NJUL vs. PBQQ

Last updated Jun 24, 2026

NJUL (Innovator Nasdaq-100 Power Buffer ETF - July) and PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) are both exchange-traded funds - NJUL is a Nasdaq-100 fund tracking the Invesco QQQ Trust, while PBQQ is a Defined Outcome fund actively managed by PGIM. NJUL is passively managed, while PBQQ is actively managed. Over the past year, NJUL returned 17.91% vs 19.15% for PBQQ. Their correlation of 0.94 suggests significant overlap in exposure. NJUL charges 0.79%/yr vs 0.50%/yr for PBQQ.

Performance

NJUL vs. PBQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Nasdaq-100 Power Buffer ETF - July (NJUL) and PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NJUL achieves a 6.33% return, which is significantly lower than PBQQ's 8.21% return.

NJUL

• 1D: -0.07%
• 1M: 0.49%
• YTD: 6.33%
• 6M: 5.98%
• 1Y: 17.91%
• 3Y*: 14.73%
• 5Y*: 10.88%
• 10Y*: —

PBQQ

• 1D: -0.75%
• 1M: -0.22%
• YTD: 8.21%
• 6M: 8.11%
• 1Y: 19.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NJUL vs. PBQQ - Yearly Performance Comparison

	2026 (YTD)	2025
NJUL Innovator Nasdaq-100 Power Buffer ETF - July	6.33%	15.67%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	8.21%	15.44%

Correlation

The correlation between NJUL and PBQQ is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.94

The correlation between NJUL and PBQQ has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

NJUL vs. PBQQ — Risk / Return Rank

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

NJUL

NJUL Risk / Return Rank: 85
NJUL Sharpe Ratio Rank: 83
NJUL Sortino Ratio Rank: 87
NJUL Omega Ratio Rank: 88
NJUL Calmar Ratio Rank: 76
NJUL Martin Ratio Rank: 89

PBQQ

PBQQ Risk / Return Rank: 88
PBQQ Sharpe Ratio Rank: 88
PBQQ Sortino Ratio Rank: 91
PBQQ Omega Ratio Rank: 90
PBQQ Calmar Ratio Rank: 83
PBQQ Martin Ratio Rank: 90

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.

NJUL vs. PBQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Nasdaq-100 Power Buffer ETF - July (NJUL) and PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ). 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.

	NJUL	PBQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.49	2.64	-0.15
Sortino ratio: Return per unit of downside risk	3.64	3.85	-0.21
Omega ratio: Gain probability vs. loss probability	1.51	1.52	-0.02
Calmar ratio: Return relative to maximum drawdown	3.65	4.08	-0.43
Martin ratio: Return relative to average drawdown	18.95	19.12	-0.17

NJUL vs. PBQQ - Sharpe Ratio Comparison

The current NJUL Sharpe Ratio is 2.49, which is comparable to the PBQQ Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of NJUL and PBQQ, 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

NJUL vs. PBQQ - Drawdown Comparison

The maximum NJUL drawdown since its inception was -14.37%, which is greater than PBQQ's maximum drawdown of -12.92%. Use the drawdown chart below to compare losses from any high point for NJUL and PBQQ.

Drawdown Indicators

	NJUL	PBQQ	Difference
Max Drawdown Largest peak-to-trough decline	-14.37%	-12.92%	-1.45%
Max Drawdown (1Y) Largest decline over 1 year	-4.93%	-4.71%	-0.22%
Max Drawdown (3Y) Largest decline over 3 years	-13.58%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.37%	—	—
Current Drawdown Current decline from peak	-0.07%	-1.02%	+0.95%
Average Drawdown Average peak-to-trough decline	-2.29%	-1.24%	-1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	1.00%	-0.05%

Volatility

NJUL vs. PBQQ - Volatility Comparison

The current volatility for Innovator Nasdaq-100 Power Buffer ETF - July (NJUL) is 0.63%, while PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) has a volatility of 2.24%. This indicates that NJUL experiences smaller price fluctuations and is considered to be less risky than PBQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NJUL	PBQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	2.24%	-1.61%
Volatility (6M) Calculated over the trailing 6-month period	5.21%	5.77%	-0.56%
Volatility (1Y) Calculated over the trailing 1-year period	7.30%	7.32%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.57%	11.79%	-0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.02%	11.79%	-0.77%

NJUL vs. PBQQ - Expense Ratio Comparison

NJUL has a 0.79% expense ratio, which is higher than PBQQ's 0.50% expense ratio.

Dividends

NJUL vs. PBQQ - Dividend Comparison

NJUL has not paid dividends to shareholders, while PBQQ's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025
NJUL Innovator Nasdaq-100 Power Buffer ETF - July	0.00%	0.00%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	0.01%	0.01%

Frequently Asked Questions

Can I hold both NJUL and PBQQ in my portfolio?

With a correlation of 0.92, NJUL and PBQQ 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, NJUL or PBQQ?

PBQQ has higher volatility (2.24%) compared to NJUL (0.63%). In terms of maximum drawdown, NJUL dropped -14.37% vs PBQQ's -12.92%.

Which ETF is better, NJUL or PBQQ?

On 1-year performance, PBQQ leads with 19.15% vs 17.91% for NJUL. On fees, PBQQ is cheaper at 0.50% per year. On volatility, NJUL has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NJUL or PBQQ?

Over the 1-year period, PBQQ has performed better with a 19.15% return vs 17.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NJUL or PBQQ?

PBQQ is cheaper with a 0.50% expense ratio, compared with 0.79% for NJUL.

Which ETF pays a higher dividend yield, NJUL or PBQQ?

PBQQ has the higher dividend yield at 0.01%, compared with 0.00% for NJUL.

What is the main difference between NJUL and PBQQ?

NJUL is categorized as Nasdaq-100, while PBQQ is Defined Outcome. They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.79% for NJUL and 0.50% for PBQQ.

Which has better risk-adjusted returns?

PBQQ currently has the higher Sharpe Ratio (2.64 vs 2.49), 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.