CPRJ vs. PSFM

Last updated Jun 3, 2026

CPRJ (Calamos Russell 2000 Structured Alt Protection ETF - July) and PSFM (Pacer Swan SOS Flex (April) ETF) are both Defined Outcome funds. CPRJ is passively managed, while PSFM is actively managed. Over the past year, CPRJ returned 10.96% vs 18.05% for PSFM. A 0.70 correlation means they provide meaningful diversification when combined. CPRJ charges 0.69%/yr vs 0.61%/yr for PSFM.

Performance

CPRJ vs. PSFM - 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 Pacer Swan SOS Flex (April) ETF (PSFM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPRJ achieves a 3.03% return, which is significantly lower than PSFM's 9.38% return.

CPRJ

• 1D: 0.09%
• 1M: 0.51%
• YTD: 3.03%
• 6M: 3.65%
• 1Y: 10.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PSFM

• 1D: 0.04%
• 1M: 1.81%
• YTD: 9.38%
• 6M: 10.42%
• 1Y: 18.05%
• 3Y*: 13.52%
• 5Y*: 10.17%
• 10Y*: —

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

CPRJ vs. PSFM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CPRJ Calamos Russell 2000 Structured Alt Protection ETF - July	3.03%	5.04%	4.75%
PSFM Pacer Swan SOS Flex (April) ETF	9.38%	7.28%	6.20%

Correlation

The correlation between CPRJ and PSFM is 0.63, 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	0.63
Correlation (All Time) Calculated using the full available price history since Jul 2, 2024	0.70

The correlation between CPRJ and PSFM has been stable across timeframes, ranging from 0.63 to 0.70 - a consistent structural relationship.

Return for Risk

CPRJ vs. PSFM — Risk / Return Rank

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

CPRJ

CPRJ Risk / Return Rank: 90
CPRJ Sharpe Ratio Rank: 80
CPRJ Sortino Ratio Rank: 91
CPRJ Omega Ratio Rank: 94
CPRJ Calmar Ratio Rank: 91
CPRJ Martin Ratio Rank: 94

PSFM

PSFM Risk / Return Rank: 98
PSFM Sharpe Ratio Rank: 96
PSFM Sortino Ratio Rank: 98
PSFM Omega Ratio Rank: 98
PSFM Calmar Ratio Rank: 98
PSFM 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. PSFM - 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 Pacer Swan SOS Flex (April) ETF (PSFM). 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	PSFM	Difference
Sharpe ratio Return per unit of total volatility	2.65	4.53	-1.88
Sortino ratio Return per unit of downside risk	4.46	8.12	-3.66
Omega ratio Gain probability vs. loss probability	1.70	2.08	-0.38
Calmar ratio Return relative to maximum drawdown	5.96	14.08	-8.12
Martin ratio Return relative to average drawdown	28.46	74.94	-46.48
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. PSFM - Sharpe Ratio Comparison

The current CPRJ Sharpe Ratio is 2.65, which is lower than the PSFM Sharpe Ratio of 4.53. The chart below compares the historical Sharpe Ratios of CPRJ and PSFM, 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	PSFM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.65	4.53	-1.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.32	1.01	+0.32

Drawdowns

CPRJ vs. PSFM - Drawdown Comparison

The maximum CPRJ drawdown since its inception was -6.25%, smaller than the maximum PSFM drawdown of -14.33%. Use the drawdown chart below to compare losses from any high point for CPRJ and PSFM.

Drawdown Indicators

	CPRJ	PSFM	Difference
Max Drawdown Largest peak-to-trough decline	-6.25%	-14.33%	+8.08%
Max Drawdown (1Y) Largest decline over 1 year	-1.79%	-1.31%	-0.48%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.12%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-14.33%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.88%	-2.27%	+1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	0.25%	+0.13%

Volatility

CPRJ vs. PSFM - Volatility Comparison

The current volatility for Calamos Russell 2000 Structured Alt Protection ETF - July (CPRJ) is 0.34%, while Pacer Swan SOS Flex (April) ETF (PSFM) has a volatility of 0.90%. This indicates that CPRJ experiences smaller price fluctuations and is considered to be less risky than PSFM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPRJ	PSFM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.34%	0.90%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	1.63%	2.87%	-1.24%
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	4.02%	+0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.14%	10.57%	-5.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.14%	10.52%	-5.38%

CPRJ vs. PSFM - Expense Ratio Comparison

CPRJ has a 0.69% expense ratio, which is higher than PSFM's 0.61% expense ratio.

Dividends

CPRJ vs. PSFM - Dividend Comparison

Neither CPRJ nor PSFM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPRJ and PSFM in my portfolio?

CPRJ and PSFM have a correlation of 0.63, 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 PSFM?

PSFM has higher volatility (0.90%) compared to CPRJ (0.34%). In terms of maximum drawdown, CPRJ dropped -6.25% vs PSFM's -14.33%.

Which ETF is better, CPRJ or PSFM?

On 1-year performance, PSFM leads with 18.05% vs 10.96% for CPRJ. On fees, PSFM is cheaper at 0.61% per year. On volatility, CPRJ has been the lower-risk option at 0.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPRJ or PSFM?

Over the 1-year period, PSFM has performed better with a 18.05% return vs 10.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPRJ or PSFM?

PSFM is cheaper with a 0.61% expense ratio, compared with 0.69% for CPRJ.

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

CPRJ and PSFM have nearly identical dividend yields, around 0.00%.

What is the main difference between CPRJ and PSFM?

They also come from different issuers: Calamos and Pacer. Their fees differ too: 0.69% for CPRJ and 0.61% for PSFM.

Which has better risk-adjusted returns?

PSFM currently has the higher Sharpe Ratio (4.53 vs 2.65), 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.