PQAP vs. IQQQ

Last updated Jun 4, 2026

PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - PQAP is a Defined Outcome fund actively managed by PGIM, while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. PQAP is actively managed, while IQQQ is passively managed. Over the past year, PQAP returned 21.47% vs 38.70% for IQQQ. Their correlation of 0.90 suggests significant overlap in exposure. PQAP charges 0.50%/yr vs 0.55%/yr for IQQQ.

Performance

PQAP vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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 lower than IQQQ's 18.72% return.

PQAP

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

IQQQ

• 1D: -0.30%
• 1M: 9.88%
• YTD: 18.72%
• 6M: 17.39%
• 1Y: 38.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PQAP vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	12.09%	14.48%
IQQQ ProShares Nasdaq-100 High Income ETF	18.72%	17.47%

Correlation

The correlation between PQAP and IQQQ is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.90

The correlation between PQAP and IQQQ has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

Return for Risk

PQAP vs. IQQQ — 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

IQQQ

IQQQ Risk / Return Rank: 70
IQQQ Sharpe Ratio Rank: 76
IQQQ Sortino Ratio Rank: 70
IQQQ Omega Ratio Rank: 69
IQQQ Calmar Ratio Rank: 69
IQQQ Martin Ratio Rank: 66

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. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	4.86	2.53	+2.33
Sortino ratio: Return per unit of downside risk	8.47	3.27	+5.20
Omega ratio: Gain probability vs. loss probability	2.20	1.43	+0.77
Calmar ratio: Return relative to maximum drawdown	15.50	3.49	+12.00
Martin ratio: Return relative to average drawdown	86.25	12.41	+73.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PQAP vs. IQQQ - Sharpe Ratio Comparison

The current PQAP Sharpe Ratio is 4.86, which is higher than the IQQQ Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of PQAP and IQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PQAP	IQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.86	2.53	+2.33
Sharpe Ratio (All Time) Calculated using the full available price history	1.76	1.25	+0.52

Drawdowns

PQAP vs. IQQQ - Drawdown Comparison

The maximum PQAP drawdown since its inception was -10.79%, smaller than the maximum IQQQ drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for PQAP and IQQQ.

Drawdown Indicators

	PQAP	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-10.79%	-20.41%	+9.62%
Max Drawdown (1Y) Largest decline over 1 year	-1.39%	-11.13%	+9.74%
Current Drawdown Current decline from peak	-0.12%	-0.30%	+0.18%
Average Drawdown Average peak-to-trough decline	-0.60%	-3.64%	+3.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.25%	3.13%	-2.88%

Volatility

PQAP vs. IQQQ - Volatility Comparison

The current volatility for PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) is 1.02%, while ProShares Nasdaq-100 High Income ETF (IQQQ) has a volatility of 3.99%. This indicates that PQAP experiences smaller price fluctuations and is considered to be less risky than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQAP	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	3.99%	-2.97%
Volatility (6M) Calculated over the trailing 6-month period	3.09%	11.54%	-8.45%
Volatility (1Y) Calculated over the trailing 1-year period	4.45%	15.40%	-10.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.03%	18.57%	-7.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.03%	18.57%	-7.54%

PQAP vs. IQQQ - Expense Ratio Comparison

PQAP has a 0.50% expense ratio, which is lower than IQQQ's 0.55% expense ratio.

Dividends

PQAP vs. IQQQ - Dividend Comparison

PQAP's dividend yield for the trailing twelve months is around 0.02%, less than IQQQ's 4.42% yield.

Position	TTM	2025	2024
IQQQ ProShares Nasdaq-100 High Income ETF	4.42%	10.34%	7.27%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%	0.00%

Frequently Asked Questions

Can I hold both PQAP and IQQQ in my portfolio?

PQAP and IQQQ have a correlation of 0.88, 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 IQQQ?

IQQQ has higher volatility (3.99%) compared to PQAP (1.02%). In terms of maximum drawdown, PQAP dropped -10.79% vs IQQQ's -20.41%.

Which ETF is better, PQAP or IQQQ?

On 1-year performance, IQQQ leads with 38.70% vs 21.47% for PQAP. On fees, PQAP is cheaper at 0.50% per year. On volatility, PQAP has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PQAP or IQQQ?

Over the 1-year period, IQQQ has performed better with a 38.70% return vs 21.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PQAP or IQQQ?

PQAP is cheaper with a 0.50% expense ratio, compared with 0.55% for IQQQ.

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

IQQQ has the higher dividend yield at 4.42%, compared with 0.02% for PQAP.

What is the main difference between PQAP and IQQQ?

PQAP is categorized as Defined Outcome, while IQQQ is Nasdaq-100. They also come from different issuers: PGIM and ProShares. Their fees differ too: 0.50% for PQAP and 0.55% for IQQQ.

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (4.86 vs 2.53), 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.