PMOC vs. CPSO

Last updated Jun 4, 2026

PMOC (PGIM S&P 500 Max Buffer ETF - October) and CPSO (Calamos S&P 500 Structured Alt Protection ETF - October) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.87 suggests significant overlap in exposure. PMOC charges 0.50%/yr vs 0.69%/yr for CPSO.

Performance

PMOC vs. CPSO - 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 S&P 500 Structured Alt Protection ETF - October (CPSO). 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 2.83% return and CPSO slightly lower at 2.72%.

PMOC

• 1D: 0.06%
• 1M: 0.91%
• YTD: 2.83%
• 6M: 3.26%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSO

• 1D: -0.02%
• 1M: 0.96%
• YTD: 2.72%
• 6M: 3.00%
• 1Y: 7.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMOC vs. CPSO - Yearly Performance Comparison

	2026 (YTD)	2025
PMOC PGIM S&P 500 Max Buffer ETF - October	2.83%	0.93%
CPSO Calamos S&P 500 Structured Alt Protection ETF - October	2.72%	0.80%

Correlation

The correlation between PMOC and CPSO is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.87

Return for Risk

PMOC vs. CPSO — Risk / Return Rank

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

CPSO

CPSO Risk / Return Rank: 93
CPSO Sharpe Ratio Rank: 93
CPSO Sortino Ratio Rank: 96
CPSO Omega Ratio Rank: 96
CPSO Calmar Ratio Rank: 88
CPSO Martin Ratio Rank: 93

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. CPSO - 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 S&P 500 Structured Alt Protection ETF - October (CPSO). 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

	PMOC	CPSO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.38	1.96	+0.43

Drawdowns

PMOC vs. CPSO - Drawdown Comparison

The maximum PMOC drawdown since its inception was -1.50%, smaller than the maximum CPSO drawdown of -3.23%. Use the drawdown chart below to compare losses from any high point for PMOC and CPSO.

Drawdown Indicators

	PMOC	CPSO	Difference
Max Drawdown Largest peak-to-trough decline	-1.50%	-3.23%	+1.73%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.45%	—
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.21%	-0.33%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.29%	—

Volatility

Volatility by Period

	PMOC	CPSO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.33%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.66%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.42%	2.14%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.42%	3.02%	-0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.42%	3.02%	-0.60%

PMOC vs. CPSO - Expense Ratio Comparison

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

Dividends

PMOC vs. CPSO - Dividend Comparison

Neither PMOC nor CPSO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PMOC and CPSO in my portfolio?

PMOC and CPSO have a correlation of 0.87, 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 CPSO?

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 CPSO?

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

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

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

What is the main difference between PMOC and CPSO?

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