DDFD vs. PQAP
DDFD (Innovator Equity Dual Directional 15 Buffer ETF - December) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both Defined Outcome funds. DDFD is passively managed, while PQAP is actively managed. Their correlation of 0.81 suggests significant overlap in exposure. DDFD charges 0.79%/yr vs 0.50%/yr for PQAP.
Performance
DDFD vs. PQAP - Performance Comparison
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Returns By Period
In the year-to-date period, DDFD achieves a 3.55% return, which is significantly lower than PQAP's 10.55% return.
DDFD
- 1D
- -0.53%
- 1M
- 0.35%
- YTD
- 3.55%
- 6M
- 4.06%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PQAP
- 1D
- -1.39%
- 1M
- 0.19%
- YTD
- 10.55%
- 6M
- 11.29%
- 1Y
- 20.11%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DDFD vs. PQAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
DDFD Innovator Equity Dual Directional 15 Buffer ETF - December | 3.55% | 0.64% |
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April | 10.55% | 1.06% |
Correlation
The correlation between DDFD and PQAP 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 (All Time) Calculated using the full available price history since Dec 2, 2025 | 0.82 |
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Return for Risk
DDFD vs. PQAP — Risk / Return Rank
DDFD
PQAP
DDFD vs. PQAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Dual Directional 15 Buffer ETF - December (DDFD) 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.
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Sharpe Ratios by Period
| DDFD | PQAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 4.34 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.66 | 1.64 | +0.02 |
Drawdowns
DDFD vs. PQAP - Drawdown Comparison
The maximum DDFD drawdown since its inception was -3.10%, smaller than the maximum PQAP drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for DDFD and PQAP.
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Drawdown Indicators
| DDFD | PQAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.10% | -10.79% | +7.69% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.50% | — |
Current DrawdownCurrent decline from peak | -0.53% | -1.50% | +0.97% |
Average DrawdownAverage peak-to-trough decline | -0.43% | -0.61% | +0.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.27% | — |
Volatility
DDFD vs. PQAP - Volatility Comparison
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Volatility by Period
| DDFD | PQAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.73% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 3.43% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 5.11% | 4.68% | +0.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.11% | 11.07% | -5.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.11% | 11.07% | -5.96% |
DDFD vs. PQAP - Expense Ratio Comparison
DDFD has a 0.79% expense ratio, which is higher than PQAP's 0.50% expense ratio.
Dividends
DDFD vs. PQAP - Dividend Comparison
DDFD has not paid dividends to shareholders, while PQAP's dividend yield for the trailing twelve months is around 0.02%.
| Position | TTM | 2025 |
|---|---|---|
DDFD Innovator Equity Dual Directional 15 Buffer ETF - December | 0.00% | 0.00% |
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April | 0.02% | 0.02% |
Frequently Asked Questions
DDFD and PQAP 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.
On fees, PQAP is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PQAP is cheaper with a 0.50% expense ratio, compared with 0.79% for DDFD.
PQAP has the higher dividend yield at 0.02%, compared with 0.00% for DDFD.
They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.79% for DDFD and 0.50% for PQAP.
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