PMSE vs. CBXA

Last updated Jun 4, 2026

PMSE (PGIM S&P 500 Max Buffer ETF - September) and CBXA (Calamos Bitcoin 90 Series Structured Alt Protection ETF - April) are both Defined Outcome funds. PMSE is actively managed, while CBXA is passively managed. At a 0.45 correlation, their price movements are largely independent. PMSE charges 0.50%/yr vs 0.69%/yr for CBXA.

Performance

PMSE vs. CBXA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - September (PMSE) and Calamos Bitcoin 90 Series Structured Alt Protection ETF - April (CBXA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMSE achieves a 2.85% return, which is significantly higher than CBXA's -20.06% return.

PMSE

• 1D: 0.00%
• 1M: 0.94%
• YTD: 2.85%
• 6M: 3.28%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBXA

• 1D: -0.83%
• 1M: -5.65%
• YTD: -20.06%
• 6M: -21.86%
• 1Y: -21.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMSE vs. CBXA - Yearly Performance Comparison

	2026 (YTD)	2025
PMSE PGIM S&P 500 Max Buffer ETF - September	2.85%	2.23%
CBXA Calamos Bitcoin 90 Series Structured Alt Protection ETF - April	-20.06%	-6.65%

Correlation

The correlation between PMSE and CBXA is 0.45, 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 Sep 3, 2025	0.45

Return for Risk

PMSE vs. CBXA — Risk / Return Rank

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

CBXA

CBXA Risk / Return Rank: 1
CBXA Sharpe Ratio Rank: 1
CBXA Sortino Ratio Rank: 1
CBXA Omega Ratio Rank: 1
CBXA Calmar Ratio Rank: 2
CBXA Martin Ratio Rank: 1

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.

PMSE vs. CBXA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Max Buffer ETF - September (PMSE) and Calamos Bitcoin 90 Series Structured Alt Protection ETF - April (CBXA). 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

	PMSE	CBXA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-1.20	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.05	-0.63	+3.68

Drawdowns

PMSE vs. CBXA - Drawdown Comparison

The maximum PMSE drawdown since its inception was -1.44%, smaller than the maximum CBXA drawdown of -27.22%. Use the drawdown chart below to compare losses from any high point for PMSE and CBXA.

Drawdown Indicators

	PMSE	CBXA	Difference
Max Drawdown Largest peak-to-trough decline	-1.44%	-27.22%	+25.78%
Max Drawdown (1Y) Largest decline over 1 year	—	-27.22%	—
Current Drawdown Current decline from peak	-0.02%	-27.22%	+27.20%
Average Drawdown Average peak-to-trough decline	-0.17%	-8.69%	+8.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	14.07%	—

Volatility

Volatility by Period

	PMSE	CBXA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.81%	—
Volatility (6M) Calculated over the trailing 6-month period	—	15.53%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.28%	17.98%	-15.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.28%	17.13%	-14.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.28%	17.13%	-14.85%

PMSE vs. CBXA - Expense Ratio Comparison

PMSE has a 0.50% expense ratio, which is lower than CBXA's 0.69% expense ratio.

Dividends

PMSE vs. CBXA - Dividend Comparison

PMSE has not paid dividends to shareholders, while CBXA's dividend yield for the trailing twelve months is around 2.47%.

Position	TTM	2025
CBXA Calamos Bitcoin 90 Series Structured Alt Protection ETF - April	2.47%	1.97%
PMSE PGIM S&P 500 Max Buffer ETF - September	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMSE and CBXA in my portfolio?

PMSE and CBXA have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PMSE or CBXA?

On fees, PMSE 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, PMSE or CBXA?

PMSE is cheaper with a 0.50% expense ratio, compared with 0.69% for CBXA.

Which ETF pays a higher dividend yield, PMSE or CBXA?

CBXA has the higher dividend yield at 2.47%, compared with 0.00% for PMSE.

What is the main difference between PMSE and CBXA?

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