PMJA vs. CPSP

Last updated Aug 4, 2026

PMJA (PGIM S&P 500 Max Buffer ETF - January) and CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) are both exchange-traded funds - PMJA 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, PMJA returned 6.82% vs 6.45% for CPSP. Their 0.75 correlation means they have sometimes moved together and sometimes differently. PMJA charges 0.50%/yr vs 0.69%/yr for CPSP.

Performance

PMJA vs. CPSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - January (PMJA) 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, PMJA achieves a 3.20% return, which is significantly lower than CPSP's 3.80% return.

PMJA

• 1D: 0.18%
• 1M: 0.69%
• 6M: 2.64%
• YTD: 3.20%
• 1Y: 6.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.32%

CPSP

• 1D: 0.09%
• 1M: 0.47%
• 6M: 3.24%
• YTD: 3.80%
• 1Y: 6.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.36%

*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	$54.47K	$129.88K	$65.90K
PMJA PGIM S&P 500 Max Buffer ETF - January	$3.57K	$1.92K	$2.93K

PMJA vs. CPSP - Yearly Performance Comparison

	2026 (YTD)	2025
PMJA PGIM S&P 500 Max Buffer ETF - January	3.20%	7.29%
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	3.80%	5.96%

Correlation

The correlation between PMJA and CPSP is 0.72, 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.	0.72
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.75

The correlation between PMJA and CPSP has been stable across timeframes, ranging from 0.72 to 0.75 - a consistent structural relationship.

Return for Risk

PMJA vs. CPSP — Risk / Return Rank

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

PMJA

PMJA Risk / Return Rank: 96
PMJA Sharpe Ratio Rank: 97
PMJA Sortino Ratio Rank: 97
PMJA Omega Ratio Rank: 97
PMJA Calmar Ratio Rank: 93
PMJA Martin Ratio Rank: 95

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.

PMJA vs. CPSP - Risk-Adjusted Trends Comparison

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

	PMJA	CPSP	Difference
Sharpe ratio: Return per unit of total volatility	3.40	4.64	-1.24
Sortino ratio: Return per unit of downside risk	5.43	8.47	-3.04
Omega ratio: Gain probability vs. loss probability	1.75	2.15	-0.39
Calmar ratio: Return relative to maximum drawdown	4.71	17.30	-12.59
Martin ratio: Return relative to average drawdown	23.28	66.63	-43.35

PMJA vs. CPSP - Sharpe Ratio Comparison

The current PMJA Sharpe Ratio is 3.40, which is comparable to the CPSP Sharpe Ratio of 4.64. The chart below compares the historical Sharpe Ratios of PMJA 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

PMJA vs. CPSP - Drawdown Comparison

The maximum PMJA drawdown since its inception was -2.98%, which is greater than CPSP's maximum drawdown of -1.73%. Use the drawdown chart below to compare losses from any high point for PMJA and CPSP.

Drawdown Indicators

	PMJA	CPSP	Difference
Max Drawdown Largest peak-to-trough decline	-2.98%	-1.73%	-1.25%
Max Drawdown (1Y) Largest decline over 1 year	-1.45%	-0.37%	-1.08%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.32%	-0.09%	-0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	0.10%	+0.19%

Volatility

PMJA vs. CPSP - Volatility Comparison

PGIM S&P 500 Max Buffer ETF - January (PMJA) and Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) have volatilities of 0.50% and 0.51%, 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

	PMJA	CPSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.50%	0.51%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.55%	0.98%	+0.57%
Volatility (1Y) Calculated over the trailing 1-year period	2.02%	1.40%	+0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.76%	2.32%	+0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.76%	2.32%	+0.44%

PMJA vs. CPSP - Expense Ratio Comparison

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

Dividends

PMJA vs. CPSP - Dividend Comparison

Neither PMJA nor CPSP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PMJA and CPSP in my portfolio?

PMJA 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, PMJA or CPSP?

CPSP has higher volatility (0.51%) compared to PMJA (0.50%). In terms of maximum drawdown, PMJA dropped -2.98% vs CPSP's -1.73%.

Which ETF is better, PMJA or CPSP?

On 1-year performance, PMJA leads with 6.82% vs 6.45% for CPSP. On fees, PMJA 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, PMJA or CPSP?

Over the 1-year period, PMJA has performed better with a 6.82% return vs 6.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMJA or CPSP?

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

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

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

What is the main difference between PMJA and CPSP?

PMJA 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 PMJA and 0.69% for CPSP.

Which has better risk-adjusted returns?

CPSP currently has the higher Sharpe Ratio (4.64 vs 3.40), 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.