CPSP vs. PMJA

Last updated Jun 4, 2026

CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) and PMJA (PGIM S&P 500 Max Buffer ETF - January) are both exchange-traded funds - CPSP is a S&P 500 fund actively managed by Calamos, while PMJA is a Defined Outcome fund actively managed by PGIM. Both are actively managed. Over the past year, CPSP returned 7.13% vs 7.69% for PMJA. A 0.74 correlation means they provide meaningful diversification when combined. CPSP charges 0.69%/yr vs 0.50%/yr for PMJA.

Performance

CPSP vs. PMJA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) 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, CPSP achieves a 3.18% return, which is significantly higher than PMJA's 2.35% return.

CPSP

• 1D: 0.00%
• 1M: 0.60%
• YTD: 3.18%
• 6M: 3.74%
• 1Y: 7.13%
• 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)

CPSP vs. PMJA - Yearly Performance Comparison

	2026 (YTD)	2025
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	3.18%	5.46%
PMJA PGIM S&P 500 Max Buffer ETF - January	2.35%	7.19%

Correlation

The correlation between CPSP and PMJA is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.74

The correlation between CPSP and PMJA has been stable across timeframes, ranging from 0.71 to 0.74 - a consistent structural relationship.

Return for Risk

CPSP vs. PMJA — Risk / Return Rank

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

CPSP

CPSP Risk / Return Rank: 98
CPSP Sharpe Ratio Rank: 98
CPSP Sortino Ratio Rank: 99
CPSP Omega Ratio Rank: 98
CPSP Calmar Ratio Rank: 98
CPSP Martin Ratio Rank: 99

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.

CPSP vs. PMJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) 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.

	CPSP	PMJA	Difference
Sharpe ratio: Return per unit of total volatility	5.08	3.80	+1.28
Sortino ratio: Return per unit of downside risk	9.15	6.16	+2.99
Omega ratio: Gain probability vs. loss probability	2.31	1.88	+0.43
Calmar ratio: Return relative to maximum drawdown	19.11	5.32	+13.79
Martin ratio: Return relative to average drawdown	96.35	26.64	+69.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPSP vs. PMJA - Sharpe Ratio Comparison

The current CPSP Sharpe Ratio is 5.08, which is higher than the PMJA Sharpe Ratio of 3.80. The chart below compares the historical Sharpe Ratios of CPSP 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

	CPSP	PMJA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.08	3.80	+1.28
Sharpe Ratio (All Time) Calculated using the full available price history	3.17	2.32	+0.85

Drawdowns

CPSP vs. PMJA - Drawdown Comparison

The maximum CPSP drawdown since its inception was -1.73%, smaller than the maximum PMJA drawdown of -2.98%. Use the drawdown chart below to compare losses from any high point for CPSP and PMJA.

Drawdown Indicators

	CPSP	PMJA	Difference
Max Drawdown Largest peak-to-trough decline	-1.73%	-2.98%	+1.25%
Max Drawdown (1Y) Largest decline over 1 year	-0.37%	-1.45%	+1.08%
Current Drawdown Current decline from peak	0.00%	-0.04%	+0.04%
Average Drawdown Average peak-to-trough decline	-0.08%	-0.34%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.29%	-0.22%

Volatility

CPSP vs. PMJA - Volatility Comparison

Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) and PGIM S&P 500 Max Buffer ETF - January (PMJA) have volatilities of 0.32% and 0.33%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSP	PMJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.32%	0.33%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.84%	1.49%	-0.65%
Volatility (1Y) Calculated over the trailing 1-year period	1.42%	2.04%	-0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.37%	2.85%	-0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.37%	2.85%	-0.48%

CPSP vs. PMJA - Expense Ratio Comparison

CPSP has a 0.69% expense ratio, which is higher than PMJA's 0.50% expense ratio.

Dividends

CPSP vs. PMJA - Dividend Comparison

Neither CPSP nor PMJA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CPSP and PMJA in my portfolio?

CPSP and PMJA have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPSP or PMJA?

PMJA has higher volatility (0.33%) compared to CPSP (0.32%). In terms of maximum drawdown, CPSP dropped -1.73% vs PMJA's -2.98%.

Which ETF is better, CPSP or PMJA?

On 1-year performance, PMJA leads with 7.69% vs 7.13% for CPSP. 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, CPSP or PMJA?

Over the 1-year period, PMJA has performed better with a 7.69% return vs 7.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSP or PMJA?

PMJA is cheaper with a 0.50% expense ratio, compared with 0.69% for CPSP.

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

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

What is the main difference between CPSP and PMJA?

CPSP is categorized as S&P 500, while PMJA is Defined Outcome. They also come from different issuers: Calamos and PGIM. Their fees differ too: 0.69% for CPSP and 0.50% for PMJA.

Which has better risk-adjusted returns?

CPSP currently has the higher Sharpe Ratio (5.08 vs 3.80), 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.