PQOC vs. KAPR

Last updated Jun 24, 2026

PQOC (PGIM Nasdaq-100 Buffer 12 ETF - October) and KAPR (Innovator Russell 2000 Power Buffer ETF - April) are both Defined Outcome funds. PQOC is actively managed, while KAPR is passively managed. Over the past year, PQOC returned 18.51% vs 23.29% for KAPR. A 0.72 correlation means they provide meaningful diversification when combined. PQOC charges 0.50%/yr vs 0.79%/yr for KAPR.

Performance

PQOC vs. KAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Nasdaq-100 Buffer 12 ETF - October (PQOC) and Innovator Russell 2000 Power Buffer ETF - April (KAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PQOC achieves a 7.96% return, which is significantly lower than KAPR's 12.34% return.

PQOC

• 1D: -0.96%
• 1M: -0.19%
• YTD: 7.96%
• 6M: 7.41%
• 1Y: 18.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KAPR

• 1D: -0.37%
• 1M: 1.73%
• YTD: 12.34%
• 6M: 12.09%
• 1Y: 23.29%
• 3Y*: 13.56%
• 5Y*: 7.23%
• 10Y*: —

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

PQOC vs. KAPR - Yearly Performance Comparison

	2026 (YTD)	2025
PQOC PGIM Nasdaq-100 Buffer 12 ETF - October	7.96%	14.67%
KAPR Innovator Russell 2000 Power Buffer ETF - April	12.34%	7.42%

Correlation

The correlation between PQOC and KAPR is 0.68, 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	0.68
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.72

The correlation between PQOC and KAPR has been stable across timeframes, ranging from 0.68 to 0.72 - a consistent structural relationship.

Return for Risk

PQOC vs. KAPR — Risk / Return Rank

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

PQOC

PQOC Risk / Return Rank: 71
PQOC Sharpe Ratio Rank: 73
PQOC Sortino Ratio Rank: 71
PQOC Omega Ratio Rank: 76
PQOC Calmar Ratio Rank: 62
PQOC Martin Ratio Rank: 74

KAPR

KAPR Risk / Return Rank: 96
KAPR Sharpe Ratio Rank: 95
KAPR Sortino Ratio Rank: 96
KAPR Omega Ratio Rank: 96
KAPR Calmar Ratio Rank: 97
KAPR Martin Ratio Rank: 97

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.

PQOC vs. KAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Nasdaq-100 Buffer 12 ETF - October (PQOC) and Innovator Russell 2000 Power Buffer ETF - April (KAPR). 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.

	PQOC	KAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.11	3.50	-1.38
Sortino ratio: Return per unit of downside risk	2.90	5.43	-2.53
Omega ratio: Gain probability vs. loss probability	1.41	1.73	-0.33
Calmar ratio: Return relative to maximum drawdown	2.78	9.30	-6.51
Martin ratio: Return relative to average drawdown	12.55	43.60	-31.05

PQOC vs. KAPR - Sharpe Ratio Comparison

The current PQOC Sharpe Ratio is 2.11, which is lower than the KAPR Sharpe Ratio of 3.50. The chart below compares the historical Sharpe Ratios of PQOC and KAPR, 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

PQOC vs. KAPR - Drawdown Comparison

The maximum PQOC drawdown since its inception was -13.71%, smaller than the maximum KAPR drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for PQOC and KAPR.

Drawdown Indicators

	PQOC	KAPR	Difference
Max Drawdown Largest peak-to-trough decline	-13.71%	-16.91%	+3.20%
Max Drawdown (1Y) Largest decline over 1 year	-6.68%	-2.52%	-4.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.84%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.91%	—
Current Drawdown Current decline from peak	-1.12%	-0.37%	-0.75%
Average Drawdown Average peak-to-trough decline	-1.58%	-3.89%	+2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	0.54%	+0.94%

Volatility

PQOC vs. KAPR - Volatility Comparison

PGIM Nasdaq-100 Buffer 12 ETF - October (PQOC) and Innovator Russell 2000 Power Buffer ETF - April (KAPR) have volatilities of 2.65% and 2.53%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQOC	KAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	2.53%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	6.96%	4.57%	+2.39%
Volatility (1Y) Calculated over the trailing 1-year period	8.83%	6.70%	+2.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.87%	11.76%	+1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.87%	11.65%	+1.22%

PQOC vs. KAPR - Expense Ratio Comparison

PQOC has a 0.50% expense ratio, which is lower than KAPR's 0.79% expense ratio.

Dividends

PQOC vs. KAPR - Dividend Comparison

Neither PQOC nor KAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PQOC and KAPR in my portfolio?

PQOC and KAPR have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PQOC or KAPR?

PQOC has higher volatility (2.65%) compared to KAPR (2.53%). In terms of maximum drawdown, PQOC dropped -13.71% vs KAPR's -16.91%.

Which ETF is better, PQOC or KAPR?

On 1-year performance, KAPR leads with 23.29% vs 18.51% for PQOC. On fees, PQOC is cheaper at 0.50% per year. On volatility, KAPR has been the lower-risk option at 2.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PQOC or KAPR?

Over the 1-year period, KAPR has performed better with a 23.29% return vs 18.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PQOC or KAPR?

PQOC is cheaper with a 0.50% expense ratio, compared with 0.79% for KAPR.

Which ETF pays a higher dividend yield, PQOC or KAPR?

PQOC and KAPR have nearly identical dividend yields, around 0.00%.

What is the main difference between PQOC and KAPR?

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

Which has better risk-adjusted returns?

KAPR currently has the higher Sharpe Ratio (3.50 vs 2.11), 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.