KOCT vs. PQAP

Last updated Jun 24, 2026

KOCT (Innovator U.S. Small Cap Power Buffer ETF - October) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both Defined Outcome funds. KOCT is passively managed, while PQAP is actively managed. Over the past year, KOCT returned 22.84% vs 19.07% for PQAP. A 0.71 correlation means they provide meaningful diversification when combined. KOCT charges 0.79%/yr vs 0.50%/yr for PQAP.

Performance

KOCT vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Small Cap Power Buffer ETF - October (KOCT) 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, KOCT achieves a 10.07% return, which is significantly lower than PQAP's 10.67% return.

KOCT

• 1D: -0.19%
• 1M: 1.71%
• YTD: 10.07%
• 6M: 9.29%
• 1Y: 22.84%
• 3Y*: 12.17%
• 5Y*: 6.65%
• 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)

KOCT vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
KOCT Innovator U.S. Small Cap Power Buffer ETF - October	10.07%	10.14%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	10.67%	14.48%

Correlation

The correlation between KOCT and PQAP is 0.64, 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	0.64
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.71

The correlation between KOCT and PQAP has been stable across timeframes, ranging from 0.64 to 0.71 - a consistent structural relationship.

Return for Risk

KOCT vs. PQAP — Risk / Return Rank

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

KOCT

KOCT Risk / Return Rank: 80
KOCT Sharpe Ratio Rank: 75
KOCT Sortino Ratio Rank: 81
KOCT Omega Ratio Rank: 73
KOCT Calmar Ratio Rank: 87
KOCT Martin Ratio Rank: 86

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.

KOCT vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF - October (KOCT) 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.

	KOCT	PQAP	Difference
Sharpe ratio: Return per unit of total volatility	2.18	3.86	-1.68
Sortino ratio: Return per unit of downside risk	3.29	6.02	-2.73
Omega ratio: Gain probability vs. loss probability	1.39	1.92	-0.53
Calmar ratio: Return relative to maximum drawdown	4.63	8.93	-4.30
Martin ratio: Return relative to average drawdown	16.63	54.70	-38.07

KOCT vs. PQAP - Sharpe Ratio Comparison

The current KOCT Sharpe Ratio is 2.18, which is lower than the PQAP Sharpe Ratio of 3.86. The chart below compares the historical Sharpe Ratios of KOCT 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.

Drawdowns

KOCT vs. PQAP - Drawdown Comparison

The maximum KOCT drawdown since its inception was -28.22%, which is greater than PQAP's maximum drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for KOCT and PQAP.

Drawdown Indicators

	KOCT	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-28.22%	-10.79%	-17.43%
Max Drawdown (1Y) Largest decline over 1 year	-4.95%	-2.15%	-2.80%
Max Drawdown (3Y) Largest decline over 3 years	-15.03%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.63%	—	—
Current Drawdown Current decline from peak	-0.19%	-1.39%	+1.20%
Average Drawdown Average peak-to-trough decline	-4.21%	-0.61%	-3.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.38%	0.35%	+1.03%

Volatility

KOCT vs. PQAP - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Power Buffer ETF - October (KOCT) is 2.11%, while PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) has a volatility of 2.63%. This indicates that KOCT experiences smaller price fluctuations and is considered to be less risky than PQAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KOCT	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.11%	2.63%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	6.73%	3.99%	+2.74%
Volatility (1Y) Calculated over the trailing 1-year period	10.52%	4.99%	+5.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.28%	11.03%	+1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.57%	11.03%	+3.54%

KOCT vs. PQAP - Expense Ratio Comparison

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

Dividends

KOCT vs. PQAP - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019
KOCT Innovator U.S. Small Cap Power Buffer ETF - October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.79%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KOCT and PQAP in my portfolio?

KOCT and PQAP have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KOCT or PQAP?

PQAP has higher volatility (2.63%) compared to KOCT (2.11%). In terms of maximum drawdown, KOCT dropped -28.22% vs PQAP's -10.79%.

Which ETF is better, KOCT or PQAP?

On 1-year performance, KOCT leads with 22.84% vs 19.07% for PQAP. On fees, PQAP is cheaper at 0.50% per year. On volatility, KOCT has been the lower-risk option at 2.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KOCT or PQAP?

Over the 1-year period, KOCT has performed better with a 22.84% return vs 19.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KOCT or PQAP?

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

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

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

What is the main difference between KOCT and PQAP?

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

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (3.86 vs 2.18), 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.