CPSY vs. BUFP

Last updated Jun 4, 2026

CPSY (Calamos S&P 500 Structured Alt Protection ETF - January) and BUFP (PGIM Laddered S&P 500 Buffer 12 ETF) are both Defined Outcome funds. CPSY is actively managed, while BUFP is passively managed. Over the past year, CPSY returned 7.60% vs 17.24% for BUFP. Their correlation of 0.83 suggests significant overlap in exposure. CPSY charges 0.69%/yr vs 0.50%/yr for BUFP.

Performance

CPSY vs. BUFP - Performance Comparison

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

Returns By Period

In the year-to-date period, CPSY achieves a 2.37% return, which is significantly lower than BUFP's 6.23% return.

CPSY

• 1D: 0.02%
• 1M: 0.80%
• YTD: 2.37%
• 6M: 2.92%
• 1Y: 7.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUFP

• 1D: -0.22%
• 1M: 2.04%
• YTD: 6.23%
• 6M: 7.00%
• 1Y: 17.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSY vs. BUFP - Yearly Performance Comparison

	2026 (YTD)	2025
CPSY Calamos S&P 500 Structured Alt Protection ETF - January	2.37%	6.83%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	6.23%	12.96%

Correlation

The correlation between CPSY and BUFP is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.83

The correlation between CPSY and BUFP has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.

Return for Risk

CPSY vs. BUFP — Risk / Return Rank

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

CPSY

CPSY Risk / Return Rank: 95
CPSY Sharpe Ratio Rank: 95
CPSY Sortino Ratio Rank: 97
CPSY Omega Ratio Rank: 96
CPSY Calmar Ratio Rank: 90
CPSY Martin Ratio Rank: 95

BUFP

BUFP Risk / Return Rank: 86
BUFP Sharpe Ratio Rank: 84
BUFP Sortino Ratio Rank: 89
BUFP Omega Ratio Rank: 89
BUFP Calmar Ratio Rank: 77
BUFP Martin Ratio Rank: 91

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.

CPSY vs. BUFP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos S&P 500 Structured Alt Protection ETF - January (CPSY) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). 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.

	CPSY	BUFP	Difference
Sharpe ratio: Return per unit of total volatility	3.74	2.77	+0.98
Sortino ratio: Return per unit of downside risk	6.06	4.12	+1.94
Omega ratio: Gain probability vs. loss probability	1.84	1.58	+0.26
Calmar ratio: Return relative to maximum drawdown	5.67	3.93	+1.74
Martin ratio: Return relative to average drawdown	29.46	21.96	+7.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPSY vs. BUFP - Sharpe Ratio Comparison

The current CPSY Sharpe Ratio is 3.74, which is higher than the BUFP Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of CPSY and BUFP, 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

	CPSY	BUFP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.74	2.77	+0.98
Sharpe Ratio (All Time) Calculated using the full available price history	2.14	1.40	+0.74

Drawdowns

CPSY vs. BUFP - Drawdown Comparison

The maximum CPSY drawdown since its inception was -3.01%, smaller than the maximum BUFP drawdown of -11.98%. Use the drawdown chart below to compare losses from any high point for CPSY and BUFP.

Drawdown Indicators

	CPSY	BUFP	Difference
Max Drawdown Largest peak-to-trough decline	-3.01%	-11.98%	+8.97%
Max Drawdown (1Y) Largest decline over 1 year	-1.35%	-4.41%	+3.06%
Current Drawdown Current decline from peak	0.00%	-0.22%	+0.22%
Average Drawdown Average peak-to-trough decline	-0.33%	-1.00%	+0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.79%	-0.53%

Volatility

CPSY vs. BUFP - Volatility Comparison

The current volatility for Calamos S&P 500 Structured Alt Protection ETF - January (CPSY) is 0.31%, while PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) has a volatility of 0.95%. This indicates that CPSY experiences smaller price fluctuations and is considered to be less risky than BUFP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSY	BUFP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.31%	0.95%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	1.42%	4.82%	-3.40%
Volatility (1Y) Calculated over the trailing 1-year period	2.04%	6.27%	-4.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.08%	9.49%	-6.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.08%	9.49%	-6.41%

CPSY vs. BUFP - Expense Ratio Comparison

CPSY has a 0.69% expense ratio, which is higher than BUFP's 0.50% expense ratio.

Dividends

CPSY vs. BUFP - Dividend Comparison

CPSY has not paid dividends to shareholders, while BUFP's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025	2024
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	0.01%	0.01%	0.02%
CPSY Calamos S&P 500 Structured Alt Protection ETF - January	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPSY and BUFP in my portfolio?

CPSY and BUFP have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPSY or BUFP?

BUFP has higher volatility (0.95%) compared to CPSY (0.31%). In terms of maximum drawdown, CPSY dropped -3.01% vs BUFP's -11.98%.

Which ETF is better, CPSY or BUFP?

On 1-year performance, BUFP leads with 17.24% vs 7.60% for CPSY. On fees, BUFP is cheaper at 0.50% per year. On volatility, CPSY has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPSY or BUFP?

Over the 1-year period, BUFP has performed better with a 17.24% return vs 7.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSY or BUFP?

BUFP is cheaper with a 0.50% expense ratio, compared with 0.69% for CPSY.

Which ETF pays a higher dividend yield, CPSY or BUFP?

BUFP has the higher dividend yield at 0.01%, compared with 0.00% for CPSY.

What is the main difference between CPSY and BUFP?

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

Which has better risk-adjusted returns?

CPSY currently has the higher Sharpe Ratio (3.74 vs 2.77), 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.