PMNV vs. PQAP

Last updated Jun 4, 2026

PMNV (PGIM S&P 500 Max Buffer ETF - November) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both Defined Outcome funds from PGIM. Both are actively managed. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

PMNV vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - November (PMNV) 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, PMNV achieves a 2.91% return, which is significantly lower than PQAP's 12.09% return.

PMNV

• 1D: -0.05%
• 1M: 1.01%
• YTD: 2.91%
• 6M: 3.25%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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)

PMNV vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
PMNV PGIM S&P 500 Max Buffer ETF - November	2.91%	0.54%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	12.09%	1.92%

Correlation

The correlation between PMNV and PQAP is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 4, 2025	0.81

Return for Risk

PMNV vs. PQAP — Risk / Return Rank

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

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.

PMNV vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Max Buffer ETF - November (PMNV) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	PMNV	PQAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	4.86	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.32	1.76	+0.56

Drawdowns

PMNV vs. PQAP - Drawdown Comparison

The maximum PMNV drawdown since its inception was -1.65%, smaller than the maximum PQAP drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for PMNV and PQAP.

Drawdown Indicators

	PMNV	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-1.65%	-10.79%	+9.14%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.39%	—
Current Drawdown Current decline from peak	-0.05%	-0.12%	+0.07%
Average Drawdown Average peak-to-trough decline	-0.23%	-0.60%	+0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.25%	—

Volatility

Volatility by Period

	PMNV	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.02%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.09%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.64%	4.45%	-1.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.64%	11.03%	-8.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.64%	11.03%	-8.39%

PMNV vs. PQAP - Expense Ratio Comparison

Both PMNV and PQAP have an expense ratio of 0.50%.

Dividends

PMNV vs. PQAP - Dividend Comparison

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

Position	TTM	2025
PMNV PGIM S&P 500 Max Buffer ETF - November	0.00%	0.00%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%

Frequently Asked Questions

Can I hold both PMNV and PQAP in my portfolio?

PMNV and PQAP have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PMNV or PQAP?

Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PMNV or PQAP?

PMNV and PQAP have the same expense ratio: 0.50% per year.

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

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