PBAU vs. CPSP

Last updated Aug 1, 2026

PBAU (PGIM S&P 500 Buffer 20 ETF - August) and CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) are both exchange-traded funds - PBAU is a Defined Outcome fund actively managed by PGIM, while CPSP is a S&P 500 fund actively managed by Calamos. Both are actively managed. Over the past year, PBAU returned 10.73% vs 6.35% for CPSP. Their 0.70 correlation means they have sometimes moved together and sometimes differently. PBAU charges 0.50%/yr vs 0.69%/yr for CPSP.

Performance

PBAU vs. CPSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 20 ETF - August (PBAU) and Calamos S&P 500 Structured Alt Protection ETF - April (CPSP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBAU achieves a 5.41% return, which is significantly higher than CPSP's 3.70% return.

PBAU

• 1D: -0.11%
• 1M: 0.38%
• 6M: 4.76%
• YTD: 5.41%
• 1Y: 10.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.97%

CPSP

• 1D: 0.09%
• 1M: 0.37%
• 6M: 3.28%
• YTD: 3.70%
• 1Y: 6.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.34%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	$61.45K	$129.38K	$66.05K
PBAU PGIM S&P 500 Buffer 20 ETF - August	$600.75K	$344.33K	$230.65K

PBAU vs. CPSP - Yearly Performance Comparison

	2026 (YTD)	2025
PBAU PGIM S&P 500 Buffer 20 ETF - August	5.41%	12.97%
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	3.70%	5.96%

Correlation

The correlation between PBAU and CPSP is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.70

The correlation between PBAU and CPSP has been stable across timeframes, ranging from 0.67 to 0.70 - a consistent structural relationship.

Return for Risk

PBAU vs. CPSP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PBAU

PBAU Risk / Return Rank: 89
PBAU Sharpe Ratio Rank: 88
PBAU Sortino Ratio Rank: 90
PBAU Omega Ratio Rank: 91
PBAU Calmar Ratio Rank: 83
PBAU Martin Ratio Rank: 92

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: 99
CPSP Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PBAU vs. CPSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 20 ETF - August (PBAU) and Calamos S&P 500 Structured Alt Protection ETF - April (CPSP). 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.

	PBAU	CPSP	Difference
Sharpe ratio: Return per unit of total volatility	2.15	4.59	-2.44
Sortino ratio: Return per unit of downside risk	3.18	8.37	-5.19
Omega ratio: Gain probability vs. loss probability	1.43	2.13	-0.70
Calmar ratio: Return relative to maximum drawdown	3.08	17.09	-14.01
Martin ratio: Return relative to average drawdown	16.43	65.84	-49.41

PBAU vs. CPSP - Sharpe Ratio Comparison

The current PBAU Sharpe Ratio is 2.15, which is lower than the CPSP Sharpe Ratio of 4.59. The chart below compares the historical Sharpe Ratios of PBAU and CPSP, 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

PBAU vs. CPSP - Drawdown Comparison

The maximum PBAU drawdown since its inception was -8.87%, which is greater than CPSP's maximum drawdown of -1.73%. Use the drawdown chart below to compare losses from any high point for PBAU and CPSP.

Drawdown Indicators

	PBAU	CPSP	Difference
Max Drawdown Largest peak-to-trough decline	-8.87%	-1.73%	-7.14%
Max Drawdown (1Y) Largest decline over 1 year	-3.29%	-0.37%	-2.92%
Current Drawdown Current decline from peak	-0.11%	0.00%	-0.11%
Average Drawdown Average peak-to-trough decline	-0.62%	-0.09%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	0.10%	+0.52%

Volatility

PBAU vs. CPSP - Volatility Comparison

PGIM S&P 500 Buffer 20 ETF - August (PBAU) has a higher volatility of 0.91% compared to Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) at 0.51%. This indicates that PBAU's price experiences larger fluctuations and is considered to be riskier than CPSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBAU	CPSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	0.51%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	3.56%	0.98%	+2.58%
Volatility (1Y) Calculated over the trailing 1-year period	4.73%	1.40%	+3.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.00%	2.32%	+4.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.00%	2.32%	+4.68%

PBAU vs. CPSP - Expense Ratio Comparison

PBAU has a 0.50% expense ratio, which is lower than CPSP's 0.69% expense ratio.

Dividends

PBAU vs. CPSP - Dividend Comparison

Neither PBAU nor CPSP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PBAU and CPSP in my portfolio?

PBAU and CPSP have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBAU or CPSP?

PBAU has higher volatility (0.91%) compared to CPSP (0.51%). In terms of maximum drawdown, PBAU dropped -8.87% vs CPSP's -1.73%.

Which ETF is better, PBAU or CPSP?

On 1-year performance, PBAU leads with 10.73% vs 6.35% for CPSP. On fees, PBAU is cheaper at 0.50% per year. On volatility, CPSP has been the lower-risk option at 0.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBAU or CPSP?

Over the 1-year period, PBAU has performed better with a 10.73% return vs 6.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBAU or CPSP?

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

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

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

What is the main difference between PBAU and CPSP?

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

Which has better risk-adjusted returns?

CPSP currently has the higher Sharpe Ratio (4.59 vs 2.15), 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.