PMJL vs. CBOY

Last updated Jun 3, 2026

PMJL (PGIM S&P 500 Max Buffer ETF - July) and CBOY (Calamos Bitcoin Structured Alt Protection ETF - July) are both Defined Outcome funds. PMJL is actively managed, while CBOY is passively managed. At a 0.32 correlation, their price movements are largely independent. PMJL charges 0.50%/yr vs 0.69%/yr for CBOY.

Performance

PMJL vs. CBOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - July (PMJL) and Calamos Bitcoin Structured Alt Protection ETF - July (CBOY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMJL achieves a 2.65% return, which is significantly higher than CBOY's -0.55% return.

PMJL

• 1D: 0.03%
• 1M: 0.55%
• YTD: 2.65%
• 6M: 3.23%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOY

• 1D: 0.06%
• 1M: 0.20%
• YTD: -0.55%
• 6M: -0.73%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMJL vs. CBOY - Yearly Performance Comparison

	2026 (YTD)	2025
PMJL PGIM S&P 500 Max Buffer ETF - July	2.65%	3.32%
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	-0.55%	-0.40%

Correlation

The correlation between PMJL and CBOY is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	0.32

Return for Risk

PMJL vs. CBOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Max Buffer ETF - July (PMJL) and Calamos Bitcoin Structured Alt Protection ETF - July (CBOY). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	PMJL	CBOY	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	3.25	-0.32	+3.57

Drawdowns

PMJL vs. CBOY - Drawdown Comparison

The maximum PMJL drawdown since its inception was -1.49%, smaller than the maximum CBOY drawdown of -3.99%. Use the drawdown chart below to compare losses from any high point for PMJL and CBOY.

Drawdown Indicators

	PMJL	CBOY	Difference
Max Drawdown Largest peak-to-trough decline	-1.49%	-3.99%	+2.50%
Current Drawdown Current decline from peak	0.00%	-3.36%	+3.36%
Average Drawdown Average peak-to-trough decline	-0.12%	-2.18%	+2.06%

Volatility

Volatility by Period

	PMJL	CBOY	Difference
Volatility (1Y) Calculated over the trailing 1-year period	2.07%	3.33%	-1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.07%	3.33%	-1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.07%	3.33%	-1.26%

PMJL vs. CBOY - Expense Ratio Comparison

PMJL has a 0.50% expense ratio, which is lower than CBOY's 0.69% expense ratio.

Dividends

PMJL vs. CBOY - Dividend Comparison

PMJL has not paid dividends to shareholders, while CBOY's dividend yield for the trailing twelve months is around 1.38%.

Position	TTM	2025
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	1.38%	1.37%
PMJL PGIM S&P 500 Max Buffer ETF - July	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMJL and CBOY in my portfolio?

PMJL and CBOY have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PMJL or CBOY?

On fees, PMJL is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PMJL or CBOY?

PMJL is cheaper with a 0.50% expense ratio, compared with 0.69% for CBOY.

Which ETF pays a higher dividend yield, PMJL or CBOY?

CBOY has the higher dividend yield at 1.38%, compared with 0.00% for PMJL.

What is the main difference between PMJL and CBOY?

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