DAPR vs. PQAP

Last updated Jun 4, 2026

DAPR (FT Vest U.S. Equity Deep Buffer ETF - April) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both Defined Outcome funds. DAPR is passively managed, while PQAP is actively managed. Over the past year, DAPR returned 10.07% vs 21.47% for PQAP. A 0.80 correlation means they provide meaningful diversification when combined. DAPR charges 0.85%/yr vs 0.50%/yr for PQAP.

Performance

DAPR vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Deep Buffer ETF - April (DAPR) 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, DAPR achieves a 4.04% return, which is significantly lower than PQAP's 12.09% return.

DAPR

• 1D: -0.12%
• 1M: 1.93%
• YTD: 4.04%
• 6M: 4.78%
• 1Y: 10.07%
• 3Y*: 10.83%
• 5Y*: 6.20%
• 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)

DAPR vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
DAPR FT Vest U.S. Equity Deep Buffer ETF - April	4.04%	5.78%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	12.09%	14.48%

Correlation

The correlation between DAPR and PQAP is 0.74, 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	0.74
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.80

The correlation between DAPR and PQAP has been stable across timeframes, ranging from 0.74 to 0.80 - a consistent structural relationship.

Return for Risk

DAPR vs. PQAP — Risk / Return Rank

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

DAPR

DAPR Risk / Return Rank: 96
DAPR Sharpe Ratio Rank: 94
DAPR Sortino Ratio Rank: 97
DAPR Omega Ratio Rank: 96
DAPR Calmar Ratio Rank: 97
DAPR Martin Ratio Rank: 98

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.

DAPR vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Deep Buffer ETF - April (DAPR) 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.

	DAPR	PQAP	Difference
Sharpe ratio: Return per unit of total volatility	3.66	4.86	-1.20
Sortino ratio: Return per unit of downside risk	5.98	8.47	-2.49
Omega ratio: Gain probability vs. loss probability	1.81	2.20	-0.39
Calmar ratio: Return relative to maximum drawdown	11.99	15.50	-3.51
Martin ratio: Return relative to average drawdown	59.41	86.25	-26.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DAPR vs. PQAP - Sharpe Ratio Comparison

The current DAPR Sharpe Ratio is 3.66, which is comparable to the PQAP Sharpe Ratio of 4.86. The chart below compares the historical Sharpe Ratios of DAPR 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

	DAPR	PQAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.66	4.86	-1.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	1.76	-1.00

Drawdowns

DAPR vs. PQAP - Drawdown Comparison

The maximum DAPR drawdown since its inception was -10.51%, roughly equal to the maximum PQAP drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for DAPR and PQAP.

Drawdown Indicators

	DAPR	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-10.51%	-10.79%	+0.28%
Max Drawdown (1Y) Largest decline over 1 year	-0.84%	-1.39%	+0.55%
Max Drawdown (3Y) Largest decline over 3 years	-10.51%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.51%	—	—
Current Drawdown Current decline from peak	-0.12%	-0.12%	0.00%
Average Drawdown Average peak-to-trough decline	-2.30%	-0.60%	-1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.17%	0.25%	-0.08%

Volatility

DAPR vs. PQAP - Volatility Comparison

FT Vest U.S. Equity Deep Buffer ETF - April (DAPR) and PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) have volatilities of 1.03% and 1.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAPR	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	1.02%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.88%	3.09%	-1.21%
Volatility (1Y) Calculated over the trailing 1-year period	2.78%	4.45%	-1.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.21%	11.03%	-2.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.16%	11.03%	-2.87%

DAPR vs. PQAP - Expense Ratio Comparison

DAPR has a 0.85% expense ratio, which is higher than PQAP's 0.50% expense ratio.

Dividends

DAPR vs. PQAP - Dividend Comparison

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

Position	TTM	2025
DAPR FT Vest U.S. Equity Deep Buffer ETF - April	0.00%	0.00%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%

Frequently Asked Questions

Can I hold both DAPR and PQAP in my portfolio?

DAPR and PQAP have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DAPR or PQAP?

DAPR has higher volatility (1.03%) compared to PQAP (1.02%). In terms of maximum drawdown, DAPR dropped -10.51% vs PQAP's -10.79%.

Which ETF is better, DAPR or PQAP?

On 1-year performance, PQAP leads with 21.47% vs 10.07% for DAPR. On fees, PQAP is cheaper at 0.50% per year. 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, DAPR or PQAP?

Over the 1-year period, PQAP has performed better with a 21.47% return vs 10.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DAPR or PQAP?

PQAP is cheaper with a 0.50% expense ratio, compared with 0.85% for DAPR.

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

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

What is the main difference between DAPR and PQAP?

They also come from different issuers: FT Vest and PGIM. Their fees differ too: 0.85% for DAPR and 0.50% for PQAP.

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (4.86 vs 3.66), 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.