KFEB vs. PQJA

Last updated Aug 4, 2026

KFEB (Innovator U.S. Small Cap Power Buffer ETF - February) and PQJA (PGIM Nasdaq-100 Buffer 12 ETF - January) are both Defined Outcome funds. Both are actively managed. Over the past year, KFEB returned 25.46% vs 17.97% for PQJA. Their 0.73 correlation means they have sometimes moved together and sometimes differently. KFEB charges 0.79%/yr vs 0.50%/yr for PQJA.

Performance

KFEB vs. PQJA - Performance Comparison

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

Returns By Period

In the year-to-date period, KFEB achieves a 14.50% return, which is significantly higher than PQJA's 8.36% return.

KFEB

• 1D: 0.68%
• 1M: 0.66%
• 6M: 8.17%
• YTD: 14.50%
• 1Y: 25.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.12%

PQJA

• 1D: 0.70%
• 1M: 0.65%
• 6M: 7.21%
• YTD: 8.36%
• 1Y: 17.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.59%

*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)
KFEB Innovator U.S. Small Cap Power Buffer ETF - February	$34.51K	$48.74K	$136.64K
PQJA PGIM Nasdaq-100 Buffer 12 ETF - January	$48.64K	$72.90K	$142.55K

KFEB vs. PQJA - Yearly Performance Comparison

	2026 (YTD)	2025
KFEB Innovator U.S. Small Cap Power Buffer ETF - February	14.50%	9.19%
PQJA PGIM Nasdaq-100 Buffer 12 ETF - January	8.36%	14.92%

Correlation

The correlation between KFEB and PQJA is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.69
Correlation (All Time) Calculated using the full available price history since Feb 3, 2025	0.73

The correlation between KFEB and PQJA has been stable across timeframes, ranging from 0.69 to 0.73 - a consistent structural relationship.

Return for Risk

KFEB vs. PQJA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KFEB

KFEB Risk / Return Rank: 91
KFEB Sharpe Ratio Rank: 90
KFEB Sortino Ratio Rank: 91
KFEB Omega Ratio Rank: 88
KFEB Calmar Ratio Rank: 92
KFEB Martin Ratio Rank: 92

PQJA

PQJA Risk / Return Rank: 80
PQJA Sharpe Ratio Rank: 81
PQJA Sortino Ratio Rank: 82
PQJA Omega Ratio Rank: 83
PQJA Calmar Ratio Rank: 70
PQJA Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KFEB vs. PQJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF - February (KFEB) and PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA). 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.

	KFEB	PQJA	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.03	+0.34
Sortino ratio: Return per unit of downside risk	3.45	2.91	+0.54
Omega ratio: Gain probability vs. loss probability	1.42	1.39	+0.04
Calmar ratio: Return relative to maximum drawdown	4.41	2.67	+1.74
Martin ratio: Return relative to average drawdown	16.43	12.28	+4.15

KFEB vs. PQJA - Sharpe Ratio Comparison

The current KFEB Sharpe Ratio is 2.38, which is comparable to the PQJA Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of KFEB and PQJA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KFEB vs. PQJA - Drawdown Comparison

The maximum KFEB drawdown since its inception was -14.16%, roughly equal to the maximum PQJA drawdown of -14.72%. Use the drawdown chart below to compare losses from any high point for KFEB and PQJA.

Drawdown Indicators

	KFEB	PQJA	Difference
Max Drawdown Largest peak-to-trough decline	-14.16%	-14.72%	+0.56%
Max Drawdown (1Y) Largest decline over 1 year	-5.80%	-6.77%	+0.97%
Current Drawdown Current decline from peak	0.00%	-0.43%	+0.43%
Average Drawdown Average peak-to-trough decline	-2.11%	-1.58%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	1.47%	+0.08%

Volatility

KFEB vs. PQJA - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Power Buffer ETF - February (KFEB) is 1.69%, while PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA) has a volatility of 2.88%. This indicates that KFEB experiences smaller price fluctuations and is considered to be less risky than PQJA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KFEB	PQJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.69%	2.88%	-1.19%
Volatility (6M) Calculated over the trailing 6-month period	7.12%	7.46%	-0.34%
Volatility (1Y) Calculated over the trailing 1-year period	10.78%	8.90%	+1.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.74%	13.15%	-0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.74%	13.15%	-0.41%

KFEB vs. PQJA - Expense Ratio Comparison

KFEB has a 0.79% expense ratio, which is higher than PQJA's 0.50% expense ratio.

Dividends

KFEB vs. PQJA - Dividend Comparison

Neither KFEB nor PQJA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KFEB and PQJA in my portfolio?

KFEB and PQJA have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KFEB or PQJA?

PQJA has higher volatility (2.88%) compared to KFEB (1.69%). In terms of maximum drawdown, KFEB dropped -14.16% vs PQJA's -14.72%.

Which ETF is better, KFEB or PQJA?

On 1-year performance, KFEB leads with 25.46% vs 17.97% for PQJA. On fees, PQJA is cheaper at 0.50% per year. On volatility, KFEB has been the lower-risk option at 1.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KFEB or PQJA?

Over the 1-year period, KFEB has performed better with a 25.46% return vs 17.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KFEB or PQJA?

PQJA is cheaper with a 0.50% expense ratio, compared with 0.79% for KFEB.

Which ETF pays a higher dividend yield, KFEB or PQJA?

KFEB and PQJA have nearly identical dividend yields, around 0.00%.

What is the main difference between KFEB and PQJA?

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

Which has better risk-adjusted returns?

KFEB currently has the higher Sharpe Ratio (2.38 vs 2.03), 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.