

Sharpe Ratios by Period

	CBOY	PMSE	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.32	3.05	-3.37

Drawdowns

CBOY vs. PMSE - Drawdown Comparison

The maximum CBOY drawdown since its inception was -3.99%, which is greater than PMSE's maximum drawdown of -1.44%. Use the drawdown chart below to compare losses from any high point for CBOY and PMSE.

Drawdown Indicators

	CBOY	PMSE	Difference
Max Drawdown Largest peak-to-trough decline	-3.99%	-1.44%	-2.55%
Current Drawdown Current decline from peak	-3.38%	-0.02%	-3.36%
Average Drawdown Average peak-to-trough decline	-2.18%	-0.17%	-2.01%

Volatility

Volatility by Period

	CBOY	PMSE	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.32%	2.28%	+1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.32%	2.28%	+1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.32%	2.28%	+1.04%

CBOY vs. PMSE - Expense Ratio Comparison

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

Dividends

CBOY vs. PMSE - Dividend Comparison

CBOY's dividend yield for the trailing twelve months is around 1.38%, while PMSE has not paid dividends to shareholders.

Position	TTM	2025
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	1.38%	1.37%
PMSE PGIM S&P 500 Max Buffer ETF - September	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBOY and PMSE in my portfolio?

CBOY and PMSE have a correlation of 0.33, 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 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, CBOY or PMSE?

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

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

CBOY has the higher dividend yield at 1.38%, compared with 0.00% for PMSE.

What is the main difference between CBOY and PMSE?

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