DDTN vs. PQAP

Last updated Jun 24, 2026

DDTN (Innovator Equity Dual Directional 10 Buffer ETF - November) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.85 suggests significant overlap in exposure. DDTN charges 0.79%/yr vs 0.50%/yr for PQAP.

Performance

DDTN vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Dual Directional 10 Buffer ETF - November (DDTN) 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, DDTN achieves a 5.61% return, which is significantly lower than PQAP's 10.67% return.

DDTN

• 1D: -0.59%
• 1M: -0.03%
• YTD: 5.61%
• 6M: 5.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PQAP

• 1D: -0.96%
• 1M: -0.66%
• YTD: 10.67%
• 6M: 10.77%
• 1Y: 19.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DDTN vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
DDTN Innovator Equity Dual Directional 10 Buffer ETF - November	5.61%	0.84%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	10.67%	1.55%

Correlation

The correlation between DDTN 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 (All Time) Calculated using the full available price history since Nov 3, 2025	0.85

Return for Risk

DDTN vs. PQAP — Risk / Return Rank

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

DDTN

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

PQAP

PQAP Risk / Return Rank: 97
PQAP Sharpe Ratio Rank: 96
PQAP Sortino Ratio Rank: 97
PQAP Omega Ratio Rank: 97
PQAP Calmar Ratio Rank: 96
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.

DDTN vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Dual Directional 10 Buffer ETF - November (DDTN) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DDTN	PQAP	Difference
Sharpe ratio: Return per unit of total volatility	—	3.86	—
Sortino ratio: Return per unit of downside risk	—	6.02	—
Omega ratio: Gain probability vs. loss probability	—	1.92	—
Calmar ratio: Return relative to maximum drawdown	—	8.93	—
Martin ratio: Return relative to average drawdown	—	54.70	—

Drawdowns

DDTN vs. PQAP - Drawdown Comparison

The maximum DDTN drawdown since its inception was -5.38%, smaller than the maximum PQAP drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for DDTN and PQAP.

Drawdown Indicators

	DDTN	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-5.38%	-10.79%	+5.41%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.15%	—
Current Drawdown Current decline from peak	-1.01%	-1.39%	+0.38%
Average Drawdown Average peak-to-trough decline	-0.81%	-0.61%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.35%	—

Volatility

Volatility by Period

	DDTN	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.63%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.99%	—
Volatility (1Y) Calculated over the trailing 1-year period	7.83%	4.99%	+2.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.83%	11.03%	-3.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.83%	11.03%	-3.20%

DDTN vs. PQAP - Expense Ratio Comparison

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

Dividends

DDTN vs. PQAP - Dividend Comparison

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

Position	TTM	2025
DDTN Innovator Equity Dual Directional 10 Buffer ETF - November	0.00%	0.00%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%

Frequently Asked Questions

Can I hold both DDTN and PQAP in my portfolio?

DDTN 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 ETF is better, DDTN 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, DDTN or PQAP?

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

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

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

What is the main difference between DDTN and PQAP?

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