PMOC vs. CPNM

Last updated Jun 23, 2026

PMOC (PGIM S&P 500 Max Buffer ETF - October) and CPNM (Calamos Nasdaq-100 Structured Alt Protection ETF - March) are both Defined Outcome funds. PMOC is actively managed, while CPNM is passively managed. A 0.75 correlation means they provide meaningful diversification when combined. PMOC charges 0.50%/yr vs 0.69%/yr for CPNM.

Performance

PMOC vs. CPNM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - October (PMOC) and Calamos Nasdaq-100 Structured Alt Protection ETF - March (CPNM). 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 PMOC having a 2.93% return and CPNM slightly lower at 2.88%.

PMOC

• 1D: 0.00%
• 1M: 0.41%
• YTD: 2.93%
• 6M: 2.98%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPNM

• 1D: -0.05%
• 1M: 0.21%
• YTD: 2.88%
• 6M: 3.06%
• 1Y: 7.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMOC vs. CPNM - Yearly Performance Comparison

	2026 (YTD)	2025
PMOC PGIM S&P 500 Max Buffer ETF - October	2.93%	0.93%
CPNM Calamos Nasdaq-100 Structured Alt Protection ETF - March	2.88%	1.64%

Correlation

The correlation between PMOC and CPNM is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 1, 2025	0.75

Return for Risk

PMOC vs. CPNM — Risk / Return Rank

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

PMOC

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

CPNM

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

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.

PMOC vs. CPNM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Max Buffer ETF - October (PMOC) and Calamos Nasdaq-100 Structured Alt Protection ETF - March (CPNM). 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.

	PMOC	CPNM	Difference
Sharpe ratio: Return per unit of total volatility	—	3.89	—
Sortino ratio: Return per unit of downside risk	—	6.38	—
Omega ratio: Gain probability vs. loss probability	—	1.86	—
Calmar ratio: Return relative to maximum drawdown	—	7.49	—
Martin ratio: Return relative to average drawdown	—	40.37	—

Drawdowns

PMOC vs. CPNM - Drawdown Comparison

The maximum PMOC drawdown since its inception was -1.50%, smaller than the maximum CPNM drawdown of -2.19%. Use the drawdown chart below to compare losses from any high point for PMOC and CPNM.

Drawdown Indicators

	PMOC	CPNM	Difference
Max Drawdown Largest peak-to-trough decline	-1.50%	-2.19%	+0.69%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.03%	—
Current Drawdown Current decline from peak	-0.04%	-0.15%	+0.11%
Average Drawdown Average peak-to-trough decline	-0.21%	-0.22%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.19%	—

Volatility

Volatility by Period

	PMOC	CPNM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.68%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.48%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.39%	1.99%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.39%	2.84%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.39%	2.84%	-0.45%

PMOC vs. CPNM - Expense Ratio Comparison

PMOC has a 0.50% expense ratio, which is lower than CPNM's 0.69% expense ratio.

Dividends

PMOC vs. CPNM - Dividend Comparison

Neither PMOC nor CPNM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PMOC and CPNM in my portfolio?

PMOC and CPNM have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PMOC or CPNM?

On fees, PMOC 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, PMOC or CPNM?

PMOC is cheaper with a 0.50% expense ratio, compared with 0.69% for CPNM.

Which ETF pays a higher dividend yield, PMOC or CPNM?

PMOC and CPNM have nearly identical dividend yields, around 0.00%.

What is the main difference between PMOC and CPNM?

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