PMJA vs. CPST

Last updated Jun 23, 2026

PMJA (PGIM S&P 500 Max Buffer ETF - January) and CPST (Calamos S&P 500 Structured Alt Protection ETF - September) are both Defined Outcome funds. PMJA is actively managed, while CPST is passively managed. Over the past year, PMJA returned 7.51% vs 7.56% for CPST. Their correlation of 0.84 suggests significant overlap in exposure. PMJA charges 0.50%/yr vs 0.69%/yr for CPST.

Performance

PMJA vs. CPST - 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 - September (CPST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMJA achieves a 2.36% return, which is significantly lower than CPST's 2.83% return.

PMJA

• 1D: -0.04%
• 1M: 0.24%
• YTD: 2.36%
• 6M: 2.49%
• 1Y: 7.51%
• 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)

PMJA vs. CPST - Yearly Performance Comparison

	2026 (YTD)	2025
PMJA PGIM S&P 500 Max Buffer ETF - January	2.36%	6.76%
CPST Calamos S&P 500 Structured Alt Protection ETF - September	2.83%	6.73%

Correlation

The correlation between PMJA and CPST is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.84

The correlation between PMJA and CPST has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.

Return for Risk

PMJA vs. CPST — Risk / Return Rank

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

PMJA

PMJA Risk / Return Rank: 94
PMJA Sharpe Ratio Rank: 95
PMJA Sortino Ratio Rank: 97
PMJA Omega Ratio Rank: 97
PMJA Calmar Ratio Rank: 89
PMJA Martin Ratio Rank: 94

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.

PMJA vs. CPST - 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 - 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.

	PMJA	CPST	Difference
Sharpe ratio: Return per unit of total volatility	3.71	3.63	+0.07
Sortino ratio: Return per unit of downside risk	5.96	6.02	-0.07
Omega ratio: Gain probability vs. loss probability	1.84	1.83	+0.01
Calmar ratio: Return relative to maximum drawdown	5.19	5.34	-0.15
Martin ratio: Return relative to average drawdown	25.79	28.83	-3.03

PMJA vs. CPST - Sharpe Ratio Comparison

The current PMJA Sharpe Ratio is 3.71, which is comparable to the CPST Sharpe Ratio of 3.63. The chart below compares the historical Sharpe Ratios of PMJA 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

PMJA vs. CPST - Drawdown Comparison

The maximum PMJA drawdown since its inception was -2.98%, smaller than the maximum CPST drawdown of -3.79%. Use the drawdown chart below to compare losses from any high point for PMJA and CPST.

Drawdown Indicators

	PMJA	CPST	Difference
Max Drawdown Largest peak-to-trough decline	-2.98%	-3.79%	+0.81%
Max Drawdown (1Y) Largest decline over 1 year	-1.45%	-1.42%	-0.03%
Current Drawdown Current decline from peak	-0.13%	0.00%	-0.13%
Average Drawdown Average peak-to-trough decline	-0.33%	-0.34%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	0.26%	+0.03%

Volatility

PMJA vs. CPST - Volatility Comparison

PGIM S&P 500 Max Buffer ETF - January (PMJA) has a higher volatility of 0.53% compared to Calamos S&P 500 Structured Alt Protection ETF - September (CPST) at 0.44%. This indicates that PMJA'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

	PMJA	CPST	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.53%	0.44%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	1.57%	1.60%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	2.04%	2.09%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.84%	3.34%	-0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.84%	3.34%	-0.50%

PMJA vs. CPST - Expense Ratio Comparison

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

Dividends

PMJA vs. CPST - Dividend Comparison

Neither PMJA nor CPST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PMJA and CPST in my portfolio?

PMJA and CPST have a correlation of 0.77, 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 CPST?

PMJA has higher volatility (0.53%) compared to CPST (0.44%). In terms of maximum drawdown, PMJA dropped -2.98% vs CPST's -3.79%.

Which ETF is better, PMJA or CPST?

On 1-year performance, CPST leads with 7.56% vs 7.51% for PMJA. 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 CPST?

Over the 1-year period, CPST has performed better with a 7.56% return vs 7.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMJA or CPST?

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

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

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

What is the main difference between PMJA and CPST?

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

Which has better risk-adjusted returns?

PMJA currently has the higher Sharpe Ratio (3.71 vs 3.63), 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.