PQJL vs. KMAR

Last updated Jul 19, 2026

PQJL (PGIM Nasdaq-100 Buffer 12 ETF - July) and KMAR (Innovator U.S. Small Cap Power Buffer ETF - March) are both Defined Outcome funds. PQJL is actively managed, while KMAR is passively managed. Over the past year, PQJL returned 11.28% vs 21.35% for KMAR. A 0.72 correlation means they provide meaningful diversification when combined. PQJL charges 0.50%/yr vs 0.79%/yr for KMAR.

Performance

PQJL vs. KMAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Nasdaq-100 Buffer 12 ETF - July (PQJL) and Innovator U.S. Small Cap Power Buffer ETF - March (KMAR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PQJL achieves a 4.11% return, which is significantly lower than KMAR's 11.77% return.

PQJL

• 1D: -0.86%
• 1M: -3.03%
• 6M: 3.51%
• YTD: 4.11%
• 1Y: 11.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KMAR

• 1D: -0.16%
• 1M: 0.47%
• 6M: 8.68%
• YTD: 11.77%
• 1Y: 21.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PQJL vs. KMAR - Yearly Performance Comparison

	2026 (YTD)	2025
PQJL PGIM Nasdaq-100 Buffer 12 ETF - July	4.11%	15.29%
KMAR Innovator U.S. Small Cap Power Buffer ETF - March	11.77%	11.45%

Correlation

The correlation between PQJL and KMAR 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 Mar 3, 2025	0.72

The correlation between PQJL and KMAR has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.

Return for Risk

PQJL vs. KMAR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PQJL

PQJL Risk / Return Rank: 56
PQJL Sharpe Ratio Rank: 52
PQJL Sortino Ratio Rank: 50
PQJL Omega Ratio Rank: 56
PQJL Calmar Ratio Rank: 50
PQJL Martin Ratio Rank: 71

KMAR

KMAR Risk / Return Rank: 91
KMAR Sharpe Ratio Rank: 89
KMAR Sortino Ratio Rank: 91
KMAR Omega Ratio Rank: 90
KMAR Calmar Ratio Rank: 91
KMAR Martin Ratio Rank: 93

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.

PQJL vs. KMAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Nasdaq-100 Buffer 12 ETF - July (PQJL) and Innovator U.S. Small Cap Power Buffer ETF - March (KMAR). 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.

	PQJL	KMAR	Difference
Sharpe ratio: Return per unit of total volatility	1.34	2.30	-0.95
Sortino ratio: Return per unit of downside risk	1.92	3.39	-1.47
Omega ratio: Gain probability vs. loss probability	1.26	1.44	-0.17
Calmar ratio: Return relative to maximum drawdown	1.93	4.32	-2.38
Martin ratio: Return relative to average drawdown	9.41	17.74	-8.33

PQJL vs. KMAR - Sharpe Ratio Comparison

The current PQJL Sharpe Ratio is 1.34, which is lower than the KMAR Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of PQJL and KMAR, 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

PQJL vs. KMAR - Drawdown Comparison

The maximum PQJL drawdown since its inception was -12.32%, which is greater than KMAR's maximum drawdown of -11.32%. Use the drawdown chart below to compare losses from any high point for PQJL and KMAR.

Drawdown Indicators

	PQJL	KMAR	Difference
Max Drawdown Largest peak-to-trough decline	-12.32%	-11.32%	-1.00%
Max Drawdown (1Y) Largest decline over 1 year	-5.83%	-4.89%	-0.94%
Current Drawdown Current decline from peak	-3.21%	-0.39%	-2.82%
Average Drawdown Average peak-to-trough decline	-1.26%	-1.28%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	1.19%	+0.01%

Volatility

PQJL vs. KMAR - Volatility Comparison

PGIM Nasdaq-100 Buffer 12 ETF - July (PQJL) has a higher volatility of 3.20% compared to Innovator U.S. Small Cap Power Buffer ETF - March (KMAR) at 1.60%. This indicates that PQJL's price experiences larger fluctuations and is considered to be riskier than KMAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQJL	KMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	1.60%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	6.78%	6.70%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	8.42%	9.21%	-0.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.72%	11.90%	-0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.72%	11.90%	-0.18%

PQJL vs. KMAR - Expense Ratio Comparison

PQJL has a 0.50% expense ratio, which is lower than KMAR's 0.79% expense ratio.

Dividends

PQJL vs. KMAR - Dividend Comparison

PQJL's dividend yield for the trailing twelve months is around 0.01%, while KMAR has not paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PQJL and KMAR in my portfolio?

PQJL and KMAR 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, PQJL or KMAR?

PQJL has higher volatility (3.20%) compared to KMAR (1.60%). In terms of maximum drawdown, PQJL dropped -12.32% vs KMAR's -11.32%.

Which ETF is better, PQJL or KMAR?

On 1-year performance, KMAR leads with 21.35% vs 11.28% for PQJL. On fees, PQJL is cheaper at 0.50% per year. On volatility, KMAR has been the lower-risk option at 1.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PQJL or KMAR?

Over the 1-year period, KMAR has performed better with a 21.35% return vs 11.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PQJL or KMAR?

PQJL is cheaper with a 0.50% expense ratio, compared with 0.79% for KMAR.

Which ETF pays a higher dividend yield, PQJL or KMAR?

PQJL has the higher dividend yield at 0.01%, compared with 0.00% for KMAR.

What is the main difference between PQJL and KMAR?

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

Which has better risk-adjusted returns?

KMAR currently has the higher Sharpe Ratio (2.30 vs 1.34), 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.