IQQ vs. PQAP

Last updated Jul 22, 2026

IQQ (iShares Nasdaq 100 ETF) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both exchange-traded funds - IQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while PQAP is a Defined Outcome fund actively managed by PGIM. IQQ is passively managed, while PQAP is actively managed. Their correlation of 0.93 suggests significant overlap in exposure. IQQ charges 0.10%/yr vs 0.50%/yr for PQAP.

Performance

IQQ vs. PQAP - Performance Comparison

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

Returns By Period

IQQ

• 1D: 1.87%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

PQAP

• 1D: 0.58%
• 1M: -0.23%
• 6M: 11.44%
• YTD: 11.51%
• 1Y: 17.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.10%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IQQ iShares Nasdaq 100 ETF	$42.46M	$42.46M	$42.46M

IQQ vs. PQAP - Yearly Performance Comparison

	2026 (YTD)
IQQ iShares Nasdaq 100 ETF	-1.68%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.30%

Correlation

The correlation between IQQ and PQAP is 0.93, 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 Jul 9, 2026	0.93

Return for Risk

IQQ vs. PQAP — Risk / Return Rank

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

IQQ

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: 97
PQAP Sortino Ratio Rank: 97
PQAP Omega Ratio Rank: 97
PQAP Calmar Ratio Rank: 97
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.

IQQ vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Nasdaq 100 ETF (IQQ) 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.

	IQQ	PQAP	Difference
Sharpe ratio: Return per unit of total volatility	—	3.31	—
Sortino ratio: Return per unit of downside risk	—	5.09	—
Omega ratio: Gain probability vs. loss probability	—	1.74	—
Calmar ratio: Return relative to maximum drawdown	—	8.02	—
Martin ratio: Return relative to average drawdown	—	40.76	—

Drawdowns

IQQ vs. PQAP - Drawdown Comparison

The maximum IQQ drawdown since its inception was -4.15%, smaller than the maximum PQAP drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for IQQ and PQAP.

Drawdown Indicators

	IQQ	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-4.15%	-10.79%	+6.64%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.15%	—
Current Drawdown Current decline from peak	-2.28%	-0.64%	-1.64%
Average Drawdown Average peak-to-trough decline	-1.89%	-0.62%	-1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.42%	—

Volatility

Volatility by Period

	IQQ	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.08%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.35%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.24%	5.20%	+15.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.24%	10.85%	+9.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.24%	10.85%	+9.39%

IQQ vs. PQAP - Expense Ratio Comparison

IQQ has a 0.10% expense ratio, which is lower than PQAP's 0.50% expense ratio.

Dividends

IQQ vs. PQAP - Dividend Comparison

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

Position	TTM	2025
IQQ iShares Nasdaq 100 ETF	0.00%	0.00%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%

Frequently Asked Questions

Can I hold both IQQ and PQAP in my portfolio?

With a correlation of 0.93, IQQ and PQAP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, IQQ or PQAP?

On fees, IQQ is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IQQ or PQAP?

IQQ is cheaper with a 0.10% expense ratio, compared with 0.50% for PQAP.

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

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

What is the main difference between IQQ and PQAP?

IQQ is categorized as Nasdaq-100, while PQAP is Defined Outcome. They also come from different issuers: iShares and PGIM. Their fees differ too: 0.10% for IQQ and 0.50% for PQAP.