PQAP vs. APRB

Last updated Jun 4, 2026

PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) and APRB (Aptus April Buffer ETF) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.84 suggests significant overlap in exposure. PQAP charges 0.50%/yr vs 0.25%/yr for APRB.

Performance

PQAP vs. APRB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) and Aptus April Buffer ETF (APRB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PQAP achieves a 12.09% return, which is significantly higher than APRB's 4.77% return.

PQAP

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

APRB

• 1D: -0.11%
• 1M: 1.69%
• YTD: 4.77%
• 6M: 5.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PQAP vs. APRB - Yearly Performance Comparison

	2026 (YTD)	2025
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	12.09%	2.58%
APRB Aptus April Buffer ETF	4.77%	2.48%

Correlation

The correlation between PQAP and APRB is 0.84, 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 Oct 15, 2025	0.84

Return for Risk

PQAP vs. APRB — 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.

PQAP vs. APRB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) and Aptus April Buffer ETF (APRB). 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.

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

Sharpe Ratios by Period

	PQAP	APRB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.86	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.76	2.00	-0.24

Drawdowns

PQAP vs. APRB - Drawdown Comparison

The maximum PQAP drawdown since its inception was -10.79%, which is greater than APRB's maximum drawdown of -4.59%. Use the drawdown chart below to compare losses from any high point for PQAP and APRB.

Drawdown Indicators

	PQAP	APRB	Difference
Max Drawdown Largest peak-to-trough decline	-10.79%	-4.59%	-6.20%
Max Drawdown (1Y) Largest decline over 1 year	-1.39%	—	—
Current Drawdown Current decline from peak	-0.12%	-0.11%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.60%	-0.74%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.25%	—	—

Volatility

Volatility by Period

	PQAP	APRB	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	4.45%	5.98%	-1.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.03%	5.98%	+5.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.03%	5.98%	+5.05%

PQAP vs. APRB - Expense Ratio Comparison

PQAP has a 0.50% expense ratio, which is higher than APRB's 0.25% expense ratio.

Dividends

PQAP vs. APRB - Dividend Comparison

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

Position	TTM	2025
APRB Aptus April Buffer ETF	0.00%	0.00%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%

Frequently Asked Questions

Can I hold both PQAP and APRB in my portfolio?

PQAP and APRB have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PQAP or APRB?

On fees, APRB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PQAP or APRB?

APRB is cheaper with a 0.25% expense ratio, compared with 0.50% for PQAP.

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

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

What is the main difference between PQAP and APRB?

They also come from different issuers: PGIM and Aptus Capital Advisors. Their fees differ too: 0.50% for PQAP and 0.25% for APRB.