CPSL vs. PMJA

Last updated Jun 4, 2026

CPSL (Calamos Laddered S&P 500 Structured Alt Protection ETF) and PMJA (PGIM S&P 500 Max Buffer ETF - January) are both Defined Outcome funds. Both are actively managed. Over the past year, CPSL returned 7.09% vs 7.69% for PMJA. A 0.77 correlation means they provide meaningful diversification when combined. CPSL charges 0.79%/yr vs 0.50%/yr for PMJA.

Performance

CPSL vs. PMJA - Performance Comparison

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

Returns By Period

In the year-to-date period, CPSL achieves a 2.71% return, which is significantly higher than PMJA's 2.35% return.

CPSL

• 1D: -0.04%
• 1M: 0.79%
• YTD: 2.71%
• 6M: 3.02%
• 1Y: 7.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMJA

• 1D: -0.04%
• 1M: 0.79%
• YTD: 2.35%
• 6M: 2.84%
• 1Y: 7.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSL vs. PMJA - Yearly Performance Comparison

	2026 (YTD)	2025
CPSL Calamos Laddered S&P 500 Structured Alt Protection ETF	2.71%	6.49%
PMJA PGIM S&P 500 Max Buffer ETF - January	2.35%	6.89%

Correlation

The correlation between CPSL and PMJA is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.77

The correlation between CPSL and PMJA shifts across timeframes, from 0.66 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CPSL vs. PMJA — Risk / Return Rank

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

CPSL

CPSL Risk / Return Rank: 93
CPSL Sharpe Ratio Rank: 90
CPSL Sortino Ratio Rank: 95
CPSL Omega Ratio Rank: 92
CPSL Calmar Ratio Rank: 91
CPSL Martin Ratio Rank: 95

PMJA

PMJA Risk / Return Rank: 94
PMJA Sharpe Ratio Rank: 95
PMJA Sortino Ratio Rank: 97
PMJA Omega Ratio Rank: 97
PMJA Calmar Ratio Rank: 89
PMJA Martin Ratio Rank: 94

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.

CPSL vs. PMJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Laddered S&P 500 Structured Alt Protection ETF (CPSL) and PGIM S&P 500 Max Buffer ETF - January (PMJA). 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.

	CPSL	PMJA	Difference
Sharpe ratio: Return per unit of total volatility	3.10	3.80	-0.69
Sortino ratio: Return per unit of downside risk	5.05	6.16	-1.11
Omega ratio: Gain probability vs. loss probability	1.62	1.88	-0.26
Calmar ratio: Return relative to maximum drawdown	6.04	5.32	+0.73
Martin ratio: Return relative to average drawdown	31.16	26.64	+4.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPSL vs. PMJA - Sharpe Ratio Comparison

The current CPSL Sharpe Ratio is 3.10, which is comparable to the PMJA Sharpe Ratio of 3.80. The chart below compares the historical Sharpe Ratios of CPSL and PMJA, 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

	CPSL	PMJA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.10	3.80	-0.69
Sharpe Ratio (All Time) Calculated using the full available price history	2.01	2.32	-0.31

Drawdowns

CPSL vs. PMJA - Drawdown Comparison

The maximum CPSL drawdown since its inception was -3.72%, which is greater than PMJA's maximum drawdown of -2.98%. Use the drawdown chart below to compare losses from any high point for CPSL and PMJA.

Drawdown Indicators

	CPSL	PMJA	Difference
Max Drawdown Largest peak-to-trough decline	-3.72%	-2.98%	-0.74%
Max Drawdown (1Y) Largest decline over 1 year	-1.18%	-1.45%	+0.27%
Current Drawdown Current decline from peak	-0.04%	-0.04%	0.00%
Average Drawdown Average peak-to-trough decline	-0.33%	-0.34%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.23%	0.29%	-0.06%

Volatility

CPSL vs. PMJA - Volatility Comparison

Calamos Laddered S&P 500 Structured Alt Protection ETF (CPSL) has a higher volatility of 0.39% compared to PGIM S&P 500 Max Buffer ETF - January (PMJA) at 0.33%. This indicates that CPSL's price experiences larger fluctuations and is considered to be riskier than PMJA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSL	PMJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	0.33%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	1.57%	1.49%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	2.35%	2.04%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.34%	2.85%	+0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.34%	2.85%	+0.49%

CPSL vs. PMJA - Expense Ratio Comparison

CPSL has a 0.79% expense ratio, which is higher than PMJA's 0.50% expense ratio.

Dividends

CPSL vs. PMJA - Dividend Comparison

Neither CPSL nor PMJA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPSL and PMJA in my portfolio?

CPSL and PMJA have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPSL or PMJA?

CPSL has higher volatility (0.39%) compared to PMJA (0.33%). In terms of maximum drawdown, CPSL dropped -3.72% vs PMJA's -2.98%.

Which ETF is better, CPSL or PMJA?

On 1-year performance, PMJA leads with 7.69% vs 7.09% for CPSL. On fees, PMJA is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPSL or PMJA?

Over the 1-year period, PMJA has performed better with a 7.69% return vs 7.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSL or PMJA?

PMJA is cheaper with a 0.50% expense ratio, compared with 0.79% for CPSL.

Which ETF pays a higher dividend yield, CPSL or PMJA?

CPSL and PMJA have nearly identical dividend yields, around 0.00%.

What is the main difference between CPSL and PMJA?

They also come from different issuers: Calamos and PGIM. Their fees differ too: 0.79% for CPSL and 0.50% for PMJA.

Which has better risk-adjusted returns?

PMJA currently has the higher Sharpe Ratio (3.80 vs 3.10), 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.