NSEP vs. PQOC

Last updated Jun 4, 2026

NSEP (Innovator Growth-100 Power Buffer ETF - September) and PQOC (PGIM Nasdaq-100 Buffer 12 ETF - October) are both Defined Outcome funds. Both are actively managed. Over the past year, NSEP returned 16.89% vs 20.55% for PQOC. With a 0.95 correlation, they move nearly in lockstep. NSEP charges 0.79%/yr vs 0.50%/yr for PQOC.

Performance

NSEP vs. PQOC - Performance Comparison

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

Returns By Period

In the year-to-date period, NSEP achieves a 6.61% return, which is significantly lower than PQOC's 9.01% return.

NSEP

• 1D: 0.00%
• 1M: 1.85%
• YTD: 6.61%
• 6M: 6.79%
• 1Y: 16.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PQOC

• 1D: -0.05%
• 1M: 3.09%
• YTD: 9.01%
• 6M: 9.17%
• 1Y: 20.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NSEP vs. PQOC - Yearly Performance Comparison

	2026 (YTD)	2025
NSEP Innovator Growth-100 Power Buffer ETF - September	6.61%	13.85%
PQOC PGIM Nasdaq-100 Buffer 12 ETF - October	9.01%	14.67%

Correlation

The correlation between NSEP and PQOC is 0.93, 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	0.93
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.95

The correlation between NSEP and PQOC has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

NSEP vs. PQOC — Risk / Return Rank

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

NSEP

NSEP Risk / Return Rank: 80
NSEP Sharpe Ratio Rank: 78
NSEP Sortino Ratio Rank: 80
NSEP Omega Ratio Rank: 85
NSEP Calmar Ratio Rank: 74
NSEP Martin Ratio Rank: 85

PQOC

PQOC Risk / Return Rank: 73
PQOC Sharpe Ratio Rank: 75
PQOC Sortino Ratio Rank: 75
PQOC Omega Ratio Rank: 79
PQOC Calmar Ratio Rank: 63
PQOC Martin Ratio Rank: 75

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.

NSEP vs. PQOC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth-100 Power Buffer ETF - September (NSEP) and PGIM Nasdaq-100 Buffer 12 ETF - October (PQOC). 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.

	NSEP	PQOC	Difference
Sharpe ratio: Return per unit of total volatility	2.51	2.40	+0.11
Sortino ratio: Return per unit of downside risk	3.53	3.31	+0.22
Omega ratio: Gain probability vs. loss probability	1.51	1.47	+0.05
Calmar ratio: Return relative to maximum drawdown	3.64	3.09	+0.55
Martin ratio: Return relative to average drawdown	17.58	14.07	+3.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NSEP vs. PQOC - Sharpe Ratio Comparison

The current NSEP Sharpe Ratio is 2.51, which is comparable to the PQOC Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of NSEP and PQOC, 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

	NSEP	PQOC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	2.40	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	1.50	1.33	+0.16

Drawdowns

NSEP vs. PQOC - Drawdown Comparison

The maximum NSEP drawdown since its inception was -12.31%, smaller than the maximum PQOC drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for NSEP and PQOC.

Drawdown Indicators

	NSEP	PQOC	Difference
Max Drawdown Largest peak-to-trough decline	-12.31%	-13.71%	+1.40%
Max Drawdown (1Y) Largest decline over 1 year	-4.66%	-6.68%	+2.02%
Current Drawdown Current decline from peak	-0.06%	-0.06%	0.00%
Average Drawdown Average peak-to-trough decline	-1.09%	-1.62%	+0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	1.46%	-0.50%

Volatility

NSEP vs. PQOC - Volatility Comparison

The current volatility for Innovator Growth-100 Power Buffer ETF - September (NSEP) is 0.70%, while PGIM Nasdaq-100 Buffer 12 ETF - October (PQOC) has a volatility of 1.08%. This indicates that NSEP experiences smaller price fluctuations and is considered to be less risky than PQOC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NSEP	PQOC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	1.08%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	5.26%	6.76%	-1.50%
Volatility (1Y) Calculated over the trailing 1-year period	6.76%	8.60%	-1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.47%	12.94%	-2.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.47%	12.94%	-2.47%

NSEP vs. PQOC - Expense Ratio Comparison

NSEP has a 0.79% expense ratio, which is higher than PQOC's 0.50% expense ratio.

Dividends

NSEP vs. PQOC - Dividend Comparison

Neither NSEP nor PQOC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NSEP and PQOC in my portfolio?

With a correlation of 0.93, NSEP and PQOC 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, NSEP or PQOC?

PQOC has higher volatility (1.08%) compared to NSEP (0.70%). In terms of maximum drawdown, NSEP dropped -12.31% vs PQOC's -13.71%.

Which ETF is better, NSEP or PQOC?

On 1-year performance, PQOC leads with 20.55% vs 16.89% for NSEP. On fees, PQOC is cheaper at 0.50% per year. On volatility, NSEP has been the lower-risk option at 0.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NSEP or PQOC?

Over the 1-year period, PQOC has performed better with a 20.55% return vs 16.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NSEP or PQOC?

PQOC is cheaper with a 0.50% expense ratio, compared with 0.79% for NSEP.

Which ETF pays a higher dividend yield, NSEP or PQOC?

NSEP and PQOC have nearly identical dividend yields, around 0.00%.

What is the main difference between NSEP and PQOC?

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

Which has better risk-adjusted returns?

NSEP currently has the higher Sharpe Ratio (2.51 vs 2.40), 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.