PQAP vs. QQQY

Last updated Jun 24, 2026

PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) and QQQY (Defiance Nasdaq 100 Enhanced Options Income ETF) are both exchange-traded funds - PQAP is a Defined Outcome fund actively managed by PGIM, while QQQY is a Nasdaq-100 fund actively managed by Defiance. Both are actively managed. Over the past year, PQAP returned 19.07% vs 29.04% for QQQY. Their correlation of 0.85 suggests significant overlap in exposure. PQAP charges 0.50%/yr vs 0.99%/yr for QQQY.

Performance

PQAP vs. QQQY - Performance Comparison

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

Returns By Period

In the year-to-date period, PQAP achieves a 10.67% return, which is significantly lower than QQQY's 14.69% return.

PQAP

• 1D: -0.96%
• 1M: -0.66%
• YTD: 10.67%
• 6M: 10.77%
• 1Y: 19.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QQQY

• 1D: -3.21%
• 1M: -0.60%
• YTD: 14.69%
• 6M: 13.76%
• 1Y: 29.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PQAP vs. QQQY - Yearly Performance Comparison

	2026 (YTD)	2025
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	10.67%	14.48%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	14.69%	14.96%

Correlation

The correlation between PQAP and QQQY is 0.83, 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	0.83
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.85

The correlation between PQAP and QQQY has been stable across timeframes, ranging from 0.83 to 0.85 - a consistent structural relationship.

Return for Risk

PQAP vs. QQQY — 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: 96
PQAP Sortino Ratio Rank: 97
PQAP Omega Ratio Rank: 97
PQAP Calmar Ratio Rank: 96
PQAP Martin Ratio Rank: 98

QQQY

QQQY Risk / Return Rank: 57
QQQY Sharpe Ratio Rank: 57
QQQY Sortino Ratio Rank: 50
QQQY Omega Ratio Rank: 59
QQQY Calmar Ratio Rank: 55
QQQY Martin Ratio Rank: 62

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. QQQY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) and Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY). 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	QQQY	Difference
Sharpe ratio: Return per unit of total volatility	3.86	1.85	+2.01
Sortino ratio: Return per unit of downside risk	6.02	2.37	+3.66
Omega ratio: Gain probability vs. loss probability	1.92	1.35	+0.57
Calmar ratio: Return relative to maximum drawdown	8.93	2.62	+6.31
Martin ratio: Return relative to average drawdown	54.70	10.63	+44.07

PQAP vs. QQQY - Sharpe Ratio Comparison

The current PQAP Sharpe Ratio is 3.86, which is higher than the QQQY Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of PQAP and QQQY, 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. QQQY - Drawdown Comparison

The maximum PQAP drawdown since its inception was -10.79%, smaller than the maximum QQQY drawdown of -19.05%. Use the drawdown chart below to compare losses from any high point for PQAP and QQQY.

Drawdown Indicators

	PQAP	QQQY	Difference
Max Drawdown Largest peak-to-trough decline	-10.79%	-19.05%	+8.26%
Max Drawdown (1Y) Largest decline over 1 year	-2.15%	-11.14%	+8.99%
Current Drawdown Current decline from peak	-1.39%	-4.03%	+2.64%
Average Drawdown Average peak-to-trough decline	-0.61%	-2.91%	+2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	2.74%	-2.39%

Volatility

PQAP vs. QQQY - Volatility Comparison

The current volatility for PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) is 2.63%, while Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) has a volatility of 8.51%. This indicates that PQAP experiences smaller price fluctuations and is considered to be less risky than QQQY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQAP	QQQY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.63%	8.51%	-5.88%
Volatility (6M) Calculated over the trailing 6-month period	3.99%	13.62%	-9.63%
Volatility (1Y) Calculated over the trailing 1-year period	4.99%	15.78%	-10.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.03%	15.39%	-4.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.03%	15.39%	-4.36%

PQAP vs. QQQY - Expense Ratio Comparison

PQAP has a 0.50% expense ratio, which is lower than QQQY's 0.99% expense ratio.

Dividends

PQAP vs. QQQY - Dividend Comparison

PQAP's dividend yield for the trailing twelve months is around 0.02%, less than QQQY's 35.60% yield.

Position	TTM	2025	2024	2023
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%	0.00%	0.00%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	35.60%	45.34%	83.34%	20.64%

Frequently Asked Questions

Can I hold both PQAP and QQQY in my portfolio?

PQAP and QQQY have a correlation of 0.83, 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 QQQY?

QQQY has higher volatility (8.51%) compared to PQAP (2.63%). In terms of maximum drawdown, PQAP dropped -10.79% vs QQQY's -19.05%.

Which ETF is better, PQAP or QQQY?

On 1-year performance, QQQY leads with 29.04% vs 19.07% for PQAP. On fees, PQAP is cheaper at 0.50% per year. On volatility, PQAP has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PQAP or QQQY?

Over the 1-year period, QQQY has performed better with a 29.04% return vs 19.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PQAP or QQQY?

PQAP is cheaper with a 0.50% expense ratio, compared with 0.99% for QQQY.

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

QQQY has the higher dividend yield at 35.60%, compared with 0.02% for PQAP.

What is the main difference between PQAP and QQQY?

PQAP is categorized as Defined Outcome, while QQQY is Nasdaq-100. They also come from different issuers: PGIM and Defiance. Their fees differ too: 0.50% for PQAP and 0.99% for QQQY.

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (3.86 vs 1.85), 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.