NOCT vs. PQAP

Last updated Jun 4, 2026

NOCT (Innovator Growth-100 Power Buffer ETF - October) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both Defined Outcome funds. Both are actively managed. Over the past year, NOCT returned 17.36% vs 21.47% for PQAP. Their correlation of 0.89 suggests significant overlap in exposure. NOCT charges 0.79%/yr vs 0.50%/yr for PQAP.

Performance

NOCT vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth-100 Power Buffer ETF - October (NOCT) 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, NOCT achieves a 7.61% return, which is significantly lower than PQAP's 12.09% return.

NOCT

• 1D: -0.12%
• 1M: 2.54%
• YTD: 7.61%
• 6M: 7.69%
• 1Y: 17.36%
• 3Y*: 14.98%
• 5Y*: 10.46%
• 10Y*: —

PQAP

• 1D: -0.12%
• 1M: 2.44%
• YTD: 12.09%
• 6M: 13.01%
• 1Y: 21.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NOCT vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
NOCT Innovator Growth-100 Power Buffer ETF - October	7.61%	12.87%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	12.09%	14.48%

Correlation

The correlation between NOCT and PQAP is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.89

The correlation between NOCT and PQAP has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

Return for Risk

NOCT vs. PQAP — Risk / Return Rank

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

NOCT

NOCT Risk / Return Rank: 71
NOCT Sharpe Ratio Rank: 71
NOCT Sortino Ratio Rank: 72
NOCT Omega Ratio Rank: 78
NOCT Calmar Ratio Rank: 60
NOCT Martin Ratio Rank: 74

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.

NOCT vs. PQAP - Risk-Adjusted Trends Comparison

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

	NOCT	PQAP	Difference
Sharpe ratio: Return per unit of total volatility	2.31	4.86	-2.54
Sortino ratio: Return per unit of downside risk	3.26	8.47	-5.21
Omega ratio: Gain probability vs. loss probability	1.46	2.20	-0.74
Calmar ratio: Return relative to maximum drawdown	2.99	15.50	-12.51
Martin ratio: Return relative to average drawdown	13.90	86.25	-72.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NOCT vs. PQAP - Sharpe Ratio Comparison

The current NOCT Sharpe Ratio is 2.31, which is lower than the PQAP Sharpe Ratio of 4.86. The chart below compares the historical Sharpe Ratios of NOCT 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.

Sharpe Ratios by Period

	NOCT	PQAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	4.86	-2.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	1.76	-0.76

Drawdowns

NOCT vs. PQAP - Drawdown Comparison

The maximum NOCT drawdown since its inception was -16.21%, which is greater than PQAP's maximum drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for NOCT and PQAP.

Drawdown Indicators

	NOCT	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-16.21%	-10.79%	-5.42%
Max Drawdown (1Y) Largest decline over 1 year	-5.84%	-1.39%	-4.45%
Max Drawdown (3Y) Largest decline over 3 years	-12.70%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.21%	—	—
Current Drawdown Current decline from peak	-0.16%	-0.12%	-0.04%
Average Drawdown Average peak-to-trough decline	-2.34%	-0.60%	-1.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	0.25%	+1.00%

Volatility

NOCT vs. PQAP - Volatility Comparison

Innovator Growth-100 Power Buffer ETF - October (NOCT) and PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) have volatilities of 1.01% and 1.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOCT	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	1.02%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	5.90%	3.09%	+2.81%
Volatility (1Y) Calculated over the trailing 1-year period	7.55%	4.45%	+3.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.93%	11.03%	-0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.19%	11.03%	+0.16%

NOCT vs. PQAP - Expense Ratio Comparison

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

Dividends

NOCT vs. PQAP - Dividend Comparison

NOCT 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
NOCT Innovator Growth-100 Power Buffer ETF - October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.07%
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 NOCT and PQAP in my portfolio?

NOCT and PQAP have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOCT or PQAP?

PQAP has higher volatility (1.02%) compared to NOCT (1.01%). In terms of maximum drawdown, NOCT dropped -16.21% vs PQAP's -10.79%.

Which ETF is better, NOCT or PQAP?

On 1-year performance, PQAP leads with 21.47% vs 17.36% for NOCT. On fees, PQAP is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NOCT or PQAP?

Over the 1-year period, PQAP has performed better with a 21.47% return vs 17.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NOCT or PQAP?

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

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

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

What is the main difference between NOCT and PQAP?

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

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (4.86 vs 2.31), 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.