APOC vs. PQAP

Last updated Jun 4, 2026

APOC (Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both Defined Outcome funds. Both are actively managed. Over the past year, APOC returned 3.28% vs 21.47% for PQAP. A 0.61 correlation means they provide meaningful diversification when combined. APOC charges 0.79%/yr vs 0.50%/yr for PQAP.

Performance

APOC vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct (APOC) and PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APOC achieves a 0.04% return, which is significantly lower than PQAP's 12.09% return.

APOC

• 1D: -0.02%
• 1M: 0.52%
• YTD: 0.04%
• 6M: 0.42%
• 1Y: 3.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PQAP

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

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

APOC vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
APOC Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct	0.04%	2.88%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	12.09%	14.48%

Correlation

The correlation between APOC and PQAP is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.61

The correlation between APOC and PQAP shifts across timeframes, from 0.50 (1 year) to 0.61 (all time), reflecting how their relationship changes across market environments.

Return for Risk

APOC vs. PQAP — Risk / Return Rank

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

APOC

APOC Risk / Return Rank: 34
APOC Sharpe Ratio Rank: 36
APOC Sortino Ratio Rank: 36
APOC Omega Ratio Rank: 49
APOC Calmar Ratio Rank: 22
APOC Martin Ratio Rank: 30

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

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.

APOC vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct (APOC) and PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP). 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.

	APOC	PQAP	Difference
Sharpe ratio: Return per unit of total volatility	1.25	4.86	-3.61
Sortino ratio: Return per unit of downside risk	1.83	8.47	-6.64
Omega ratio: Gain probability vs. loss probability	1.30	2.20	-0.90
Calmar ratio: Return relative to maximum drawdown	0.97	15.50	-14.53
Martin ratio: Return relative to average drawdown	4.24	86.25	-82.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APOC vs. PQAP - Sharpe Ratio Comparison

The current APOC Sharpe Ratio is 1.25, which is lower than the PQAP Sharpe Ratio of 4.86. The chart below compares the historical Sharpe Ratios of APOC and PQAP, 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

	APOC	PQAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	4.86	-3.61
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	1.76	-0.92

Drawdowns

APOC vs. PQAP - Drawdown Comparison

The maximum APOC drawdown since its inception was -4.17%, smaller than the maximum PQAP drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for APOC and PQAP.

Drawdown Indicators

	APOC	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-4.17%	-10.79%	+6.62%
Max Drawdown (1Y) Largest decline over 1 year	-3.40%	-1.39%	-2.01%
Current Drawdown Current decline from peak	-0.85%	-0.12%	-0.73%
Average Drawdown Average peak-to-trough decline	-0.84%	-0.60%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.25%	+0.52%

Volatility

APOC vs. PQAP - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct (APOC) is 0.30%, while PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) has a volatility of 1.02%. This indicates that APOC experiences smaller price fluctuations and is considered to be less risky than PQAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APOC	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	1.02%	-0.72%
Volatility (6M) Calculated over the trailing 6-month period	2.39%	3.09%	-0.70%
Volatility (1Y) Calculated over the trailing 1-year period	2.63%	4.45%	-1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.02%	11.03%	-8.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.02%	11.03%	-8.01%

APOC vs. PQAP - Expense Ratio Comparison

APOC has a 0.79% expense ratio, which is higher than PQAP's 0.50% expense ratio.

Dividends

APOC vs. PQAP - Dividend Comparison

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

Position	TTM	2025
APOC Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct	0.00%	0.00%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%

Frequently Asked Questions

Can I hold both APOC and PQAP in my portfolio?

APOC and PQAP have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APOC or PQAP?

PQAP has higher volatility (1.02%) compared to APOC (0.30%). In terms of maximum drawdown, APOC dropped -4.17% vs PQAP's -10.79%.

Which ETF is better, APOC or PQAP?

On 1-year performance, PQAP leads with 21.47% vs 3.28% for APOC. On fees, PQAP is cheaper at 0.50% per year. On volatility, APOC has been the lower-risk option at 0.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APOC or PQAP?

Over the 1-year period, PQAP has performed better with a 21.47% return vs 3.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APOC or PQAP?

PQAP is cheaper with a 0.50% expense ratio, compared with 0.79% for APOC.

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

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

What is the main difference between APOC and PQAP?

They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.79% for APOC and 0.50% for PQAP.

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (4.86 vs 1.25), 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.