CPNM vs. PMOC

Last updated Aug 4, 2026

CPNM (Calamos Nasdaq-100 Structured Alt Protection ETF - March) and PMOC (PGIM S&P 500 Max Buffer ETF - October) are both Defined Outcome funds. CPNM is passively managed, while PMOC is actively managed. Their 0.73 correlation means they have sometimes moved together and sometimes differently. CPNM charges 0.69%/yr vs 0.50%/yr for PMOC.

Performance

CPNM vs. PMOC - 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 - October (PMOC). 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 PMOC's 3.78% return.

CPNM

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

PMOC

• 1D: 0.15%
• 1M: 0.69%
• 6M: 3.23%
• YTD: 3.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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
PMOC PGIM S&P 500 Max Buffer ETF - October	$7.02K	$3.47K	$5.60K

CPNM vs. PMOC - Yearly Performance Comparison

	2026 (YTD)	2025
CPNM Calamos Nasdaq-100 Structured Alt Protection ETF - March	3.21%	1.64%
PMOC PGIM S&P 500 Max Buffer ETF - October	3.78%	0.93%

Correlation

The correlation between CPNM and PMOC is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 1, 2025	0.73

Return for Risk

CPNM vs. PMOC — 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

PMOC

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

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. PMOC - 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 - October (PMOC). 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	PMOC	Difference
Sharpe ratio: Return per unit of total volatility	3.20	—	—
Sortino ratio: Return per unit of downside risk	5.18	—	—
Omega ratio: Gain probability vs. loss probability	1.67	—	—
Calmar ratio: Return relative to maximum drawdown	6.39	—	—
Martin ratio: Return relative to average drawdown	31.97	—	—

Drawdowns

CPNM vs. PMOC - Drawdown Comparison

The maximum CPNM drawdown since its inception was -2.19%, which is greater than PMOC's maximum drawdown of -1.50%. Use the drawdown chart below to compare losses from any high point for CPNM and PMOC.

Drawdown Indicators

	CPNM	PMOC	Difference
Max Drawdown Largest peak-to-trough decline	-2.19%	-1.50%	-0.69%
Max Drawdown (1Y) Largest decline over 1 year	-1.03%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.22%	-0.19%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.21%	—	—

Volatility

Volatility by Period

	CPNM	PMOC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.58%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.07%	2.30%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.79%	2.30%	+0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.79%	2.30%	+0.49%

CPNM vs. PMOC - Expense Ratio Comparison

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

Dividends

CPNM vs. PMOC - Dividend Comparison

Neither CPNM nor PMOC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPNM and PMOC in my portfolio?

CPNM and PMOC have a correlation of 0.73, 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 PMOC?

On fees, PMOC 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 PMOC?

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

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

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

What is the main difference between CPNM and PMOC?

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