CPNM vs. PMAU

Last updated Aug 4, 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. Over the past year, CPNM returned 6.57% vs 7.16% for PMAU. Their 0.75 correlation means they have sometimes moved together and sometimes differently. 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 3.21% return, which is significantly lower than PMAU's 4.06% return.

CPNM

• 1D: 0.32%
• 1M: 0.47%
• 6M: 2.66%
• YTD: 3.21%
• 1Y: 6.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.65%

PMAU

• 1D: 0.15%
• 1M: 0.64%
• 6M: 3.47%
• YTD: 4.06%
• 1Y: 7.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.08%

*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)
CPNM Calamos Nasdaq-100 Structured Alt Protection ETF - March	$17.21K	$20.40K	$24.10K
PMAU PGIM S&P 500 Max Buffer ETF - August	$189.00K	$90.12K	$31.57K

CPNM vs. PMAU - Yearly Performance Comparison

	2026 (YTD)	2025
CPNM Calamos Nasdaq-100 Structured Alt Protection ETF - March	3.21%	3.09%
PMAU PGIM S&P 500 Max Buffer ETF - August	4.06%	2.94%

Correlation

The correlation between CPNM and PMAU is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (All Time) Calculated using the full available price history since Aug 1, 2025	0.75

The correlation between CPNM and PMAU has been stable across timeframes, ranging from 0.75 to 0.75 - a consistent structural relationship.

Return for Risk

CPNM vs. PMAU — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 96
CPNM Calmar Ratio Rank: 96
CPNM Martin Ratio Rank: 97

PMAU

PMAU Risk / Return Rank: 95
PMAU Sharpe Ratio Rank: 96
PMAU Sortino Ratio Rank: 96
PMAU Omega Ratio Rank: 97
PMAU Calmar Ratio Rank: 89
PMAU Martin Ratio Rank: 95

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.

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	3.20	3.06	+0.14
Sortino ratio: Return per unit of downside risk	5.18	4.89	+0.29
Omega ratio: Gain probability vs. loss probability	1.67	1.71	-0.03
Calmar ratio: Return relative to maximum drawdown	6.39	4.03	+2.37
Martin ratio: Return relative to average drawdown	31.97	23.04	+8.93

CPNM vs. PMAU - Sharpe Ratio Comparison

The current CPNM Sharpe Ratio is 3.20, which is comparable to the PMAU Sharpe Ratio of 3.06. The chart below compares the historical Sharpe Ratios of CPNM and PMAU, 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

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%	-1.79%	+0.76%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.22%	-0.15%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.21%	0.31%	-0.10%

Volatility

CPNM vs. PMAU - Volatility Comparison

Calamos Nasdaq-100 Structured Alt Protection ETF - March (CPNM) has a higher volatility of 0.68% compared to PGIM S&P 500 Max Buffer ETF - August (PMAU) at 0.22%. This indicates that CPNM's price experiences larger fluctuations and is considered to be riskier than PMAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPNM	PMAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	0.22%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	1.58%	1.78%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	2.07%	2.35%	-0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.79%	2.35%	+0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.79%	2.35%	+0.44%

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 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPNM or PMAU?

CPNM has higher volatility (0.68%) compared to PMAU (0.22%). In terms of maximum drawdown, CPNM dropped -2.19% vs PMAU's -1.79%.

Which ETF is better, CPNM or PMAU?

On 1-year performance, PMAU leads with 7.16% vs 6.57% for CPNM. On fees, PMAU is cheaper at 0.50% per year. On volatility, PMAU has been the lower-risk option at 0.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPNM or PMAU?

Over the 1-year period, PMAU has performed better with a 7.16% return vs 6.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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.

Which has better risk-adjusted returns?

CPNM currently has the higher Sharpe Ratio (3.20 vs 3.06), 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.