PMOC vs. PQAP

Last updated Jul 17, 2026

PMOC (PGIM S&P 500 Max Buffer ETF - October) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both Defined Outcome funds from PGIM. Both are actively managed. A 0.78 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

PMOC vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - October (PMOC) 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, PMOC achieves a 3.43% return, which is significantly lower than PQAP's 11.34% return.

PMOC

• 1D: 0.00%
• 1M: 0.44%
• 6M: 3.06%
• YTD: 3.43%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PQAP

• 1D: -0.42%
• 1M: -0.28%
• 6M: 10.98%
• YTD: 11.34%
• 1Y: 17.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMOC vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
PMOC PGIM S&P 500 Max Buffer ETF - October	3.43%	0.93%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	11.34%	2.34%

Correlation

The correlation between PMOC and PQAP is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 1, 2025	0.78

Return for Risk

PMOC vs. PQAP — Risk / Return Rank

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

PMOC

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

PQAP

PQAP Risk / Return Rank: 97
PQAP Sharpe Ratio Rank: 97
PQAP Sortino Ratio Rank: 97
PQAP Omega Ratio Rank: 97
PQAP Calmar Ratio Rank: 97
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.

PMOC vs. PQAP - Risk-Adjusted Trends Comparison

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

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.

	PMOC	PQAP	Difference
Sharpe ratio: Return per unit of total volatility	—	3.43	—
Sortino ratio: Return per unit of downside risk	—	5.27	—
Omega ratio: Gain probability vs. loss probability	—	1.77	—
Calmar ratio: Return relative to maximum drawdown	—	8.21	—
Martin ratio: Return relative to average drawdown	—	43.46	—

Drawdowns

PMOC vs. PQAP - Drawdown Comparison

The maximum PMOC drawdown since its inception was -1.50%, smaller than the maximum PQAP drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for PMOC and PQAP.

Drawdown Indicators

	PMOC	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-1.50%	-10.79%	+9.29%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.15%	—
Current Drawdown Current decline from peak	0.00%	-0.79%	+0.79%
Average Drawdown Average peak-to-trough decline	-0.20%	-0.62%	+0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.40%	—

Volatility

Volatility by Period

	PMOC	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.13%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.29%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.31%	5.15%	-2.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.31%	10.87%	-8.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.31%	10.87%	-8.56%

PMOC vs. PQAP - Expense Ratio Comparison

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

Dividends

PMOC vs. PQAP - Dividend Comparison

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

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

Frequently Asked Questions

Can I hold both PMOC and PQAP in my portfolio?

PMOC and PQAP have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PMOC 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, PMOC or PQAP?

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

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

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