NFEB vs. PQAP

Last updated Jun 24, 2026

NFEB (Innovator Growth-100 Power Buffer ETF - February) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both Defined Outcome funds. NFEB is passively managed, while PQAP is actively managed. Over the past year, NFEB returned 17.54% vs 19.07% for PQAP. Their correlation of 0.90 suggests significant overlap in exposure. NFEB charges 0.79%/yr vs 0.50%/yr for PQAP.

Performance

NFEB vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth-100 Power Buffer ETF - February (NFEB) 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, NFEB achieves a 6.98% return, which is significantly lower than PQAP's 10.67% return.

NFEB

• 1D: -1.01%
• 1M: -0.53%
• YTD: 6.98%
• 6M: 6.75%
• 1Y: 17.54%
• 3Y*: —
• 5Y*: —
• 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)

NFEB vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
NFEB Innovator Growth-100 Power Buffer ETF - February	6.98%	13.29%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	10.67%	13.08%

Correlation

The correlation between NFEB and PQAP is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since Feb 3, 2025	0.90

The correlation between NFEB and PQAP has been stable across timeframes, ranging from 0.90 to 0.90 - a consistent structural relationship.

Return for Risk

NFEB vs. PQAP — Risk / Return Rank

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

NFEB

NFEB Risk / Return Rank: 79
NFEB Sharpe Ratio Rank: 81
NFEB Sortino Ratio Rank: 82
NFEB Omega Ratio Rank: 84
NFEB Calmar Ratio Rank: 65
NFEB Martin Ratio Rank: 79

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.

NFEB vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth-100 Power Buffer ETF - February (NFEB) 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.

	NFEB	PQAP	Difference
Sharpe ratio: Return per unit of total volatility	2.33	3.86	-1.53
Sortino ratio: Return per unit of downside risk	3.28	6.02	-2.74
Omega ratio: Gain probability vs. loss probability	1.46	1.92	-0.47
Calmar ratio: Return relative to maximum drawdown	2.91	8.93	-6.02
Martin ratio: Return relative to average drawdown	14.01	54.70	-40.69

NFEB vs. PQAP - Sharpe Ratio Comparison

The current NFEB Sharpe Ratio is 2.33, which is lower than the PQAP Sharpe Ratio of 3.86. The chart below compares the historical Sharpe Ratios of NFEB 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

NFEB vs. PQAP - Drawdown Comparison

The maximum NFEB drawdown since its inception was -13.27%, which is greater than PQAP's maximum drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for NFEB and PQAP.

Drawdown Indicators

	NFEB	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-13.27%	-10.79%	-2.48%
Max Drawdown (1Y) Largest decline over 1 year	-6.05%	-2.15%	-3.90%
Current Drawdown Current decline from peak	-1.36%	-1.39%	+0.03%
Average Drawdown Average peak-to-trough decline	-1.50%	-0.61%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	0.35%	+0.90%

Volatility

NFEB vs. PQAP - Volatility Comparison

Innovator Growth-100 Power Buffer ETF - February (NFEB) has a higher volatility of 2.77% compared to PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) at 2.63%. This indicates that NFEB'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

	NFEB	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.77%	2.63%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	6.25%	3.99%	+2.26%
Volatility (1Y) Calculated over the trailing 1-year period	7.58%	4.99%	+2.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.94%	11.03%	+0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.94%	11.03%	+0.91%

NFEB vs. PQAP - Expense Ratio Comparison

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

Dividends

NFEB vs. PQAP - Dividend Comparison

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

Position	TTM	2025
NFEB Innovator Growth-100 Power Buffer ETF - February	0.00%	0.00%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%

Frequently Asked Questions

Can I hold both NFEB and PQAP in my portfolio?

With a correlation of 0.90, NFEB 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 is riskier, NFEB or PQAP?

NFEB has higher volatility (2.77%) compared to PQAP (2.63%). In terms of maximum drawdown, NFEB dropped -13.27% vs PQAP's -10.79%.

Which ETF is better, NFEB or PQAP?

On 1-year performance, PQAP leads with 19.07% vs 17.54% for NFEB. On fees, PQAP is cheaper at 0.50% per year. On volatility, PQAP has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFEB or PQAP?

Over the 1-year period, PQAP has performed better with a 19.07% return vs 17.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFEB or PQAP?

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

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

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

What is the main difference between NFEB and PQAP?

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

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (3.86 vs 2.33), 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.