CPNM vs. PBOG
CPNM (Calamos Nasdaq-100 Structured Alt Protection ETF - March) and PBOG (Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF) are both exchange-traded funds - CPNM is a Defined Outcome fund tracking the Nasdaq-100 Index Price Return, while PBOG is a Oil & Gas fund tracking the BITA Global Oil & Gas Select Index. Both are passively managed. At a correlation of -0.33, they often move in opposite directions. CPNM charges 0.69%/yr vs 0.13%/yr for PBOG.
Performance
CPNM vs. PBOG - Performance Comparison
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Returns By Period
In the year-to-date period, CPNM achieves a 2.97% return, which is significantly lower than PBOG's 32.22% return.
CPNM
- 1D
- -0.03%
- 1M
- 0.81%
- YTD
- 2.97%
- 6M
- 3.58%
- 1Y
- 8.01%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PBOG
- 1D
- 1.23%
- 1M
- -2.32%
- YTD
- 32.22%
- 6M
- 29.70%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CPNM vs. PBOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CPNM Calamos Nasdaq-100 Structured Alt Protection ETF - March | 2.97% | 0.95% |
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF | 32.22% | 1.62% |
Correlation
The correlation between CPNM and PBOG is -0.33, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 26, 2025 | -0.33 |
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Return for Risk
CPNM vs. PBOG — Risk / Return Rank
CPNM
PBOG
CPNM vs. PBOG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Nasdaq-100 Structured Alt Protection ETF - March (CPNM) and Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF (PBOG). 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.
| CPNM | PBOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.95 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 7.80 | — | — |
| Martin ratioReturn relative to average drawdown | 43.66 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CPNM | PBOG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.18 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.77 | 3.31 | -0.54 |
Drawdowns
CPNM vs. PBOG - Drawdown Comparison
The maximum CPNM drawdown since its inception was -1.91%, smaller than the maximum PBOG drawdown of -11.45%. Use the drawdown chart below to compare losses from any high point for CPNM and PBOG.
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Drawdown Indicators
| CPNM | PBOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.91% | -11.45% | +9.54% |
Max Drawdown (1Y)Largest decline over 1 year | -1.03% | — | — |
Current DrawdownCurrent decline from peak | -0.03% | -6.81% | +6.78% |
Average DrawdownAverage peak-to-trough decline | -0.18% | -3.10% | +2.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.18% | — | — |
Volatility
CPNM vs. PBOG - Volatility Comparison
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Volatility by Period
| CPNM | PBOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.51% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.36% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.93% | 23.67% | -21.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.81% | 23.67% | -20.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.81% | 23.67% | -20.86% |
CPNM vs. PBOG - Expense Ratio Comparison
CPNM has a 0.69% expense ratio, which is higher than PBOG's 0.13% expense ratio.
Dividends
CPNM vs. PBOG - Dividend Comparison
CPNM has not paid dividends to shareholders, while PBOG's dividend yield for the trailing twelve months is around 0.13%.
| Position | TTM | 2025 |
|---|---|---|
CPNM Calamos Nasdaq-100 Structured Alt Protection ETF - March | 0.00% | 0.00% |
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF | 0.13% | 0.17% |
Frequently Asked Questions
CPNM and PBOG 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.
On fees, PBOG is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PBOG is cheaper with a 0.13% expense ratio, compared with 0.69% for CPNM.
PBOG has the higher dividend yield at 0.13%, compared with 0.00% for CPNM.
CPNM is categorized as Defined Outcome, while PBOG is Oil & Gas. CPNM tracks Nasdaq-100 Index Price Return, while PBOG tracks BITA Global Oil & Gas Select Index. They also come from different issuers: Calamos and Portfolio Building Blocks. Their fees differ too: 0.69% for CPNM and 0.13% for PBOG.
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