PQAP vs. DRLL

Last updated Aug 6, 2026

PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) and DRLL (Strive U.S. Energy ETF) are both exchange-traded funds - PQAP is a Defined Outcome fund actively managed by PGIM, while DRLL is a Energy Equities fund tracking the Bloomberg US Energy Select Index. PQAP is actively managed, while DRLL is passively managed. Over the past year, PQAP returned 18.21% vs 37.23% for DRLL. Their -0.01 correlation means they have often moved in opposite directions in the past. PQAP charges 0.50%/yr vs 0.41%/yr for DRLL.

Performance

PQAP vs. DRLL - Performance Comparison

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

Returns By Period

In the year-to-date period, PQAP achieves a 12.70% return, which is significantly lower than DRLL's 29.95% return.

PQAP

• 1D: 0.03%
• 1M: 0.89%
• 6M: 12.27%
• YTD: 12.70%
• 1Y: 18.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.40%

DRLL

• 1D: -2.68%
• 1M: 8.84%
• 6M: 11.16%
• YTD: 29.95%
• 1Y: 37.23%
• 3Y*: 11.02%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.29%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DRLL Strive U.S. Energy ETF	$478.10K	$507.89K	$528.94K
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	$46.01K	$49.92K	$129.72K

PQAP vs. DRLL - Yearly Performance Comparison

	2026 (YTD)	2025
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	12.70%	14.48%
DRLL Strive U.S. Energy ETF	29.95%	7.74%

Correlation

The correlation between PQAP and DRLL is -0.22, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.22
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	-0.01

Over the past year, the inverse relationship between PQAP and DRLL has strengthened: their correlation has moved from -0.01 to -0.22, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

PQAP vs. DRLL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

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: 97

DRLL

DRLL Risk / Return Rank: 53
DRLL Sharpe Ratio Rank: 59
DRLL Sortino Ratio Rank: 53
DRLL Omega Ratio Rank: 52
DRLL Calmar Ratio Rank: 54
DRLL Martin Ratio Rank: 44

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PQAP vs. DRLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) and Strive U.S. Energy ETF (DRLL). 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	DRLL	Difference
Sharpe ratio: Return per unit of total volatility	3.40	1.62	+1.78
Sortino ratio: Return per unit of downside risk	5.30	2.13	+3.17
Omega ratio: Gain probability vs. loss probability	1.76	1.27	+0.49
Calmar ratio: Return relative to maximum drawdown	7.25	2.20	+5.05
Martin ratio: Return relative to average drawdown	36.18	5.57	+30.61

PQAP vs. DRLL - Sharpe Ratio Comparison

The current PQAP Sharpe Ratio is 3.40, which is higher than the DRLL Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of PQAP and DRLL, 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. DRLL - Drawdown Comparison

The maximum PQAP drawdown since its inception was -10.79%, smaller than the maximum DRLL drawdown of -23.73%. Use the drawdown chart below to compare losses from any high point for PQAP and DRLL.

Drawdown Indicators

	PQAP	DRLL	Difference
Max Drawdown Largest peak-to-trough decline	-10.79%	-23.73%	+12.94%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-16.99%	+14.47%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.73%	—
Current Drawdown Current decline from peak	0.00%	-9.02%	+9.02%
Average Drawdown Average peak-to-trough decline	-0.64%	-8.14%	+7.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	6.71%	-6.21%

Volatility

PQAP vs. DRLL - Volatility Comparison

The current volatility for PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) is 2.37%, while Strive U.S. Energy ETF (DRLL) has a volatility of 7.42%. This indicates that PQAP experiences smaller price fluctuations and is considered to be less risky than DRLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQAP	DRLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	7.42%	-5.05%
Volatility (6M) Calculated over the trailing 6-month period	4.72%	18.67%	-13.95%
Volatility (1Y) Calculated over the trailing 1-year period	5.40%	23.14%	-17.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.81%	23.82%	-13.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.81%	23.82%	-13.01%

PQAP vs. DRLL - Expense Ratio Comparison

PQAP has a 0.50% expense ratio, which is higher than DRLL's 0.41% expense ratio.

Dividends

PQAP vs. DRLL - Dividend Comparison

PQAP's dividend yield for the trailing twelve months is around 0.02%, less than DRLL's 2.34% yield.

Position	TTM	2025	2024	2023	2022
DRLL Strive U.S. Energy ETF	2.34%	2.99%	3.00%	3.01%	1.18%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PQAP and DRLL in my portfolio?

PQAP and DRLL have a correlation of -0.22, 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 DRLL?

DRLL has higher volatility (7.42%) compared to PQAP (2.37%). In terms of maximum drawdown, PQAP dropped -10.79% vs DRLL's -23.73%.

Which ETF is better, PQAP or DRLL?

On 1-year performance, DRLL leads with 37.23% vs 18.21% for PQAP. On fees, DRLL is cheaper at 0.41% per year. On volatility, PQAP has been the lower-risk option at 2.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PQAP or DRLL?

Over the 1-year period, DRLL has performed better with a 37.23% return vs 18.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PQAP or DRLL?

DRLL is cheaper with a 0.41% expense ratio, compared with 0.50% for PQAP.

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

DRLL has the higher dividend yield at 2.34%, compared with 0.02% for PQAP.

What is the main difference between PQAP and DRLL?

PQAP is categorized as Defined Outcome, while DRLL is Energy Equities. They also come from different issuers: PGIM and Strive. Their fees differ too: 0.50% for PQAP and 0.41% for DRLL.

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (3.40 vs 1.62), 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.