DDFJ vs. PQAP

Last updated Jun 6, 2026

DDFJ (Innovator Equity Dual Directional 15 Buffer ETF - January) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.82 suggests significant overlap in exposure. DDFJ charges 0.79%/yr vs 0.50%/yr for PQAP.

Performance

DDFJ vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Dual Directional 15 Buffer ETF - January (DDFJ) and PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DDFJ

• 1D: -0.78%
• 1M: 0.36%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PQAP

• 1D: -1.39%
• 1M: 0.19%
• YTD: 10.55%
• 6M: 11.29%
• 1Y: 20.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DDFJ vs. PQAP - Yearly Performance Comparison

	2026 (YTD)
DDFJ Innovator Equity Dual Directional 15 Buffer ETF - January	3.11%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	10.53%

Correlation

The correlation between DDFJ and PQAP is 0.82, 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 Jan 5, 2026	0.82

Return for Risk

DDFJ 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.

DDFJ vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Dual Directional 15 Buffer ETF - January (DDFJ) 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

	DDFJ	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	1.30	1.64	-0.34

Drawdowns

DDFJ vs. PQAP - Drawdown Comparison

The maximum DDFJ drawdown since its inception was -3.34%, smaller than the maximum PQAP drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for DDFJ and PQAP.

Drawdown Indicators

	DDFJ	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-3.34%	-10.79%	+7.45%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.50%	—
Current Drawdown Current decline from peak	-0.78%	-1.50%	+0.72%
Average Drawdown Average peak-to-trough decline	-0.51%	-0.61%	+0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.27%	—

Volatility

Volatility by Period

	DDFJ	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	5.83%	4.68%	+1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.83%	11.07%	-5.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.83%	11.07%	-5.24%

DDFJ vs. PQAP - Expense Ratio Comparison

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

Dividends

DDFJ vs. PQAP - Dividend Comparison

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

Position	TTM	2025
DDFJ Innovator Equity Dual Directional 15 Buffer ETF - January	0.00%	0.00%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%

Frequently Asked Questions

Can I hold both DDFJ and PQAP in my portfolio?

DDFJ and PQAP have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DDFJ or PQAP?

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.

Which ETF is cheaper, DDFJ or PQAP?

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

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

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

What is the main difference between DDFJ and PQAP?

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