PQOC vs. KFEB

Last updated Aug 2, 2026

PQOC (PGIM Nasdaq-100 Buffer 12 ETF - October) and KFEB (Innovator U.S. Small Cap Power Buffer ETF - February) are both Defined Outcome funds. Both are actively managed. Over the past year, PQOC returned 15.84% vs 24.62% for KFEB. Their 0.73 correlation means they have sometimes moved together and sometimes differently. PQOC charges 0.50%/yr vs 0.79%/yr for KFEB.

Performance

PQOC vs. KFEB - 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 U.S. Small Cap Power Buffer ETF - February (KFEB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PQOC achieves a 8.52% return, which is significantly lower than KFEB's 13.73% return.

PQOC

• 1D: 0.53%
• 1M: 0.03%
• 6M: 7.77%
• YTD: 8.52%
• 1Y: 15.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.90%

KFEB

• 1D: -0.08%
• 1M: -0.01%
• 6M: 7.62%
• YTD: 13.73%
• 1Y: 24.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.69%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KFEB Innovator U.S. Small Cap Power Buffer ETF - February	$31.40K	$47.27K	$136.55K
PQOC PGIM Nasdaq-100 Buffer 12 ETF - October	$56.46K	$97.27K	$119.79K

PQOC vs. KFEB - Yearly Performance Comparison

	2026 (YTD)	2025
PQOC PGIM Nasdaq-100 Buffer 12 ETF - October	8.52%	12.81%
KFEB Innovator U.S. Small Cap Power Buffer ETF - February	13.73%	9.19%

Correlation

The correlation between PQOC and KFEB is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.69
Correlation (All Time) Calculated using the full available price history since Feb 3, 2025	0.73

The correlation between PQOC and KFEB has been stable across timeframes, ranging from 0.69 to 0.73 - a consistent structural relationship.

Return for Risk

PQOC vs. KFEB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PQOC

PQOC Risk / Return Rank: 70
PQOC Sharpe Ratio Rank: 70
PQOC Sortino Ratio Rank: 69
PQOC Omega Ratio Rank: 71
PQOC Calmar Ratio Rank: 62
PQOC Martin Ratio Rank: 77

KFEB

KFEB Risk / Return Rank: 89
KFEB Sharpe Ratio Rank: 89
KFEB Sortino Ratio Rank: 90
KFEB Omega Ratio Rank: 87
KFEB Calmar Ratio Rank: 91
KFEB Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PQOC vs. KFEB - 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 U.S. Small Cap Power Buffer ETF - February (KFEB). 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	KFEB	Difference
Sharpe ratio: Return per unit of total volatility	1.61	2.17	-0.56
Sortino ratio: Return per unit of downside risk	2.28	3.16	-0.89
Omega ratio: Gain probability vs. loss probability	1.30	1.38	-0.08
Calmar ratio: Return relative to maximum drawdown	2.22	4.04	-1.83
Martin ratio: Return relative to average drawdown	9.75	15.07	-5.32

PQOC vs. KFEB - Sharpe Ratio Comparison

The current PQOC Sharpe Ratio is 1.61, which is comparable to the KFEB Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of PQOC and KFEB, 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. KFEB - Drawdown Comparison

The maximum PQOC drawdown since its inception was -13.71%, roughly equal to the maximum KFEB drawdown of -14.16%. Use the drawdown chart below to compare losses from any high point for PQOC and KFEB.

Drawdown Indicators

	PQOC	KFEB	Difference
Max Drawdown Largest peak-to-trough decline	-13.71%	-14.16%	+0.45%
Max Drawdown (1Y) Largest decline over 1 year	-6.68%	-5.80%	-0.88%
Current Drawdown Current decline from peak	-0.85%	-0.45%	-0.40%
Average Drawdown Average peak-to-trough decline	-1.53%	-2.12%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	1.55%	-0.03%

Volatility

PQOC vs. KFEB - Volatility Comparison

PGIM Nasdaq-100 Buffer 12 ETF - October (PQOC) has a higher volatility of 2.82% compared to Innovator U.S. Small Cap Power Buffer ETF - February (KFEB) at 1.57%. This indicates that PQOC's price experiences larger fluctuations and is considered to be riskier than KFEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQOC	KFEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	1.57%	+1.25%
Volatility (6M) Calculated over the trailing 6-month period	7.19%	7.19%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	9.17%	10.82%	-1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.64%	12.75%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.64%	12.75%	-0.11%

PQOC vs. KFEB - Expense Ratio Comparison

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

Dividends

PQOC vs. KFEB - Dividend Comparison

Neither PQOC nor KFEB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PQOC and KFEB in my portfolio?

PQOC and KFEB have a correlation of 0.69, 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 KFEB?

PQOC has higher volatility (2.82%) compared to KFEB (1.57%). In terms of maximum drawdown, PQOC dropped -13.71% vs KFEB's -14.16%.

Which ETF is better, PQOC or KFEB?

On 1-year performance, KFEB leads with 24.62% vs 15.84% for PQOC. On fees, PQOC is cheaper at 0.50% per year. On volatility, KFEB has been the lower-risk option at 1.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PQOC or KFEB?

Over the 1-year period, KFEB has performed better with a 24.62% return vs 15.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PQOC or KFEB?

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

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

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

What is the main difference between PQOC and KFEB?

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

Which has better risk-adjusted returns?

KFEB currently has the higher Sharpe Ratio (2.17 vs 1.61), 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.