PQAP vs. CPSA

Last updated Jun 4, 2026

PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) and CPSA (Calamos S&P 500 Structured Alt Protection ETF - August) are both Defined Outcome funds. PQAP is actively managed, while CPSA is passively managed. Over the past year, PQAP returned 21.47% vs 8.10% for CPSA. A 0.78 correlation means they provide meaningful diversification when combined. PQAP charges 0.50%/yr vs 0.69%/yr for CPSA.

Performance

PQAP vs. CPSA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) and Calamos S&P 500 Structured Alt Protection ETF - August (CPSA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PQAP achieves a 12.09% return, which is significantly higher than CPSA's 2.81% return.

PQAP

• 1D: -0.12%
• 1M: 2.44%
• YTD: 12.09%
• 6M: 13.01%
• 1Y: 21.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSA

• 1D: 0.00%
• 1M: 0.89%
• YTD: 2.81%
• 6M: 3.15%
• 1Y: 8.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PQAP vs. CPSA - Yearly Performance Comparison

	2026 (YTD)	2025
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	12.09%	14.48%
CPSA Calamos S&P 500 Structured Alt Protection ETF - August	2.81%	7.26%

Correlation

The correlation between PQAP and CPSA is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.78

The correlation between PQAP and CPSA has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.

Return for Risk

PQAP vs. CPSA — Risk / Return Rank

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

PQAP

PQAP Risk / Return Rank: 98
PQAP Sharpe Ratio Rank: 97
PQAP Sortino Ratio Rank: 98
PQAP Omega Ratio Rank: 98
PQAP Calmar Ratio Rank: 98
PQAP Martin Ratio Rank: 98

CPSA

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

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.

PQAP vs. CPSA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) and Calamos S&P 500 Structured Alt Protection ETF - August (CPSA). 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.

	PQAP	CPSA	Difference
Sharpe ratio: Return per unit of total volatility	4.86	3.53	+1.33
Sortino ratio: Return per unit of downside risk	8.47	5.81	+2.66
Omega ratio: Gain probability vs. loss probability	2.20	1.78	+0.42
Calmar ratio: Return relative to maximum drawdown	15.50	5.52	+9.98
Martin ratio: Return relative to average drawdown	86.25	31.36	+54.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PQAP vs. CPSA - Sharpe Ratio Comparison

The current PQAP Sharpe Ratio is 4.86, which is higher than the CPSA Sharpe Ratio of 3.53. The chart below compares the historical Sharpe Ratios of PQAP and CPSA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PQAP	CPSA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.86	3.53	+1.33
Sharpe Ratio (All Time) Calculated using the full available price history	1.76	1.84	-0.07

Drawdowns

PQAP vs. CPSA - Drawdown Comparison

The maximum PQAP drawdown since its inception was -10.79%, which is greater than CPSA's maximum drawdown of -4.72%. Use the drawdown chart below to compare losses from any high point for PQAP and CPSA.

Drawdown Indicators

	PQAP	CPSA	Difference
Max Drawdown Largest peak-to-trough decline	-10.79%	-4.72%	-6.07%
Max Drawdown (1Y) Largest decline over 1 year	-1.39%	-1.47%	+0.08%
Current Drawdown Current decline from peak	-0.12%	0.00%	-0.12%
Average Drawdown Average peak-to-trough decline	-0.60%	-0.38%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.25%	0.26%	-0.01%

Volatility

PQAP vs. CPSA - Volatility Comparison

PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) has a higher volatility of 1.02% compared to Calamos S&P 500 Structured Alt Protection ETF - August (CPSA) at 0.41%. This indicates that PQAP's price experiences larger fluctuations and is considered to be riskier than CPSA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQAP	CPSA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	0.41%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	3.09%	1.73%	+1.36%
Volatility (1Y) Calculated over the trailing 1-year period	4.45%	2.33%	+2.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.03%	4.14%	+6.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.03%	4.14%	+6.89%

PQAP vs. CPSA - Expense Ratio Comparison

PQAP has a 0.50% expense ratio, which is lower than CPSA's 0.69% expense ratio.

Dividends

PQAP vs. CPSA - Dividend Comparison

PQAP's dividend yield for the trailing twelve months is around 0.02%, while CPSA has not paid dividends to shareholders.

Position	TTM	2025
CPSA Calamos S&P 500 Structured Alt Protection ETF - August	0.00%	0.00%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%

Frequently Asked Questions

Can I hold both PQAP and CPSA in my portfolio?

PQAP and CPSA have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PQAP or CPSA?

PQAP has higher volatility (1.02%) compared to CPSA (0.41%). In terms of maximum drawdown, PQAP dropped -10.79% vs CPSA's -4.72%.

Which ETF is better, PQAP or CPSA?

On 1-year performance, PQAP leads with 21.47% vs 8.10% for CPSA. On fees, PQAP is cheaper at 0.50% per year. On volatility, CPSA has been the lower-risk option at 0.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PQAP or CPSA?

Over the 1-year period, PQAP has performed better with a 21.47% return vs 8.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PQAP or CPSA?

PQAP is cheaper with a 0.50% expense ratio, compared with 0.69% for CPSA.

Which ETF pays a higher dividend yield, PQAP or CPSA?

PQAP has the higher dividend yield at 0.02%, compared with 0.00% for CPSA.

What is the main difference between PQAP and CPSA?

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

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (4.86 vs 3.53), 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.