PBSE vs. CPSP

Last updated Jun 4, 2026

PBSE (PGIM S&P 500 Buffer 20 ETF - September) and CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) are both exchange-traded funds - PBSE 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, PBSE returned 12.86% vs 7.13% for CPSP. A 0.74 correlation means they provide meaningful diversification when combined. PBSE charges 0.50%/yr vs 0.69%/yr for CPSP.

Performance

PBSE vs. CPSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 20 ETF - September (PBSE) 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, PBSE achieves a 4.31% return, which is significantly higher than CPSP's 3.18% return.

PBSE

• 1D: -0.05%
• 1M: 1.42%
• YTD: 4.31%
• 6M: 5.00%
• 1Y: 12.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSP

• 1D: 0.00%
• 1M: 0.60%
• YTD: 3.18%
• 6M: 3.74%
• 1Y: 7.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBSE vs. CPSP - Yearly Performance Comparison

	2026 (YTD)	2025
PBSE PGIM S&P 500 Buffer 20 ETF - September	4.31%	11.97%
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	3.18%	5.46%

Correlation

The correlation between PBSE and CPSP is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.74

The correlation between PBSE and CPSP has been stable across timeframes, ranging from 0.72 to 0.74 - a consistent structural relationship.

Return for Risk

PBSE vs. CPSP — Risk / Return Rank

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

PBSE

PBSE Risk / Return Rank: 88
PBSE Sharpe Ratio Rank: 87
PBSE Sortino Ratio Rank: 91
PBSE Omega Ratio Rank: 92
PBSE Calmar Ratio Rank: 80
PBSE Martin Ratio Rank: 91

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

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.

PBSE vs. CPSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 20 ETF - September (PBSE) 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.

	PBSE	CPSP	Difference
Sharpe ratio: Return per unit of total volatility	2.86	5.08	-2.22
Sortino ratio: Return per unit of downside risk	4.26	9.15	-4.89
Omega ratio: Gain probability vs. loss probability	1.60	2.31	-0.71
Calmar ratio: Return relative to maximum drawdown	4.10	19.11	-15.01
Martin ratio: Return relative to average drawdown	21.83	96.35	-74.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBSE vs. CPSP - Sharpe Ratio Comparison

The current PBSE Sharpe Ratio is 2.86, which is lower than the CPSP Sharpe Ratio of 5.08. The chart below compares the historical Sharpe Ratios of PBSE 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.

Sharpe Ratios by Period

	PBSE	CPSP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.86	5.08	-2.22
Sharpe Ratio (All Time) Calculated using the full available price history	1.57	3.17	-1.60

Drawdowns

PBSE vs. CPSP - Drawdown Comparison

The maximum PBSE drawdown since its inception was -8.35%, which is greater than CPSP's maximum drawdown of -1.73%. Use the drawdown chart below to compare losses from any high point for PBSE and CPSP.

Drawdown Indicators

	PBSE	CPSP	Difference
Max Drawdown Largest peak-to-trough decline	-8.35%	-1.73%	-6.62%
Max Drawdown (1Y) Largest decline over 1 year	-3.15%	-0.37%	-2.78%
Current Drawdown Current decline from peak	-0.05%	0.00%	-0.05%
Average Drawdown Average peak-to-trough decline	-0.63%	-0.08%	-0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	0.07%	+0.52%

Volatility

PBSE vs. CPSP - Volatility Comparison

PGIM S&P 500 Buffer 20 ETF - September (PBSE) has a higher volatility of 0.46% compared to Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) at 0.32%. This indicates that PBSE'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

	PBSE	CPSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.46%	0.32%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	3.42%	0.84%	+2.58%
Volatility (1Y) Calculated over the trailing 1-year period	4.53%	1.42%	+3.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.66%	2.37%	+4.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.66%	2.37%	+4.29%

PBSE vs. CPSP - Expense Ratio Comparison

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

Dividends

PBSE vs. CPSP - Dividend Comparison

Neither PBSE nor CPSP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PBSE and CPSP in my portfolio?

PBSE and CPSP have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBSE or CPSP?

PBSE has higher volatility (0.46%) compared to CPSP (0.32%). In terms of maximum drawdown, PBSE dropped -8.35% vs CPSP's -1.73%.

Which ETF is better, PBSE or CPSP?

On 1-year performance, PBSE leads with 12.86% vs 7.13% for CPSP. On fees, PBSE is cheaper at 0.50% per year. On volatility, CPSP has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBSE or CPSP?

Over the 1-year period, PBSE has performed better with a 12.86% return vs 7.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBSE or CPSP?

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

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

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

What is the main difference between PBSE and CPSP?

PBSE 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 PBSE and 0.69% for CPSP.

Which has better risk-adjusted returns?

CPSP currently has the higher Sharpe Ratio (5.08 vs 2.86), 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.