PMJN vs. CBOA

Last updated Jun 23, 2026

PMJN (PGIM S&P 500 Max Buffer ETF - June) and CBOA (Calamos Bitcoin Structured Alt Protection ETF - April) are both Defined Outcome funds. PMJN is actively managed, while CBOA is passively managed. Over the past year, PMJN returned 6.03% vs -4.89% for CBOA. At a 0.41 correlation, their price movements are largely independent. PMJN charges 0.50%/yr vs 0.69%/yr for CBOA.

Performance

PMJN vs. CBOA - Performance Comparison

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

Returns By Period

In the year-to-date period, PMJN achieves a 2.07% return, which is significantly higher than CBOA's -6.14% return.

PMJN

• 1D: -0.08%
• 1M: -0.22%
• YTD: 2.07%
• 6M: 2.13%
• 1Y: 6.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOA

• 1D: 0.17%
• 1M: -1.44%
• YTD: -6.14%
• 6M: -6.16%
• 1Y: -4.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMJN vs. CBOA - Yearly Performance Comparison

	2026 (YTD)	2025
PMJN PGIM S&P 500 Max Buffer ETF - June	2.07%	4.26%
CBOA Calamos Bitcoin Structured Alt Protection ETF - April	-6.14%	1.20%

Correlation

The correlation between PMJN and CBOA is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jun 2, 2025	0.41

Return for Risk

PMJN vs. CBOA — Risk / Return Rank

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

PMJN

PMJN Risk / Return Rank: 94
PMJN Sharpe Ratio Rank: 93
PMJN Sortino Ratio Rank: 95
PMJN Omega Ratio Rank: 96
PMJN Calmar Ratio Rank: 90
PMJN Martin Ratio Rank: 95

CBOA

CBOA Risk / Return Rank: 3
CBOA Sharpe Ratio Rank: 2
CBOA Sortino Ratio Rank: 3
CBOA Omega Ratio Rank: 2
CBOA Calmar Ratio Rank: 4
CBOA Martin Ratio Rank: 4

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.

PMJN vs. CBOA - Risk-Adjusted Trends Comparison

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

	PMJN	CBOA	Difference
Sharpe ratio: Return per unit of total volatility	3.17	-0.90	+4.07
Sortino ratio: Return per unit of downside risk	4.98	-1.15	+6.13
Omega ratio: Gain probability vs. loss probability	1.78	0.85	+0.93
Calmar ratio: Return relative to maximum drawdown	5.27	-0.57	+5.83
Martin ratio: Return relative to average drawdown	30.32	-1.11	+31.43

PMJN vs. CBOA - Sharpe Ratio Comparison

The current PMJN Sharpe Ratio is 3.17, which is higher than the CBOA Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of PMJN and CBOA, 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

PMJN vs. CBOA - Drawdown Comparison

The maximum PMJN drawdown since its inception was -1.15%, smaller than the maximum CBOA drawdown of -8.65%. Use the drawdown chart below to compare losses from any high point for PMJN and CBOA.

Drawdown Indicators

	PMJN	CBOA	Difference
Max Drawdown Largest peak-to-trough decline	-1.15%	-8.65%	+7.50%
Max Drawdown (1Y) Largest decline over 1 year	-1.15%	-8.65%	+7.50%
Current Drawdown Current decline from peak	-0.37%	-7.98%	+7.61%
Average Drawdown Average peak-to-trough decline	-0.09%	-2.60%	+2.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	4.43%	-4.23%

Volatility

PMJN vs. CBOA - Volatility Comparison

The current volatility for PGIM S&P 500 Max Buffer ETF - June (PMJN) is 0.86%, while Calamos Bitcoin Structured Alt Protection ETF - April (CBOA) has a volatility of 1.33%. This indicates that PMJN experiences smaller price fluctuations and is considered to be less risky than CBOA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMJN	CBOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	1.33%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	1.64%	4.54%	-2.90%
Volatility (1Y) Calculated over the trailing 1-year period	1.91%	5.44%	-3.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.89%	5.12%	-3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.89%	5.12%	-3.23%

PMJN vs. CBOA - Expense Ratio Comparison

PMJN has a 0.50% expense ratio, which is lower than CBOA's 0.69% expense ratio.

Dividends

PMJN vs. CBOA - Dividend Comparison

PMJN has not paid dividends to shareholders, while CBOA's dividend yield for the trailing twelve months is around 2.39%.

Position	TTM	2025
CBOA Calamos Bitcoin Structured Alt Protection ETF - April	2.39%	2.24%
PMJN PGIM S&P 500 Max Buffer ETF - June	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMJN and CBOA in my portfolio?

PMJN and CBOA have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMJN or CBOA?

CBOA has higher volatility (1.33%) compared to PMJN (0.86%). In terms of maximum drawdown, PMJN dropped -1.15% vs CBOA's -8.65%.

Which ETF is better, PMJN or CBOA?

On 1-year performance, PMJN leads with 6.03% vs -4.89% for CBOA. On fees, PMJN is cheaper at 0.50% per year. On volatility, PMJN has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMJN or CBOA?

Over the 1-year period, PMJN has performed better with a 6.03% return vs -4.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMJN or CBOA?

PMJN is cheaper with a 0.50% expense ratio, compared with 0.69% for CBOA.

Which ETF pays a higher dividend yield, PMJN or CBOA?

CBOA has the higher dividend yield at 2.39%, compared with 0.00% for PMJN.

What is the main difference between PMJN and CBOA?

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

Which has better risk-adjusted returns?

PMJN currently has the higher Sharpe Ratio (3.17 vs -0.90), 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.