CBTL vs. PQAP
CBTL (Calamos Laddered Bitcoin Structured Alt Protection ETF) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both Defined Outcome funds. Both are actively managed. At a 0.48 correlation, their price movements are largely independent. CBTL charges 0.79%/yr vs 0.50%/yr for PQAP.
Performance
CBTL vs. PQAP - Performance Comparison
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Returns By Period
In the year-to-date period, CBTL achieves a -14.75% return, which is significantly lower than PQAP's 12.09% return.
CBTL
- 1D
- -0.65%
- 1M
- -6.10%
- YTD
- -14.75%
- 6M
- -18.34%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PQAP
- 1D
- -0.12%
- 1M
- 2.44%
- YTD
- 12.09%
- 6M
- 13.01%
- 1Y
- 21.47%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBTL vs. PQAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF | -14.75% | -14.41% |
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April | 12.09% | 2.58% |
Correlation
The correlation between CBTL and PQAP is 0.48, 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 Oct 15, 2025 | 0.48 |
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Return for Risk
CBTL vs. PQAP — Risk / Return Rank
CBTL
PQAP
CBTL vs. PQAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Laddered Bitcoin Structured Alt Protection ETF (CBTL) and PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP). 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.
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Sharpe Ratios by Period
| CBTL | PQAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 4.86 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.76 | 1.76 | -3.52 |
Drawdowns
CBTL vs. PQAP - Drawdown Comparison
The maximum CBTL drawdown since its inception was -27.80%, which is greater than PQAP's maximum drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for CBTL and PQAP.
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Drawdown Indicators
| CBTL | PQAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.80% | -10.79% | -17.01% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.39% | — |
Current DrawdownCurrent decline from peak | -27.80% | -0.12% | -27.68% |
Average DrawdownAverage peak-to-trough decline | -18.27% | -0.60% | -17.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.25% | — |
Volatility
CBTL vs. PQAP - Volatility Comparison
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Volatility by Period
| CBTL | PQAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.02% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 3.09% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 22.41% | 4.45% | +17.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.41% | 11.03% | +11.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.41% | 11.03% | +11.38% |
CBTL vs. PQAP - Expense Ratio Comparison
CBTL has a 0.79% expense ratio, which is higher than PQAP's 0.50% expense ratio.
Dividends
CBTL vs. PQAP - Dividend Comparison
CBTL's dividend yield for the trailing twelve months is around 1.15%, more than PQAP's 0.02% yield.
| Position | TTM | 2025 |
|---|---|---|
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF | 1.15% | 0.98% |
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April | 0.02% | 0.02% |
Frequently Asked Questions
CBTL and PQAP have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PQAP is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PQAP is cheaper with a 0.50% expense ratio, compared with 0.79% for CBTL.
CBTL has the higher dividend yield at 1.15%, compared with 0.02% for PQAP.
They also come from different issuers: Calamos and PGIM. Their fees differ too: 0.79% for CBTL and 0.50% for PQAP.
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