CBTO vs. PMAP

Last updated Jun 4, 2026

CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) and PMAP (PGIM S&P 500 Max Buffer ETF - April) are both Defined Outcome funds. Both are actively managed. At a 0.49 correlation, their price movements are largely independent. CBTO charges 0.69%/yr vs 0.50%/yr for PMAP.

Performance

CBTO vs. PMAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin 80 Series Structured Alt Protection ETF - October (CBTO) and PGIM S&P 500 Max Buffer ETF - April (PMAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBTO achieves a -8.23% return, which is significantly lower than PMAP's 3.28% return.

CBTO

• 1D: -0.16%
• 1M: -2.76%
• YTD: -8.23%
• 6M: -11.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMAP

• 1D: -0.06%
• 1M: 0.59%
• YTD: 3.28%
• 6M: 3.83%
• 1Y: 7.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBTO vs. PMAP - Yearly Performance Comparison

	2026 (YTD)	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.23%	-13.81%
PMAP PGIM S&P 500 Max Buffer ETF - April	3.28%	1.31%

Correlation

The correlation between CBTO and PMAP is 0.49, 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 8, 2025	0.49

Return for Risk

CBTO vs. PMAP — Risk / Return Rank

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

PMAP

PMAP Risk / Return Rank: 99
PMAP Sharpe Ratio Rank: 99
PMAP Sortino Ratio Rank: 99
PMAP Omega Ratio Rank: 99
PMAP Calmar Ratio Rank: 99
PMAP Martin Ratio Rank: 99

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.

CBTO vs. PMAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 80 Series Structured Alt Protection ETF - October (CBTO) and PGIM S&P 500 Max Buffer ETF - April (PMAP). 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

	CBTO	PMAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	6.43	—
Sharpe Ratio (All Time) Calculated using the full available price history	-2.36	3.23	-5.59

Drawdowns

CBTO vs. PMAP - Drawdown Comparison

The maximum CBTO drawdown since its inception was -21.08%, which is greater than PMAP's maximum drawdown of -1.75%. Use the drawdown chart below to compare losses from any high point for CBTO and PMAP.

Drawdown Indicators

	CBTO	PMAP	Difference
Max Drawdown Largest peak-to-trough decline	-21.08%	-1.75%	-19.33%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.34%	—
Current Drawdown Current decline from peak	-21.08%	-0.06%	-21.02%
Average Drawdown Average peak-to-trough decline	-14.93%	-0.08%	-14.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.05%	—

Volatility

Volatility by Period

	CBTO	PMAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.27%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.81%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.88%	1.15%	+11.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.88%	2.33%	+10.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.88%	2.33%	+10.55%

CBTO vs. PMAP - Expense Ratio Comparison

CBTO has a 0.69% expense ratio, which is higher than PMAP's 0.50% expense ratio.

Dividends

CBTO vs. PMAP - Dividend Comparison

CBTO's dividend yield for the trailing twelve months is around 0.24%, while PMAP has not paid dividends to shareholders.

Position	TTM	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%
PMAP PGIM S&P 500 Max Buffer ETF - April	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBTO and PMAP in my portfolio?

CBTO and PMAP have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBTO or PMAP?

On fees, PMAP 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, CBTO or PMAP?

PMAP is cheaper with a 0.50% expense ratio, compared with 0.69% for CBTO.

Which ETF pays a higher dividend yield, CBTO or PMAP?

CBTO has the higher dividend yield at 0.24%, compared with 0.00% for PMAP.

What is the main difference between CBTO and PMAP?

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