PQAP vs. BUFI

Last updated Jun 19, 2026

PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) and BUFI (AB International Buffer ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, PQAP returned 20.77% vs 14.04% for BUFI. A 0.61 correlation means they provide meaningful diversification when combined. PQAP charges 0.50%/yr vs 0.69%/yr for BUFI.

Performance

PQAP vs. BUFI - Performance Comparison

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

Returns By Period

In the year-to-date period, PQAP achieves a 11.77% return, which is significantly higher than BUFI's 5.92% return.

PQAP

• 1D: 0.60%
• 1M: 1.06%
• YTD: 11.77%
• 6M: 12.39%
• 1Y: 20.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUFI

• 1D: 0.37%
• 1M: 2.09%
• YTD: 5.92%
• 6M: 6.76%
• 1Y: 14.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PQAP vs. BUFI - Yearly Performance Comparison

	2026 (YTD)	2025
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	11.77%	14.48%
BUFI AB International Buffer ETF	5.92%	16.50%

Correlation

The correlation between PQAP and BUFI is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.61

The correlation between PQAP and BUFI has been stable across timeframes, ranging from 0.61 to 0.64 - a consistent structural relationship.

Return for Risk

PQAP vs. BUFI — Risk / Return Rank

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

PQAP

PQAP Risk / Return Rank: 97
PQAP Sharpe Ratio Rank: 97
PQAP Sortino Ratio Rank: 98
PQAP Omega Ratio Rank: 98
PQAP Calmar Ratio Rank: 97
PQAP Martin Ratio Rank: 98

BUFI

BUFI Risk / Return Rank: 53
BUFI Sharpe Ratio Rank: 50
BUFI Sortino Ratio Rank: 52
BUFI Omega Ratio Rank: 54
BUFI Calmar Ratio Rank: 52
BUFI Martin Ratio Rank: 59

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. BUFI - Risk-Adjusted Trends Comparison

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

	PQAP	BUFI	Difference
Sharpe ratio: Return per unit of total volatility	4.27	1.65	+2.63
Sortino ratio: Return per unit of downside risk	6.87	2.42	+4.45
Omega ratio: Gain probability vs. loss probability	2.04	1.32	+0.72
Calmar ratio: Return relative to maximum drawdown	9.72	2.48	+7.25
Martin ratio: Return relative to average drawdown	61.74	9.86	+51.88

PQAP vs. BUFI - Sharpe Ratio Comparison

The current PQAP Sharpe Ratio is 4.27, which is higher than the BUFI Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of PQAP and BUFI, 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

PQAP vs. BUFI - Drawdown Comparison

The maximum PQAP drawdown since its inception was -10.79%, which is greater than BUFI's maximum drawdown of -7.43%. Use the drawdown chart below to compare losses from any high point for PQAP and BUFI.

Drawdown Indicators

	PQAP	BUFI	Difference
Max Drawdown Largest peak-to-trough decline	-10.79%	-7.43%	-3.36%
Max Drawdown (1Y) Largest decline over 1 year	-2.15%	-5.69%	+3.54%
Current Drawdown Current decline from peak	-0.40%	0.00%	-0.40%
Average Drawdown Average peak-to-trough decline	-0.61%	-0.84%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	1.43%	-1.09%

Volatility

PQAP vs. BUFI - Volatility Comparison

PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) has a higher volatility of 2.47% compared to AB International Buffer ETF (BUFI) at 2.24%. This indicates that PQAP's price experiences larger fluctuations and is considered to be riskier than BUFI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQAP	BUFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.47%	2.24%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	3.88%	7.28%	-3.40%
Volatility (1Y) Calculated over the trailing 1-year period	4.88%	8.57%	-3.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.02%	9.15%	+1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.02%	9.15%	+1.87%

PQAP vs. BUFI - Expense Ratio Comparison

PQAP has a 0.50% expense ratio, which is lower than BUFI's 0.69% expense ratio.

Dividends

PQAP vs. BUFI - Dividend Comparison

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

Position	TTM	2025
BUFI AB International 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 BUFI in my portfolio?

PQAP and BUFI have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PQAP or BUFI?

PQAP has higher volatility (2.47%) compared to BUFI (2.24%). In terms of maximum drawdown, PQAP dropped -10.79% vs BUFI's -7.43%.

Which ETF is better, PQAP or BUFI?

On 1-year performance, PQAP leads with 20.77% vs 14.04% for BUFI. On fees, PQAP is cheaper at 0.50% per year. On volatility, BUFI has been the lower-risk option at 2.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PQAP or BUFI?

Over the 1-year period, PQAP has performed better with a 20.77% return vs 14.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PQAP or BUFI?

PQAP is cheaper with a 0.50% expense ratio, compared with 0.69% for BUFI.

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

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

What is the main difference between PQAP and BUFI?

They also come from different issuers: PGIM and AllianceBernstein. Their fees differ too: 0.50% for PQAP and 0.69% for BUFI.

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (4.27 vs 1.65), 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.