BALQ vs. PQAP

Last updated Jun 4, 2026

BALQ (iShares Nasdaq Premium Income Active ETF) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both exchange-traded funds - BALQ is a Nasdaq-100 fund actively managed by iShares, while PQAP is a Defined Outcome fund actively managed by PGIM. Both are actively managed. Their correlation of 0.90 suggests significant overlap in exposure. BALQ charges 0.35%/yr vs 0.50%/yr for PQAP.

Performance

BALQ vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Nasdaq Premium Income Active ETF (BALQ) 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, BALQ achieves a 22.89% return, which is significantly higher than PQAP's 12.09% return.

BALQ

• 1D: -0.21%
• 1M: 11.15%
• YTD: 22.89%
• 6M: 22.29%
• 1Y: —
• 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)

BALQ vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
BALQ iShares Nasdaq Premium Income Active ETF	22.89%	-0.49%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	12.09%	0.82%

Correlation

The correlation between BALQ and PQAP is 0.90, 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 Dec 4, 2025	0.90

Return for Risk

BALQ vs. PQAP — 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

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.

BALQ vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Nasdaq Premium Income Active ETF (BALQ) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	BALQ	PQAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	4.86	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.81	1.76	+1.05

Drawdowns

BALQ vs. PQAP - Drawdown Comparison

The maximum BALQ drawdown since its inception was -11.79%, which is greater than PQAP's maximum drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for BALQ and PQAP.

Drawdown Indicators

	BALQ	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-11.79%	-10.79%	-1.00%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.39%	—
Current Drawdown Current decline from peak	-0.21%	-0.12%	-0.09%
Average Drawdown Average peak-to-trough decline	-2.37%	-0.60%	-1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.25%	—

Volatility

Volatility by Period

	BALQ	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.02%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.09%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.03%	4.45%	+13.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.03%	11.03%	+7.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	11.03%	+7.00%

BALQ vs. PQAP - Expense Ratio Comparison

BALQ has a 0.35% expense ratio, which is lower than PQAP's 0.50% expense ratio.

Dividends

BALQ vs. PQAP - Dividend Comparison

BALQ's dividend yield for the trailing twelve months is around 4.59%, more than PQAP's 0.02% yield.

Position	TTM	2025
BALQ iShares Nasdaq Premium Income Active ETF	4.59%	0.95%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%

Frequently Asked Questions

Can I hold both BALQ and PQAP in my portfolio?

With a correlation of 0.90, BALQ and PQAP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, BALQ or PQAP?

On fees, BALQ is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BALQ or PQAP?

BALQ is cheaper with a 0.35% expense ratio, compared with 0.50% for PQAP.

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

BALQ has the higher dividend yield at 4.59%, compared with 0.02% for PQAP.

What is the main difference between BALQ and PQAP?

BALQ is categorized as Nasdaq-100, while PQAP is Defined Outcome. They also come from different issuers: iShares and PGIM. Their fees differ too: 0.35% for BALQ and 0.50% for PQAP.