CBXA vs. PMSE

Last updated Jun 23, 2026

CBXA (Calamos Bitcoin 90 Series Structured Alt Protection ETF - April) and PMSE (PGIM S&P 500 Max Buffer ETF - September) are both Defined Outcome funds. CBXA is passively managed, while PMSE is actively managed. At a 0.46 correlation, their price movements are largely independent. CBXA charges 0.69%/yr vs 0.50%/yr for PMSE.

Performance

CBXA vs. PMSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin 90 Series Structured Alt Protection ETF - April (CBXA) 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, CBXA achieves a -20.28% return, which is significantly lower than PMSE's 2.97% return.

CBXA

• 1D: 0.75%
• 1M: -4.70%
• YTD: -20.28%
• 6M: -20.60%
• 1Y: -21.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMSE

• 1D: 0.05%
• 1M: 0.34%
• YTD: 2.97%
• 6M: 3.07%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBXA vs. PMSE - Yearly Performance Comparison

	2026 (YTD)	2025
CBXA Calamos Bitcoin 90 Series Structured Alt Protection ETF - April	-20.28%	-6.02%
PMSE PGIM S&P 500 Max Buffer ETF - September	2.97%	2.13%

Correlation

The correlation between CBXA and PMSE is 0.46, 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 2, 2025	0.46

Return for Risk

CBXA vs. PMSE — Risk / Return Rank

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

CBXA

CBXA Risk / Return Rank: 1
CBXA Sharpe Ratio Rank: 1
CBXA Sortino Ratio Rank: 1
CBXA Omega Ratio Rank: 1
CBXA Calmar Ratio Rank: 3
CBXA Martin Ratio Rank: 1

PMSE

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

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.

CBXA vs. PMSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 90 Series Structured Alt Protection ETF - April (CBXA) 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.

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.

	CBXA	PMSE	Difference
Sharpe ratio: Return per unit of total volatility	-1.21	—	—
Sortino ratio: Return per unit of downside risk	-1.63	—	—
Omega ratio: Gain probability vs. loss probability	0.79	—	—
Calmar ratio: Return relative to maximum drawdown	-0.75	—	—
Martin ratio: Return relative to average drawdown	-1.42	—	—

Drawdowns

CBXA vs. PMSE - Drawdown Comparison

The maximum CBXA drawdown since its inception was -28.98%, which is greater than PMSE's maximum drawdown of -1.44%. Use the drawdown chart below to compare losses from any high point for CBXA and PMSE.

Drawdown Indicators

	CBXA	PMSE	Difference
Max Drawdown Largest peak-to-trough decline	-28.98%	-1.44%	-27.54%
Max Drawdown (1Y) Largest decline over 1 year	-28.98%	—	—
Current Drawdown Current decline from peak	-27.43%	0.00%	-27.43%
Average Drawdown Average peak-to-trough decline	-9.42%	-0.17%	-9.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.33%	—	—

Volatility

Volatility by Period

	CBXA	PMSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.93%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.13%	2.28%	+15.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.01%	2.28%	+14.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.01%	2.28%	+14.73%

CBXA vs. PMSE - Expense Ratio Comparison

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

Dividends

CBXA vs. PMSE - Dividend Comparison

CBXA's dividend yield for the trailing twelve months is around 2.48%, while PMSE has not paid dividends to shareholders.

Position	TTM	2025
CBXA Calamos Bitcoin 90 Series Structured Alt Protection ETF - April	2.48%	1.97%
PMSE PGIM S&P 500 Max Buffer ETF - September	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBXA and PMSE in my portfolio?

CBXA and PMSE have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBXA 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, CBXA or PMSE?

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

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

CBXA has the higher dividend yield at 2.48%, compared with 0.00% for PMSE.

What is the main difference between CBXA and PMSE?

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