EAPR vs. PQAP

Last updated Jun 3, 2026

EAPR (Innovator Emerging Markets Power Buffer ETF - April) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both Defined Outcome funds. EAPR is passively managed, while PQAP is actively managed. Over the past year, EAPR returned 22.51% vs 22.11% for PQAP. A 0.59 correlation means they provide meaningful diversification when combined. EAPR charges 0.89%/yr vs 0.50%/yr for PQAP.

Performance

EAPR vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Emerging Markets Power Buffer ETF - April (EAPR) and PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with EAPR having a 11.89% return and PQAP slightly higher at 12.23%.

EAPR

• 1D: 0.12%
• 1M: 2.45%
• YTD: 11.89%
• 6M: 12.71%
• 1Y: 22.51%
• 3Y*: 10.78%
• 5Y*: 5.35%
• 10Y*: —

PQAP

• 1D: 0.00%
• 1M: 2.47%
• YTD: 12.23%
• 6M: 13.22%
• 1Y: 22.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EAPR vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
EAPR Innovator Emerging Markets Power Buffer ETF - April	11.89%	15.00%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	12.23%	14.48%

Correlation

The correlation between EAPR and PQAP is 0.58, 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	0.58
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.59

The correlation between EAPR and PQAP has been stable across timeframes, ranging from 0.58 to 0.59 - a consistent structural relationship.

Return for Risk

EAPR vs. PQAP — Risk / Return Rank

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

EAPR

EAPR Risk / Return Rank: 95
EAPR Sharpe Ratio Rank: 90
EAPR Sortino Ratio Rank: 95
EAPR Omega Ratio Rank: 97
EAPR Calmar Ratio Rank: 94
EAPR Martin Ratio Rank: 97

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: 99

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.

EAPR vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Emerging Markets Power Buffer ETF - April (EAPR) 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.

	EAPR	PQAP	Difference
Sharpe ratio Return per unit of total volatility	3.13	4.99	-1.86
Sortino ratio Return per unit of downside risk	5.38	8.71	-3.34
Omega ratio Gain probability vs. loss probability	1.87	2.24	-0.37
Calmar ratio Return relative to maximum drawdown	7.54	16.10	-8.56
Martin ratio Return relative to average drawdown	43.49	89.85	-46.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EAPR vs. PQAP - Sharpe Ratio Comparison

The current EAPR Sharpe Ratio is 3.13, which is lower than the PQAP Sharpe Ratio of 4.99. The chart below compares the historical Sharpe Ratios of EAPR 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

	EAPR	PQAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.13	4.99	-1.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	1.78	-1.22

Drawdowns

EAPR vs. PQAP - Drawdown Comparison

The maximum EAPR drawdown since its inception was -17.65%, which is greater than PQAP's maximum drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for EAPR and PQAP.

Drawdown Indicators

	EAPR	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-17.65%	-10.79%	-6.86%
Max Drawdown (1Y) Largest decline over 1 year	-3.02%	-1.39%	-1.63%
Max Drawdown (3Y) Largest decline over 3 years	-10.24%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.65%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.07%	-0.61%	-3.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	0.25%	+0.27%

Volatility

EAPR vs. PQAP - Volatility Comparison

Innovator Emerging Markets Power Buffer ETF - April (EAPR) has a higher volatility of 3.75% compared to PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) at 1.01%. This indicates that EAPR's price experiences larger fluctuations and is considered to be riskier than PQAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EAPR	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	1.01%	+2.74%
Volatility (6M) Calculated over the trailing 6-month period	6.25%	3.08%	+3.17%
Volatility (1Y) Calculated over the trailing 1-year period	7.22%	4.45%	+2.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.09%	11.05%	-0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.02%	11.05%	-1.03%

EAPR vs. PQAP - Expense Ratio Comparison

EAPR has a 0.89% expense ratio, which is higher than PQAP's 0.50% expense ratio.

Dividends

EAPR vs. PQAP - Dividend Comparison

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

Position	TTM	2025
EAPR Innovator Emerging Markets Power 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 EAPR and PQAP in my portfolio?

EAPR and PQAP have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EAPR or PQAP?

EAPR has higher volatility (3.75%) compared to PQAP (1.01%). In terms of maximum drawdown, EAPR dropped -17.65% vs PQAP's -10.79%.

Which ETF is better, EAPR or PQAP?

On 1-year performance, EAPR leads with 22.51% vs 22.11% for PQAP. On fees, PQAP is cheaper at 0.50% per year. On volatility, PQAP has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EAPR or PQAP?

Over the 1-year period, EAPR has performed better with a 22.51% return vs 22.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EAPR or PQAP?

PQAP is cheaper with a 0.50% expense ratio, compared with 0.89% for EAPR.

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

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

What is the main difference between EAPR and PQAP?

They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.89% for EAPR and 0.50% for PQAP.

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (4.99 vs 3.13), 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.