PQAP vs. QQQ
PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - PQAP is a Defined Outcome fund actively managed by PGIM, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. PQAP is actively managed, while QQQ is passively managed. Over the past year, PQAP returned 21.47% vs 41.82% for QQQ. Their correlation of 0.91 suggests significant overlap in exposure. PQAP charges 0.50%/yr vs 0.18%/yr for QQQ.
Performance
PQAP vs. QQQ - Performance Comparison
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Returns By Period
In the year-to-date period, PQAP achieves a 12.09% return, which is significantly lower than QQQ's 21.30% return.
PQAP
- 1D
- -0.12%
- 1M
- 2.44%
- YTD
- 12.09%
- 6M
- 13.01%
- 1Y
- 21.47%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QQQ
- 1D
- -0.26%
- 1M
- 10.60%
- YTD
- 21.30%
- 6M
- 19.66%
- 1Y
- 41.82%
- 3Y*
- 28.78%
- 5Y*
- 17.97%
- 10Y*
- 21.94%
PQAP vs. QQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April | 12.09% | 14.48% |
QQQ Invesco QQQ ETF | 21.30% | 21.01% |
Correlation
The correlation between PQAP and QQQ is 0.89, 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 | 0.89 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025 | 0.91 |
The correlation between PQAP and QQQ has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.
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Return for Risk
PQAP vs. QQQ — Risk / Return Rank
PQAP
QQQ
PQAP vs. QQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) and Invesco QQQ ETF (QQQ). 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 | QQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.22 | ||
| Sortino ratioReturn per unit of downside risk | +5.02 | ||
| Omega ratioGain probability vs. loss probability | 2.20 | 1.45 | +0.75 |
| Calmar ratioReturn relative to maximum drawdown | 15.50 | 3.51 | +11.98 |
| Martin ratioReturn relative to average drawdown | 86.25 | 13.49 | +72.76 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PQAP | QQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.86 | 2.64 | +2.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.81 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.99 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.76 | 0.41 | +1.35 |
Drawdowns
PQAP vs. QQQ - Drawdown Comparison
The maximum PQAP drawdown since its inception was -10.79%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for PQAP and QQQ.
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Drawdown Indicators
| PQAP | QQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.79% | -82.97% | +72.18% |
Max Drawdown (1Y)Largest decline over 1 year | -1.39% | -11.96% | +10.57% |
Max Drawdown (3Y)Largest decline over 3 years | — | -22.77% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.12% | — |
Current DrawdownCurrent decline from peak | -0.12% | -0.26% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -0.60% | -32.79% | +32.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.25% | 3.11% | -2.86% |
Volatility
PQAP vs. QQQ - Volatility Comparison
The current volatility for PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) is 1.02%, while Invesco QQQ ETF (QQQ) has a volatility of 4.49%. This indicates that PQAP experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PQAP | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 4.49% | -3.47% |
Volatility (6M)Calculated over the trailing 6-month period | 3.09% | 12.10% | -9.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.45% | 15.94% | -11.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.03% | 22.38% | -11.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.03% | 22.29% | -11.26% |
PQAP vs. QQQ - Expense Ratio Comparison
PQAP has a 0.50% expense ratio, which is higher than QQQ's 0.18% expense ratio.
Dividends
PQAP vs. QQQ - Dividend Comparison
PQAP's dividend yield for the trailing twelve months is around 0.02%, less than QQQ's 0.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April | 0.02% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QQQ Invesco QQQ ETF | 0.38% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
Frequently Asked Questions
PQAP and QQQ have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QQQ has higher volatility (4.49%) compared to PQAP (1.02%). In terms of maximum drawdown, PQAP dropped -10.79% vs QQQ's -82.97%.
On 1-year performance, QQQ leads with 41.82% vs 21.47% for PQAP. On fees, QQQ is cheaper at 0.18% 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.
Over the 1-year period, QQQ has performed better with a 41.82% return vs 21.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 0.50% for PQAP.
QQQ has the higher dividend yield at 0.38%, compared with 0.02% for PQAP.
PQAP is categorized as Defined Outcome, while QQQ is Nasdaq-100. They also come from different issuers: PGIM and Invesco. Their fees differ too: 0.50% for PQAP and 0.18% for QQQ.
PQAP currently has the higher Sharpe Ratio (4.86 vs 2.64), 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.
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