PQAP vs. QYLD

Last updated Jun 24, 2026

PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) and QYLD (Global X NASDAQ 100 Covered Call ETF) are both exchange-traded funds - PQAP is a Defined Outcome fund actively managed by PGIM, while QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2. PQAP is actively managed, while QYLD is passively managed. Over the past year, PQAP returned 19.07% vs 22.55% for QYLD. Their correlation of 0.84 suggests significant overlap in exposure. PQAP charges 0.50%/yr vs 0.60%/yr for QYLD.

Performance

PQAP vs. QYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) and Global X NASDAQ 100 Covered Call ETF (QYLD). 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 higher than QYLD's 7.89% return.

PQAP

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

QYLD

• 1D: -1.97%
• 1M: 1.41%
• YTD: 7.89%
• 6M: 7.59%
• 1Y: 22.55%
• 3Y*: 13.99%
• 5Y*: 8.26%
• 10Y*: 9.99%

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

PQAP vs. QYLD - Yearly Performance Comparison

	2026 (YTD)	2025
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	10.67%	14.48%
QYLD Global X NASDAQ 100 Covered Call ETF	7.89%	9.28%

Correlation

The correlation between PQAP and QYLD is 0.82, 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	0.82
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.84

The correlation between PQAP and QYLD has been stable across timeframes, ranging from 0.82 to 0.84 - a consistent structural relationship.

Return for Risk

PQAP vs. QYLD — 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

QYLD

QYLD Risk / Return Rank: 84
QYLD Sharpe Ratio Rank: 76
QYLD Sortino Ratio Rank: 77
QYLD Omega Ratio Rank: 87
QYLD Calmar Ratio Rank: 85
QYLD Martin Ratio Rank: 94

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. QYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) and Global X NASDAQ 100 Covered Call ETF (QYLD). 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	QYLD	Difference
Sharpe ratio: Return per unit of total volatility	3.86	2.34	+1.53
Sortino ratio: Return per unit of downside risk	6.02	3.28	+2.74
Omega ratio: Gain probability vs. loss probability	1.92	1.52	+0.40
Calmar ratio: Return relative to maximum drawdown	8.93	4.56	+4.37
Martin ratio: Return relative to average drawdown	54.70	25.38	+29.32

PQAP vs. QYLD - Sharpe Ratio Comparison

The current PQAP Sharpe Ratio is 3.86, which is higher than the QYLD Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of PQAP and QYLD, 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. QYLD - Drawdown Comparison

The maximum PQAP drawdown since its inception was -10.79%, smaller than the maximum QYLD drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for PQAP and QYLD.

Drawdown Indicators

	PQAP	QYLD	Difference
Max Drawdown Largest peak-to-trough decline	-10.79%	-24.75%	+13.96%
Max Drawdown (1Y) Largest decline over 1 year	-2.15%	-4.97%	+2.82%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.06%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.61%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-24.75%	—
Current Drawdown Current decline from peak	-1.39%	-2.10%	+0.71%
Average Drawdown Average peak-to-trough decline	-0.61%	-3.82%	+3.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.89%	-0.54%

Volatility

PQAP vs. QYLD - Volatility Comparison

The current volatility for PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) is 2.63%, while Global X NASDAQ 100 Covered Call ETF (QYLD) has a volatility of 4.78%. This indicates that PQAP experiences smaller price fluctuations and is considered to be less risky than QYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQAP	QYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.63%	4.78%	-2.15%
Volatility (6M) Calculated over the trailing 6-month period	3.99%	8.50%	-4.51%
Volatility (1Y) Calculated over the trailing 1-year period	4.99%	9.70%	-4.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.03%	14.84%	-3.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.03%	15.56%	-4.53%

PQAP vs. QYLD - Expense Ratio Comparison

PQAP has a 0.50% expense ratio, which is lower than QYLD's 0.60% expense ratio.

Dividends

PQAP vs. QYLD - Dividend Comparison

PQAP's dividend yield for the trailing twelve months is around 0.02%, less than QYLD's 11.68% 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%
QYLD Global X NASDAQ 100 Covered Call ETF	11.68%	11.55%	12.50%	11.78%	13.75%	12.85%	11.16%	9.84%	12.44%	7.69%	9.15%	9.42%

Frequently Asked Questions

Can I hold both PQAP and QYLD in my portfolio?

PQAP and QYLD have a correlation of 0.82, 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 QYLD?

QYLD has higher volatility (4.78%) compared to PQAP (2.63%). In terms of maximum drawdown, PQAP dropped -10.79% vs QYLD's -24.75%.

Which ETF is better, PQAP or QYLD?

On 1-year performance, QYLD leads with 22.55% 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 QYLD?

Over the 1-year period, QYLD has performed better with a 22.55% 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 QYLD?

PQAP is cheaper with a 0.50% expense ratio, compared with 0.60% for QYLD.

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

QYLD has the higher dividend yield at 11.68%, compared with 0.02% for PQAP.

What is the main difference between PQAP and QYLD?

PQAP is categorized as Defined Outcome, while QYLD is Nasdaq-100. They also come from different issuers: PGIM and Global X. Their fees differ too: 0.50% for PQAP and 0.60% for QYLD.

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (3.86 vs 2.34), 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.