CBTY vs. PQAP

Last updated Aug 4, 2026

CBTY (Calamos Bitcoin 80 Series Structured Alt Protection ETF - July) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both Defined Outcome funds. CBTY is passively managed, while PQAP is actively managed. Over the past year, CBTY returned -21.47% vs 17.89% for PQAP. Their 0.36 correlation means their historical movements had little consistent relationship. CBTY charges 0.69%/yr vs 0.50%/yr for PQAP.

Performance

CBTY vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin 80 Series Structured Alt Protection ETF - July (CBTY) and PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBTY achieves a -10.34% return, which is significantly lower than PQAP's 11.88% return.

CBTY

• 1D: 0.68%
• 1M: 0.70%
• 6M: -5.02%
• YTD: -10.34%
• 1Y: -21.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -18.96%

PQAP

• 1D: 0.64%
• 1M: 0.69%
• 6M: 11.09%
• YTD: 11.88%
• 1Y: 17.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July	$61.01K	$284.14K	$242.81K
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	$34.45K	$63.00K	$134.87K

CBTY vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July	-10.34%	-10.94%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	11.88%	6.02%

Correlation

The correlation between CBTY and PQAP is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.36

Return for Risk

CBTY vs. PQAP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CBTY

CBTY Risk / Return Rank: 2
CBTY Sharpe Ratio Rank: 0
CBTY Sortino Ratio Rank: 1
CBTY Omega Ratio Rank: 1
CBTY Calmar Ratio Rank: 3
CBTY Martin Ratio Rank: 4

PQAP

PQAP Risk / Return Rank: 97
PQAP Sharpe Ratio Rank: 97
PQAP Sortino Ratio Rank: 97
PQAP Omega Ratio Rank: 97
PQAP Calmar Ratio Rank: 97
PQAP Martin Ratio Rank: 97

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CBTY vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 80 Series Structured Alt Protection ETF - July (CBTY) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CBTY	PQAP	Difference
Sharpe ratio: Return per unit of total volatility	-1.32	3.31	-4.64
Sortino ratio: Return per unit of downside risk	-1.84	5.17	-7.01
Omega ratio: Gain probability vs. loss probability	0.78	1.73	-0.95
Calmar ratio: Return relative to maximum drawdown	-0.78	7.12	-7.90
Martin ratio: Return relative to average drawdown	-1.09	35.50	-36.59

CBTY vs. PQAP - Sharpe Ratio Comparison

The current CBTY Sharpe Ratio is -1.32, which is lower than the PQAP Sharpe Ratio of 3.31. The chart below compares the historical Sharpe Ratios of CBTY and PQAP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CBTY vs. PQAP - Drawdown Comparison

The maximum CBTY drawdown since its inception was -27.79%, which is greater than PQAP's maximum drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for CBTY and PQAP.

Drawdown Indicators

	CBTY	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-27.79%	-10.79%	-17.00%
Max Drawdown (1Y) Largest decline over 1 year	-27.79%	-2.52%	-25.27%
Current Drawdown Current decline from peak	-26.05%	-0.31%	-25.74%
Average Drawdown Average peak-to-trough decline	-16.27%	-0.64%	-15.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.73%	0.51%	+19.22%

Volatility

CBTY vs. PQAP - Volatility Comparison

Calamos Bitcoin 80 Series Structured Alt Protection ETF - July (CBTY) has a higher volatility of 4.37% compared to PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) at 2.41%. This indicates that CBTY's price experiences larger fluctuations and is considered to be riskier than PQAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBTY	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	2.41%	+1.96%
Volatility (6M) Calculated over the trailing 6-month period	7.61%	4.69%	+2.92%
Volatility (1Y) Calculated over the trailing 1-year period	16.31%	5.44%	+10.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.27%	10.82%	+5.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.27%	10.82%	+5.45%

CBTY vs. PQAP - Expense Ratio Comparison

CBTY has a 0.69% expense ratio, which is higher than PQAP's 0.50% expense ratio.

Dividends

CBTY vs. PQAP - Dividend Comparison

CBTY's dividend yield for the trailing twelve months is around 1.64%, more than PQAP's 0.02% yield.

Position	TTM	2025
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July	1.64%	1.47%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%

Frequently Asked Questions

Can I hold both CBTY and PQAP in my portfolio?

CBTY and PQAP have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBTY or PQAP?

CBTY has higher volatility (4.37%) compared to PQAP (2.41%). In terms of maximum drawdown, CBTY dropped -27.79% vs PQAP's -10.79%.

Which ETF is better, CBTY or PQAP?

On 1-year performance, PQAP leads with 17.89% vs -21.47% for CBTY. On fees, PQAP is cheaper at 0.50% per year. On volatility, PQAP has been the lower-risk option at 2.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBTY or PQAP?

Over the 1-year period, PQAP has performed better with a 17.89% return vs -21.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBTY or PQAP?

PQAP is cheaper with a 0.50% expense ratio, compared with 0.69% for CBTY.

Which ETF pays a higher dividend yield, CBTY or PQAP?

CBTY has the higher dividend yield at 1.64%, compared with 0.02% for PQAP.

What is the main difference between CBTY and PQAP?

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

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (3.31 vs -1.32), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.