PQJA vs. CPSD

Last updated Jun 24, 2026

PQJA (PGIM Nasdaq-100 Buffer 12 ETF - January) and CPSD (Calamos S&P 500 Structured Alt Protection ETF - December) are both Defined Outcome funds. Both are actively managed. Over the past year, PQJA returned 20.07% vs 8.56% for CPSD. A 0.78 correlation means they provide meaningful diversification when combined. PQJA charges 0.50%/yr vs 0.69%/yr for CPSD.

Performance

PQJA vs. CPSD - Performance Comparison

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

Returns By Period

In the year-to-date period, PQJA achieves a 7.28% return, which is significantly higher than CPSD's 2.38% return.

PQJA

• 1D: -1.10%
• 1M: -0.49%
• YTD: 7.28%
• 6M: 7.53%
• 1Y: 20.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSD

• 1D: -0.24%
• 1M: 0.21%
• YTD: 2.38%
• 6M: 2.44%
• 1Y: 8.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PQJA vs. CPSD - Yearly Performance Comparison

	2026 (YTD)	2025
PQJA PGIM Nasdaq-100 Buffer 12 ETF - January	7.28%	16.06%
CPSD Calamos S&P 500 Structured Alt Protection ETF - December	2.38%	7.63%

Correlation

The correlation between PQJA and CPSD is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.78

The correlation between PQJA and CPSD has been stable across timeframes, ranging from 0.78 to 0.81 - a consistent structural relationship.

Return for Risk

PQJA vs. CPSD — Risk / Return Rank

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

PQJA

PQJA Risk / Return Rank: 79
PQJA Sharpe Ratio Rank: 81
PQJA Sortino Ratio Rank: 82
PQJA Omega Ratio Rank: 85
PQJA Calmar Ratio Rank: 65
PQJA Martin Ratio Rank: 80

CPSD

CPSD Risk / Return Rank: 94
CPSD Sharpe Ratio Rank: 93
CPSD Sortino Ratio Rank: 95
CPSD Omega Ratio Rank: 95
CPSD Calmar Ratio Rank: 92
CPSD 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.

PQJA vs. CPSD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA) and Calamos S&P 500 Structured Alt Protection ETF - December (CPSD). 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.

	PQJA	CPSD	Difference
Sharpe ratio: Return per unit of total volatility	2.36	3.06	-0.70
Sortino ratio: Return per unit of downside risk	3.31	4.81	-1.50
Omega ratio: Gain probability vs. loss probability	1.46	1.66	-0.19
Calmar ratio: Return relative to maximum drawdown	2.98	5.79	-2.81
Martin ratio: Return relative to average drawdown	14.23	28.39	-14.16

PQJA vs. CPSD - Sharpe Ratio Comparison

The current PQJA Sharpe Ratio is 2.36, which is comparable to the CPSD Sharpe Ratio of 3.06. The chart below compares the historical Sharpe Ratios of PQJA and CPSD, 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

PQJA vs. CPSD - Drawdown Comparison

The maximum PQJA drawdown since its inception was -14.72%, which is greater than CPSD's maximum drawdown of -3.45%. Use the drawdown chart below to compare losses from any high point for PQJA and CPSD.

Drawdown Indicators

	PQJA	CPSD	Difference
Max Drawdown Largest peak-to-trough decline	-14.72%	-3.45%	-11.27%
Max Drawdown (1Y) Largest decline over 1 year	-6.77%	-1.49%	-5.28%
Current Drawdown Current decline from peak	-1.42%	-0.24%	-1.18%
Average Drawdown Average peak-to-trough decline	-1.63%	-0.46%	-1.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.41%	0.30%	+1.11%

Volatility

PQJA vs. CPSD - Volatility Comparison

PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA) has a higher volatility of 3.03% compared to Calamos S&P 500 Structured Alt Protection ETF - December (CPSD) at 0.65%. This indicates that PQJA's price experiences larger fluctuations and is considered to be riskier than CPSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQJA	CPSD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	0.65%	+2.38%
Volatility (6M) Calculated over the trailing 6-month period	7.18%	1.65%	+5.53%
Volatility (1Y) Calculated over the trailing 1-year period	8.58%	2.82%	+5.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.40%	3.38%	+10.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.40%	3.38%	+10.02%

PQJA vs. CPSD - Expense Ratio Comparison

PQJA has a 0.50% expense ratio, which is lower than CPSD's 0.69% expense ratio.

Dividends

PQJA vs. CPSD - Dividend Comparison

Neither PQJA nor CPSD has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PQJA and CPSD in my portfolio?

PQJA and CPSD have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PQJA or CPSD?

PQJA has higher volatility (3.03%) compared to CPSD (0.65%). In terms of maximum drawdown, PQJA dropped -14.72% vs CPSD's -3.45%.

Which ETF is better, PQJA or CPSD?

On 1-year performance, PQJA leads with 20.07% vs 8.56% for CPSD. On fees, PQJA is cheaper at 0.50% per year. On volatility, CPSD has been the lower-risk option at 0.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PQJA or CPSD?

Over the 1-year period, PQJA has performed better with a 20.07% return vs 8.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PQJA or CPSD?

PQJA is cheaper with a 0.50% expense ratio, compared with 0.69% for CPSD.

Which ETF pays a higher dividend yield, PQJA or CPSD?

PQJA and CPSD have nearly identical dividend yields, around 0.00%.

What is the main difference between PQJA and CPSD?

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

Which has better risk-adjusted returns?

CPSD currently has the higher Sharpe Ratio (3.06 vs 2.36), 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.