CPNM vs. PMAU

Last updated Jun 24, 2026

CPNM (Calamos Nasdaq-100 Structured Alt Protection ETF - March) and PMAU (PGIM S&P 500 Max Buffer ETF - August) are both Defined Outcome funds. CPNM is passively managed, while PMAU is actively managed. Their correlation of 0.80 suggests significant overlap in exposure. CPNM charges 0.69%/yr vs 0.50%/yr for PMAU.

Performance

CPNM vs. PMAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Nasdaq-100 Structured Alt Protection ETF - March (CPNM) and PGIM S&P 500 Max Buffer ETF - August (PMAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPNM achieves a 2.69% return, which is significantly lower than PMAU's 3.05% return.

CPNM

• 1D: -0.19%
• 1M: 0.02%
• YTD: 2.69%
• 6M: 3.03%
• 1Y: 7.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMAU

• 1D: -0.13%
• 1M: 0.30%
• YTD: 3.05%
• 6M: 3.05%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPNM vs. PMAU - Yearly Performance Comparison

	2026 (YTD)	2025
CPNM Calamos Nasdaq-100 Structured Alt Protection ETF - March	2.69%	3.09%
PMAU PGIM S&P 500 Max Buffer ETF - August	3.05%	2.94%

Correlation

The correlation between CPNM and PMAU is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 1, 2025	0.80

Return for Risk

CPNM vs. PMAU — Risk / Return Rank

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

CPNM

CPNM Risk / Return Rank: 96
CPNM Sharpe Ratio Rank: 96
CPNM Sortino Ratio Rank: 97
CPNM Omega Ratio Rank: 97
CPNM Calmar Ratio Rank: 95
CPNM Martin Ratio Rank: 97

PMAU

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.

CPNM vs. PMAU - 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 PGIM S&P 500 Max Buffer ETF - August (PMAU). 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.

	CPNM	PMAU	Difference
Sharpe ratio: Return per unit of total volatility	3.65	—	—
Sortino ratio: Return per unit of downside risk	5.92	—	—
Omega ratio: Gain probability vs. loss probability	1.79	—	—
Calmar ratio: Return relative to maximum drawdown	7.03	—	—
Martin ratio: Return relative to average drawdown	37.63	—	—

Drawdowns

CPNM vs. PMAU - Drawdown Comparison

The maximum CPNM drawdown since its inception was -2.19%, which is greater than PMAU's maximum drawdown of -1.79%. Use the drawdown chart below to compare losses from any high point for CPNM and PMAU.

Drawdown Indicators

	CPNM	PMAU	Difference
Max Drawdown Largest peak-to-trough decline	-2.19%	-1.79%	-0.40%
Max Drawdown (1Y) Largest decline over 1 year	-1.03%	—	—
Current Drawdown Current decline from peak	-0.34%	-0.13%	-0.21%
Average Drawdown Average peak-to-trough decline	-0.22%	-0.17%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	—	—

Volatility

Volatility by Period

	CPNM	PMAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.71%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.50%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.00%	2.48%	-0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.84%	2.48%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.84%	2.48%	+0.36%

CPNM vs. PMAU - Expense Ratio Comparison

CPNM has a 0.69% expense ratio, which is higher than PMAU's 0.50% expense ratio.

Dividends

CPNM vs. PMAU - Dividend Comparison

Neither CPNM nor PMAU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPNM and PMAU in my portfolio?

CPNM and PMAU have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CPNM or PMAU?

On fees, PMAU 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, CPNM or PMAU?

PMAU is cheaper with a 0.50% expense ratio, compared with 0.69% for CPNM.

Which ETF pays a higher dividend yield, CPNM or PMAU?

CPNM and PMAU have nearly identical dividend yields, around 0.00%.

What is the main difference between CPNM and PMAU?

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