PQAP vs. JAJL

Last updated Jun 4, 2026

PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) and JAJL (Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul) are both Defined Outcome funds. Both are actively managed. Over the past year, PQAP returned 21.47% vs 7.79% for JAJL. A 0.69 correlation means they provide meaningful diversification when combined. PQAP charges 0.50%/yr vs 0.79%/yr for JAJL.

Performance

PQAP vs. JAJL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) and Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul (JAJL). 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 JAJL's 2.52% return.

PQAP

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

JAJL

• 1D: -0.01%
• 1M: 0.79%
• YTD: 2.52%
• 6M: 2.86%
• 1Y: 7.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PQAP vs. JAJL - Yearly Performance Comparison

	2026 (YTD)	2025
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	12.09%	14.48%
JAJL Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul	2.52%	6.60%

Correlation

The correlation between PQAP and JAJL is 0.67, 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	0.67
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.69

The correlation between PQAP and JAJL has been stable across timeframes, ranging from 0.67 to 0.69 - a consistent structural relationship.

Return for Risk

PQAP vs. JAJL — 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

JAJL

JAJL Risk / Return Rank: 95
JAJL Sharpe Ratio Rank: 93
JAJL Sortino Ratio Rank: 96
JAJL Omega Ratio Rank: 96
JAJL Calmar Ratio Rank: 95
JAJL Martin Ratio Rank: 96

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. JAJL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) and Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul (JAJL). 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	JAJL	Difference
Sharpe ratio: Return per unit of total volatility	4.86	3.38	+1.47
Sortino ratio: Return per unit of downside risk	8.47	5.67	+2.80
Omega ratio: Gain probability vs. loss probability	2.20	1.83	+0.37
Calmar ratio: Return relative to maximum drawdown	15.50	7.76	+7.74
Martin ratio: Return relative to average drawdown	86.25	38.16	+48.09
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. JAJL - Sharpe Ratio Comparison

The current PQAP Sharpe Ratio is 4.86, which is higher than the JAJL Sharpe Ratio of 3.38. The chart below compares the historical Sharpe Ratios of PQAP and JAJL, 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	JAJL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.86	3.38	+1.47
Sharpe Ratio (All Time) Calculated using the full available price history	1.76	2.69	-0.92

Drawdowns

PQAP vs. JAJL - Drawdown Comparison

The maximum PQAP drawdown since its inception was -10.79%, which is greater than JAJL's maximum drawdown of -2.16%. Use the drawdown chart below to compare losses from any high point for PQAP and JAJL.

Drawdown Indicators

	PQAP	JAJL	Difference
Max Drawdown Largest peak-to-trough decline	-10.79%	-2.16%	-8.63%
Max Drawdown (1Y) Largest decline over 1 year	-1.39%	-1.01%	-0.38%
Current Drawdown Current decline from peak	-0.12%	-0.04%	-0.08%
Average Drawdown Average peak-to-trough decline	-0.60%	-0.28%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.25%	0.20%	+0.05%

Volatility

PQAP vs. JAJL - Volatility Comparison

PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) has a higher volatility of 1.02% compared to Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul (JAJL) at 0.35%. This indicates that PQAP's price experiences larger fluctuations and is considered to be riskier than JAJL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQAP	JAJL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	0.35%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	3.09%	1.39%	+1.70%
Volatility (1Y) Calculated over the trailing 1-year period	4.45%	2.32%	+2.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.03%	2.67%	+8.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.03%	2.67%	+8.36%

PQAP vs. JAJL - Expense Ratio Comparison

PQAP has a 0.50% expense ratio, which is lower than JAJL's 0.79% expense ratio.

Dividends

PQAP vs. JAJL - Dividend Comparison

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

Position	TTM	2025
JAJL Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul	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 JAJL in my portfolio?

PQAP and JAJL have a correlation of 0.67, 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 JAJL?

PQAP has higher volatility (1.02%) compared to JAJL (0.35%). In terms of maximum drawdown, PQAP dropped -10.79% vs JAJL's -2.16%.

Which ETF is better, PQAP or JAJL?

On 1-year performance, PQAP leads with 21.47% vs 7.79% for JAJL. On fees, PQAP is cheaper at 0.50% per year. On volatility, JAJL has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PQAP or JAJL?

Over the 1-year period, PQAP has performed better with a 21.47% return vs 7.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PQAP or JAJL?

PQAP is cheaper with a 0.50% expense ratio, compared with 0.79% for JAJL.

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

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

What is the main difference between PQAP and JAJL?

They also come from different issuers: PGIM and Innovator. Their fees differ too: 0.50% for PQAP and 0.79% for JAJL.

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (4.86 vs 3.38), 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.