PBQQ vs. CPST

Last updated Jun 23, 2026

PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) and CPST (Calamos S&P 500 Structured Alt Protection ETF - September) are both Defined Outcome funds. PBQQ is actively managed, while CPST is passively managed. Over the past year, PBQQ returned 20.95% vs 7.56% for CPST. Their correlation of 0.83 suggests significant overlap in exposure. PBQQ charges 0.50%/yr vs 0.69%/yr for CPST.

Performance

PBQQ vs. CPST - Performance Comparison

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

Returns By Period

In the year-to-date period, PBQQ achieves a 9.03% return, which is significantly higher than CPST's 2.83% return.

PBQQ

• 1D: -0.03%
• 1M: 0.53%
• YTD: 9.03%
• 6M: 9.07%
• 1Y: 20.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPST

• 1D: 0.10%
• 1M: 0.45%
• YTD: 2.83%
• 6M: 2.79%
• 1Y: 7.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBQQ vs. CPST - Yearly Performance Comparison

	2026 (YTD)	2025
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	9.03%	15.44%
CPST Calamos S&P 500 Structured Alt Protection ETF - September	2.83%	6.73%

Correlation

The correlation between PBQQ and CPST is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.83

The correlation between PBQQ and CPST has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.

Return for Risk

PBQQ vs. CPST — Risk / Return Rank

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

PBQQ

PBQQ Risk / Return Rank: 90
PBQQ Sharpe Ratio Rank: 90
PBQQ Sortino Ratio Rank: 92
PBQQ Omega Ratio Rank: 91
PBQQ Calmar Ratio Rank: 85
PBQQ Martin Ratio Rank: 91

CPST

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

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.

PBQQ vs. CPST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) and Calamos S&P 500 Structured Alt Protection ETF - September (CPST). 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.

	PBQQ	CPST	Difference
Sharpe ratio: Return per unit of total volatility	2.89	3.63	-0.74
Sortino ratio: Return per unit of downside risk	4.23	6.02	-1.79
Omega ratio: Gain probability vs. loss probability	1.58	1.83	-0.25
Calmar ratio: Return relative to maximum drawdown	4.46	5.34	-0.88
Martin ratio: Return relative to average drawdown	20.95	28.83	-7.88

PBQQ vs. CPST - Sharpe Ratio Comparison

The current PBQQ Sharpe Ratio is 2.89, which is comparable to the CPST Sharpe Ratio of 3.63. The chart below compares the historical Sharpe Ratios of PBQQ and CPST, 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

PBQQ vs. CPST - Drawdown Comparison

The maximum PBQQ drawdown since its inception was -12.92%, which is greater than CPST's maximum drawdown of -3.79%. Use the drawdown chart below to compare losses from any high point for PBQQ and CPST.

Drawdown Indicators

	PBQQ	CPST	Difference
Max Drawdown Largest peak-to-trough decline	-12.92%	-3.79%	-9.13%
Max Drawdown (1Y) Largest decline over 1 year	-4.71%	-1.42%	-3.29%
Current Drawdown Current decline from peak	-0.27%	0.00%	-0.27%
Average Drawdown Average peak-to-trough decline	-1.24%	-0.34%	-0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	0.26%	+0.74%

Volatility

PBQQ vs. CPST - Volatility Comparison

PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) has a higher volatility of 2.10% compared to Calamos S&P 500 Structured Alt Protection ETF - September (CPST) at 0.44%. This indicates that PBQQ's price experiences larger fluctuations and is considered to be riskier than CPST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBQQ	CPST	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.10%	0.44%	+1.66%
Volatility (6M) Calculated over the trailing 6-month period	5.75%	1.60%	+4.15%
Volatility (1Y) Calculated over the trailing 1-year period	7.29%	2.09%	+5.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.79%	3.34%	+8.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.79%	3.34%	+8.45%

PBQQ vs. CPST - Expense Ratio Comparison

PBQQ has a 0.50% expense ratio, which is lower than CPST's 0.69% expense ratio.

Dividends

PBQQ vs. CPST - Dividend Comparison

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

Position	TTM	2025
CPST Calamos S&P 500 Structured Alt Protection ETF - September	0.00%	0.00%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	0.01%	0.01%

Frequently Asked Questions

Can I hold both PBQQ and CPST in my portfolio?

PBQQ and CPST 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, PBQQ or CPST?

PBQQ has higher volatility (2.10%) compared to CPST (0.44%). In terms of maximum drawdown, PBQQ dropped -12.92% vs CPST's -3.79%.

Which ETF is better, PBQQ or CPST?

On 1-year performance, PBQQ leads with 20.95% vs 7.56% for CPST. On fees, PBQQ is cheaper at 0.50% per year. On volatility, CPST has been the lower-risk option at 0.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBQQ or CPST?

Over the 1-year period, PBQQ has performed better with a 20.95% return vs 7.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBQQ or CPST?

PBQQ is cheaper with a 0.50% expense ratio, compared with 0.69% for CPST.

Which ETF pays a higher dividend yield, PBQQ or CPST?

PBQQ has the higher dividend yield at 0.01%, compared with 0.00% for CPST.

What is the main difference between PBQQ and CPST?

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

Which has better risk-adjusted returns?

CPST currently has the higher Sharpe Ratio (3.63 vs 2.89), 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.