CPRJ vs. PQAP

Last updated Jun 4, 2026

CPRJ (Calamos Russell 2000 Structured Alt Protection ETF - July) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both Defined Outcome funds. CPRJ is passively managed, while PQAP is actively managed. Over the past year, CPRJ returned 9.60% vs 21.47% for PQAP. A 0.65 correlation means they provide meaningful diversification when combined. CPRJ charges 0.69%/yr vs 0.50%/yr for PQAP.

Performance

CPRJ vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Russell 2000 Structured Alt Protection ETF - July (CPRJ) and PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPRJ achieves a 2.94% return, which is significantly lower than PQAP's 12.09% return.

CPRJ

• 1D: -0.09%
• 1M: 0.47%
• YTD: 2.94%
• 6M: 3.35%
• 1Y: 9.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PQAP

• 1D: -0.12%
• 1M: 2.44%
• YTD: 12.09%
• 6M: 13.01%
• 1Y: 21.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPRJ vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
CPRJ Calamos Russell 2000 Structured Alt Protection ETF - July	2.94%	5.01%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	12.09%	14.48%

Correlation

The correlation between CPRJ and PQAP is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.65

The correlation between CPRJ and PQAP has been stable across timeframes, ranging from 0.59 to 0.65 - a consistent structural relationship.

Return for Risk

CPRJ vs. PQAP — Risk / Return Rank

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

CPRJ

CPRJ Risk / Return Rank: 87
CPRJ Sharpe Ratio Rank: 75
CPRJ Sortino Ratio Rank: 87
CPRJ Omega Ratio Rank: 92
CPRJ Calmar Ratio Rank: 89
CPRJ Martin Ratio Rank: 94

PQAP

PQAP Risk / Return Rank: 98
PQAP Sharpe Ratio Rank: 97
PQAP Sortino Ratio Rank: 98
PQAP Omega Ratio Rank: 98
PQAP Calmar Ratio Rank: 98
PQAP Martin Ratio Rank: 98

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.

CPRJ vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Russell 2000 Structured Alt Protection ETF - July (CPRJ) and PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP). 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.

	CPRJ	PQAP	Difference
Sharpe ratio: Return per unit of total volatility	2.41	4.86	-2.45
Sortino ratio: Return per unit of downside risk	3.93	8.47	-4.54
Omega ratio: Gain probability vs. loss probability	1.61	2.20	-0.59
Calmar ratio: Return relative to maximum drawdown	5.37	15.50	-10.12
Martin ratio: Return relative to average drawdown	25.64	86.25	-60.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPRJ vs. PQAP - Sharpe Ratio Comparison

The current CPRJ Sharpe Ratio is 2.41, which is lower than the PQAP Sharpe Ratio of 4.86. The chart below compares the historical Sharpe Ratios of CPRJ and PQAP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CPRJ	PQAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	4.86	-2.45
Sharpe Ratio (All Time) Calculated using the full available price history	1.31	1.76	-0.45

Drawdowns

CPRJ vs. PQAP - Drawdown Comparison

The maximum CPRJ drawdown since its inception was -6.25%, smaller than the maximum PQAP drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for CPRJ and PQAP.

Drawdown Indicators

	CPRJ	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-6.25%	-10.79%	+4.54%
Max Drawdown (1Y) Largest decline over 1 year	-1.79%	-1.39%	-0.40%
Current Drawdown Current decline from peak	-0.09%	-0.12%	+0.03%
Average Drawdown Average peak-to-trough decline	-0.88%	-0.60%	-0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	0.25%	+0.13%

Volatility

CPRJ vs. PQAP - Volatility Comparison

The current volatility for Calamos Russell 2000 Structured Alt Protection ETF - July (CPRJ) is 0.35%, while PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) has a volatility of 1.02%. This indicates that CPRJ experiences smaller price fluctuations and is considered to be less risky than PQAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPRJ	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.35%	1.02%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	1.63%	3.09%	-1.46%
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	4.45%	-0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.13%	11.03%	-5.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.13%	11.03%	-5.90%

CPRJ vs. PQAP - Expense Ratio Comparison

CPRJ has a 0.69% expense ratio, which is higher than PQAP's 0.50% expense ratio.

Dividends

CPRJ vs. PQAP - Dividend Comparison

CPRJ has not paid dividends to shareholders, while PQAP's dividend yield for the trailing twelve months is around 0.02%.

Position	TTM	2025
CPRJ Calamos Russell 2000 Structured Alt Protection ETF - July	0.00%	0.00%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%

Frequently Asked Questions

Can I hold both CPRJ and PQAP in my portfolio?

CPRJ and PQAP have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPRJ or PQAP?

PQAP has higher volatility (1.02%) compared to CPRJ (0.35%). In terms of maximum drawdown, CPRJ dropped -6.25% vs PQAP's -10.79%.

Which ETF is better, CPRJ or PQAP?

On 1-year performance, PQAP leads with 21.47% vs 9.60% for CPRJ. On fees, PQAP is cheaper at 0.50% per year. On volatility, CPRJ has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPRJ or PQAP?

Over the 1-year period, PQAP has performed better with a 21.47% return vs 9.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPRJ or PQAP?

PQAP is cheaper with a 0.50% expense ratio, compared with 0.69% for CPRJ.

Which ETF pays a higher dividend yield, CPRJ or PQAP?

PQAP has the higher dividend yield at 0.02%, compared with 0.00% for CPRJ.

What is the main difference between CPRJ and PQAP?

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

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (4.86 vs 2.41), 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.