OCTP vs. PQJA

Last updated Jun 24, 2026

OCTP (PGIM S&P 500 Buffer 12 ETF - October) and PQJA (PGIM Nasdaq-100 Buffer 12 ETF - January) are both Defined Outcome funds from PGIM. Both are actively managed. Over the past year, OCTP returned 16.09% vs 20.07% for PQJA. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

OCTP vs. PQJA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 12 ETF - October (OCTP) and PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OCTP achieves a 5.58% return, which is significantly lower than PQJA's 7.28% return.

OCTP

• 1D: -0.50%
• 1M: 0.64%
• YTD: 5.58%
• 6M: 5.27%
• 1Y: 16.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PQJA

• 1D: -1.10%
• 1M: -0.49%
• YTD: 7.28%
• 6M: 7.53%
• 1Y: 20.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OCTP vs. PQJA - Yearly Performance Comparison

	2026 (YTD)	2025
OCTP PGIM S&P 500 Buffer 12 ETF - October	5.58%	13.14%
PQJA PGIM Nasdaq-100 Buffer 12 ETF - January	7.28%	16.06%

Correlation

The correlation between OCTP and PQJA is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.91

The correlation between OCTP and PQJA has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

Return for Risk

OCTP vs. PQJA — Risk / Return Rank

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

OCTP

OCTP Risk / Return Rank: 78
OCTP Sharpe Ratio Rank: 77
OCTP Sortino Ratio Rank: 79
OCTP Omega Ratio Rank: 82
OCTP Calmar Ratio Rank: 68
OCTP Martin Ratio Rank: 83

PQJA

PQJA Risk / Return Rank: 79
PQJA Sharpe Ratio Rank: 81
PQJA Sortino Ratio Rank: 82
PQJA Omega Ratio Rank: 85
PQJA Calmar Ratio Rank: 65
PQJA Martin Ratio Rank: 80

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.

OCTP vs. PQJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 12 ETF - October (OCTP) and PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA). 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.

	OCTP	PQJA	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.36	-0.14
Sortino ratio: Return per unit of downside risk	3.15	3.31	-0.16
Omega ratio: Gain probability vs. loss probability	1.44	1.46	-0.02
Calmar ratio: Return relative to maximum drawdown	3.10	2.98	+0.12
Martin ratio: Return relative to average drawdown	15.18	14.23	+0.95

OCTP vs. PQJA - Sharpe Ratio Comparison

The current OCTP Sharpe Ratio is 2.22, which is comparable to the PQJA Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of OCTP and PQJA, 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

OCTP vs. PQJA - Drawdown Comparison

The maximum OCTP drawdown since its inception was -11.96%, smaller than the maximum PQJA drawdown of -14.72%. Use the drawdown chart below to compare losses from any high point for OCTP and PQJA.

Drawdown Indicators

	OCTP	PQJA	Difference
Max Drawdown Largest peak-to-trough decline	-11.96%	-14.72%	+2.76%
Max Drawdown (1Y) Largest decline over 1 year	-5.22%	-6.77%	+1.55%
Current Drawdown Current decline from peak	-0.77%	-1.42%	+0.65%
Average Drawdown Average peak-to-trough decline	-1.04%	-1.63%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	1.41%	-0.35%

Volatility

OCTP vs. PQJA - Volatility Comparison

The current volatility for PGIM S&P 500 Buffer 12 ETF - October (OCTP) is 2.16%, while PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA) has a volatility of 3.03%. This indicates that OCTP experiences smaller price fluctuations and is considered to be less risky than PQJA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OCTP	PQJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.16%	3.03%	-0.87%
Volatility (6M) Calculated over the trailing 6-month period	5.72%	7.18%	-1.46%
Volatility (1Y) Calculated over the trailing 1-year period	7.31%	8.58%	-1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.57%	13.40%	-3.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.57%	13.40%	-3.83%

OCTP vs. PQJA - Expense Ratio Comparison

Both OCTP and PQJA have an expense ratio of 0.50%.

Dividends

OCTP vs. PQJA - Dividend Comparison

Neither OCTP nor PQJA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OCTP and PQJA in my portfolio?

OCTP and PQJA have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OCTP or PQJA?

PQJA has higher volatility (3.03%) compared to OCTP (2.16%). In terms of maximum drawdown, OCTP dropped -11.96% vs PQJA's -14.72%.

Which ETF is better, OCTP or PQJA?

On 1-year performance, PQJA leads with 20.07% vs 16.09% for OCTP. Both ETFs have the same 0.50% expense ratio. On volatility, OCTP has been the lower-risk option at 2.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OCTP or PQJA?

Over the 1-year period, PQJA has performed better with a 20.07% return vs 16.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OCTP or PQJA?

OCTP and PQJA have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, OCTP or PQJA?

OCTP and PQJA have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

PQJA currently has the higher Sharpe Ratio (2.36 vs 2.22), 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.