KBFR vs. PQAP

Last updated Jun 6, 2026

KBFR (Innovator U.S. Small Cap Managed 10 Buffer ETF) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both Defined Outcome funds. Both are actively managed. A 0.68 correlation means they provide meaningful diversification when combined. KBFR charges 0.79%/yr vs 0.50%/yr for PQAP.

Performance

KBFR vs. PQAP - Performance Comparison

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

Returns By Period

KBFR

• 1D: -1.61%
• 1M: -0.16%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PQAP

• 1D: -1.39%
• 1M: 0.14%
• YTD: 10.55%
• 6M: 11.29%
• 1Y: 19.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KBFR vs. PQAP - Yearly Performance Comparison

	2026 (YTD)
KBFR Innovator U.S. Small Cap Managed 10 Buffer ETF	3.16%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	9.67%

Correlation

The correlation between KBFR and PQAP is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 25, 2026	0.68

Return for Risk

KBFR 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.

KBFR vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Managed 10 Buffer ETF (KBFR) 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

	KBFR	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	1.07	1.64	-0.57

Drawdowns

KBFR vs. PQAP - Drawdown Comparison

The maximum KBFR drawdown since its inception was -4.18%, smaller than the maximum PQAP drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for KBFR and PQAP.

Drawdown Indicators

	KBFR	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-4.18%	-10.79%	+6.61%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.50%	—
Current Drawdown Current decline from peak	-1.61%	-1.50%	-0.11%
Average Drawdown Average peak-to-trough decline	-1.21%	-0.61%	-0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.27%	—

Volatility

Volatility by Period

	KBFR	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	10.95%	4.68%	+6.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.95%	11.07%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.95%	11.07%	-0.12%

KBFR vs. PQAP - Expense Ratio Comparison

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

Dividends

KBFR vs. PQAP - Dividend Comparison

KBFR's dividend yield for the trailing twelve months is around 0.11%, more than PQAP's 0.02% yield.

Position	TTM	2025
KBFR Innovator U.S. Small Cap Managed 10 Buffer ETF	0.11%	0.00%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%

Frequently Asked Questions

Can I hold both KBFR and PQAP in my portfolio?

KBFR and PQAP have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KBFR 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, KBFR or PQAP?

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

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

KBFR has the higher dividend yield at 0.11%, compared with 0.02% for PQAP.

What is the main difference between KBFR and PQAP?

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