CPSD vs. PQJA

Last updated Jun 23, 2026

CPSD (Calamos S&P 500 Structured Alt Protection ETF - December) and PQJA (PGIM Nasdaq-100 Buffer 12 ETF - January) are both Defined Outcome funds. Both are actively managed. Over the past year, CPSD returned 9.09% vs 22.39% for PQJA. A 0.78 correlation means they provide meaningful diversification when combined. CPSD charges 0.69%/yr vs 0.50%/yr for PQJA.

Performance

CPSD vs. PQJA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos S&P 500 Structured Alt Protection ETF - December (CPSD) and PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSD achieves a 2.63% return, which is significantly lower than PQJA's 8.48% return.

CPSD

• 1D: 0.06%
• 1M: 0.45%
• YTD: 2.63%
• 6M: 2.73%
• 1Y: 9.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PQJA

• 1D: -0.06%
• 1M: 0.62%
• YTD: 8.48%
• 6M: 8.82%
• 1Y: 22.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSD vs. PQJA - Yearly Performance Comparison

	2026 (YTD)	2025
CPSD Calamos S&P 500 Structured Alt Protection ETF - December	2.63%	7.63%
PQJA PGIM Nasdaq-100 Buffer 12 ETF - January	8.48%	16.06%

Correlation

The correlation between CPSD and PQJA 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 (1Y) Calculated over the trailing 1-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.78

The correlation between CPSD and PQJA has been stable across timeframes, ranging from 0.78 to 0.80 - a consistent structural relationship.

Return for Risk

CPSD vs. PQJA — Risk / Return Rank

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

CPSD

CPSD Risk / Return Rank: 94
CPSD Sharpe Ratio Rank: 93
CPSD Sortino Ratio Rank: 96
CPSD Omega Ratio Rank: 95
CPSD Calmar Ratio Rank: 93
CPSD Martin Ratio Rank: 95

PQJA

PQJA Risk / Return Rank: 82
PQJA Sharpe Ratio Rank: 85
PQJA Sortino Ratio Rank: 87
PQJA Omega Ratio Rank: 88
PQJA Calmar Ratio Rank: 69
PQJA Martin Ratio Rank: 82

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.

CPSD vs. PQJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos S&P 500 Structured Alt Protection ETF - December (CPSD) and PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA). 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.

	CPSD	PQJA	Difference
Sharpe ratio: Return per unit of total volatility	3.26	2.65	+0.61
Sortino ratio: Return per unit of downside risk	5.15	3.72	+1.42
Omega ratio: Gain probability vs. loss probability	1.71	1.52	+0.18
Calmar ratio: Return relative to maximum drawdown	6.15	3.32	+2.82
Martin ratio: Return relative to average drawdown	30.18	15.90	+14.28

CPSD vs. PQJA - Sharpe Ratio Comparison

The current CPSD Sharpe Ratio is 3.26, which is comparable to the PQJA Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of CPSD and PQJA, 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

CPSD vs. PQJA - Drawdown Comparison

The maximum CPSD drawdown since its inception was -3.45%, smaller than the maximum PQJA drawdown of -14.72%. Use the drawdown chart below to compare losses from any high point for CPSD and PQJA.

Drawdown Indicators

	CPSD	PQJA	Difference
Max Drawdown Largest peak-to-trough decline	-3.45%	-14.72%	+11.27%
Max Drawdown (1Y) Largest decline over 1 year	-1.49%	-6.77%	+5.28%
Current Drawdown Current decline from peak	0.00%	-0.32%	+0.32%
Average Drawdown Average peak-to-trough decline	-0.46%	-1.63%	+1.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	1.41%	-1.11%

Volatility

CPSD vs. PQJA - Volatility Comparison

The current volatility for Calamos S&P 500 Structured Alt Protection ETF - December (CPSD) is 0.61%, while PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA) has a volatility of 2.81%. This indicates that CPSD experiences smaller price fluctuations and is considered to be less risky than PQJA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSD	PQJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.61%	2.81%	-2.20%
Volatility (6M) Calculated over the trailing 6-month period	1.63%	7.12%	-5.49%
Volatility (1Y) Calculated over the trailing 1-year period	2.81%	8.52%	-5.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.38%	13.39%	-10.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.38%	13.39%	-10.01%

CPSD vs. PQJA - Expense Ratio Comparison

CPSD has a 0.69% expense ratio, which is higher than PQJA's 0.50% expense ratio.

Dividends

CPSD vs. PQJA - Dividend Comparison

Neither CPSD nor PQJA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPSD and PQJA in my portfolio?

CPSD and PQJA 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 is riskier, CPSD or PQJA?

PQJA has higher volatility (2.81%) compared to CPSD (0.61%). In terms of maximum drawdown, CPSD dropped -3.45% vs PQJA's -14.72%.

Which ETF is better, CPSD or PQJA?

On 1-year performance, PQJA leads with 22.39% vs 9.09% for CPSD. On fees, PQJA is cheaper at 0.50% per year. On volatility, CPSD has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPSD or PQJA?

Over the 1-year period, PQJA has performed better with a 22.39% return vs 9.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSD or PQJA?

PQJA is cheaper with a 0.50% expense ratio, compared with 0.69% for CPSD.

Which ETF pays a higher dividend yield, CPSD or PQJA?

CPSD and PQJA have nearly identical dividend yields, around 0.00%.

What is the main difference between CPSD and PQJA?

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

Which has better risk-adjusted returns?

CPSD currently has the higher Sharpe Ratio (3.26 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.