PMAP vs. CPSP

Last updated Jun 19, 2026

PMAP (PGIM S&P 500 Max Buffer ETF - April) and CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) are both exchange-traded funds - PMAP 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, PMAP returned 7.14% vs 6.91% for CPSP. A 0.77 correlation means they provide meaningful diversification when combined. PMAP charges 0.50%/yr vs 0.69%/yr for CPSP.

Performance

PMAP vs. CPSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - April (PMAP) 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

The year-to-date returns for both stocks are quite close, with PMAP having a 3.30% return and CPSP slightly lower at 3.15%.

PMAP

• 1D: -0.02%
• 1M: 0.28%
• YTD: 3.30%
• 6M: 3.61%
• 1Y: 7.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSP

• 1D: 0.02%
• 1M: 0.34%
• YTD: 3.15%
• 6M: 3.48%
• 1Y: 6.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMAP vs. CPSP - Yearly Performance Comparison

	2026 (YTD)	2025
PMAP PGIM S&P 500 Max Buffer ETF - April	3.30%	5.29%
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	3.15%	5.96%

Correlation

The correlation between PMAP and CPSP is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.77

The correlation between PMAP and CPSP has been stable across timeframes, ranging from 0.77 to 0.79 - a consistent structural relationship.

Return for Risk

PMAP vs. CPSP — Risk / Return Rank

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

PMAP

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

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) 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.

PMAP vs. CPSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Max Buffer ETF - April (PMAP) 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.

	PMAP	CPSP	Difference
Sharpe ratio: Return per unit of total volatility	6.08	5.10	+0.98
Sortino ratio: Return per unit of downside risk	12.36	9.67	+2.69
Omega ratio: Gain probability vs. loss probability	2.78	2.29	+0.48
Calmar ratio: Return relative to maximum drawdown	20.56	18.54	+2.02
Martin ratio: Return relative to average drawdown	111.65	89.09	+22.56

PMAP vs. CPSP - Sharpe Ratio Comparison

The current PMAP Sharpe Ratio is 6.08, which is comparable to the CPSP Sharpe Ratio of 5.10. The chart below compares the historical Sharpe Ratios of PMAP 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

PMAP vs. CPSP - Drawdown Comparison

The maximum PMAP drawdown since its inception was -1.75%, roughly equal to the maximum CPSP drawdown of -1.73%. Use the drawdown chart below to compare losses from any high point for PMAP and CPSP.

Drawdown Indicators

	PMAP	CPSP	Difference
Max Drawdown Largest peak-to-trough decline	-1.75%	-1.73%	-0.02%
Max Drawdown (1Y) Largest decline over 1 year	-0.35%	-0.37%	+0.02%
Current Drawdown Current decline from peak	-0.09%	-0.15%	+0.06%
Average Drawdown Average peak-to-trough decline	-0.08%	-0.09%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	0.08%	-0.02%

Volatility

PMAP vs. CPSP - Volatility Comparison

PGIM S&P 500 Max Buffer ETF - April (PMAP) and Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) have volatilities of 0.41% and 0.42%, 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

	PMAP	CPSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.41%	0.42%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.89%	0.87%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	1.18%	1.36%	-0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.31%	2.38%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.31%	2.38%	-0.07%

PMAP vs. CPSP - Expense Ratio Comparison

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

Dividends

PMAP vs. CPSP - Dividend Comparison

Neither PMAP nor CPSP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PMAP and CPSP in my portfolio?

PMAP and CPSP have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMAP or CPSP?

CPSP has higher volatility (0.42%) compared to PMAP (0.41%). In terms of maximum drawdown, PMAP dropped -1.75% vs CPSP's -1.73%.

Which ETF is better, PMAP or CPSP?

On 1-year performance, PMAP leads with 7.14% vs 6.91% for CPSP. On fees, PMAP 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, PMAP or CPSP?

Over the 1-year period, PMAP has performed better with a 7.14% return vs 6.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMAP or CPSP?

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

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

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

What is the main difference between PMAP and CPSP?

PMAP 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 PMAP and 0.69% for CPSP.

Which has better risk-adjusted returns?

PMAP currently has the higher Sharpe Ratio (6.08 vs 5.10), 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.