BUFP vs. PQAP

Last updated Jun 4, 2026

BUFP (PGIM Laddered S&P 500 Buffer 12 ETF) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both Defined Outcome funds from PGIM. BUFP is passively managed, while PQAP is actively managed. Over the past year, BUFP returned 17.24% vs 21.47% for PQAP. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

BUFP vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) 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, BUFP achieves a 6.23% return, which is significantly lower than PQAP's 12.09% return.

BUFP

• 1D: -0.22%
• 1M: 2.04%
• YTD: 6.23%
• 6M: 7.00%
• 1Y: 17.24%
• 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)

BUFP vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	6.23%	12.96%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	12.09%	14.48%

Correlation

The correlation between BUFP and PQAP is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.85

The correlation between BUFP and PQAP has been stable across timeframes, ranging from 0.85 to 0.85 - a consistent structural relationship.

Return for Risk

BUFP vs. PQAP — Risk / Return Rank

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

BUFP

BUFP Risk / Return Rank: 86
BUFP Sharpe Ratio Rank: 84
BUFP Sortino Ratio Rank: 89
BUFP Omega Ratio Rank: 89
BUFP Calmar Ratio Rank: 77
BUFP Martin Ratio Rank: 91

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.

BUFP vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) 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.

	BUFP	PQAP	Difference
Sharpe ratio: Return per unit of total volatility	2.77	4.86	-2.09
Sortino ratio: Return per unit of downside risk	4.12	8.47	-4.35
Omega ratio: Gain probability vs. loss probability	1.58	2.20	-0.62
Calmar ratio: Return relative to maximum drawdown	3.93	15.50	-11.57
Martin ratio: Return relative to average drawdown	21.96	86.25	-64.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BUFP vs. PQAP - Sharpe Ratio Comparison

The current BUFP Sharpe Ratio is 2.77, which is lower than the PQAP Sharpe Ratio of 4.86. The chart below compares the historical Sharpe Ratios of BUFP 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

	BUFP	PQAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.77	4.86	-2.09
Sharpe Ratio (All Time) Calculated using the full available price history	1.40	1.76	-0.36

Drawdowns

BUFP vs. PQAP - Drawdown Comparison

The maximum BUFP drawdown since its inception was -11.98%, which is greater than PQAP's maximum drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for BUFP and PQAP.

Drawdown Indicators

	BUFP	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-11.98%	-10.79%	-1.19%
Max Drawdown (1Y) Largest decline over 1 year	-4.41%	-1.39%	-3.02%
Current Drawdown Current decline from peak	-0.22%	-0.12%	-0.10%
Average Drawdown Average peak-to-trough decline	-1.00%	-0.60%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	0.25%	+0.54%

Volatility

BUFP vs. PQAP - Volatility Comparison

The current volatility for PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) is 0.95%, while PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) has a volatility of 1.02%. This indicates that BUFP 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

	BUFP	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	1.02%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	4.82%	3.09%	+1.73%
Volatility (1Y) Calculated over the trailing 1-year period	6.27%	4.45%	+1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.49%	11.03%	-1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.49%	11.03%	-1.54%

BUFP vs. PQAP - Expense Ratio Comparison

Both BUFP and PQAP have an expense ratio of 0.50%.

Dividends

BUFP vs. PQAP - Dividend Comparison

BUFP's dividend yield for the trailing twelve months is around 0.01%, less than PQAP's 0.02% yield.

Position	TTM	2025	2024
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	0.01%	0.01%	0.02%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%	0.00%

Frequently Asked Questions

Can I hold both BUFP and PQAP in my portfolio?

BUFP and PQAP have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUFP or PQAP?

PQAP has higher volatility (1.02%) compared to BUFP (0.95%). In terms of maximum drawdown, BUFP dropped -11.98% vs PQAP's -10.79%.

Which ETF is better, BUFP or PQAP?

On 1-year performance, PQAP leads with 21.47% vs 17.24% for BUFP. Both ETFs have the same 0.50% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUFP or PQAP?

Over the 1-year period, PQAP has performed better with a 21.47% return vs 17.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUFP or PQAP?

BUFP and PQAP have the same expense ratio: 0.50% per year.

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

PQAP has the higher dividend yield at 0.02%, compared with 0.01% for BUFP.

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (4.86 vs 2.77), 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.