QEW vs. PQAP

Last updated Jul 17, 2026

QEW (Invesco QQQ Equal Weight ETF) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both exchange-traded funds - QEW is a Nasdaq-100 fund tracking the Nasdaq-100 Equal Weighted Index, while PQAP is a Defined Outcome fund actively managed by PGIM. QEW is passively managed, while PQAP is actively managed. Their correlation of 0.84 suggests significant overlap in exposure. QEW charges 0.25%/yr vs 0.50%/yr for PQAP.

Performance

QEW vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco QQQ Equal Weight ETF (QEW) and PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

QEW

• 1D: -0.34%
• 1M: -1.66%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PQAP

• 1D: -0.42%
• 1M: -0.28%
• 6M: 10.98%
• YTD: 11.34%
• 1Y: 17.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QEW vs. PQAP - Yearly Performance Comparison

	2026 (YTD)
QEW Invesco QQQ Equal Weight ETF	17.27%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	9.66%

Correlation

The correlation between QEW and PQAP is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 18, 2026	0.84

Return for Risk

QEW vs. PQAP — Risk / Return Rank

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

QEW

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

PQAP

PQAP Risk / Return Rank: 97
PQAP Sharpe Ratio Rank: 97
PQAP Sortino Ratio Rank: 97
PQAP Omega Ratio Rank: 97
PQAP Calmar Ratio Rank: 97
PQAP Martin Ratio Rank: 98

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.

QEW vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco QQQ Equal Weight ETF (QEW) and PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP). 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.

	QEW	PQAP	Difference
Sharpe ratio: Return per unit of total volatility	—	3.43	—
Sortino ratio: Return per unit of downside risk	—	5.27	—
Omega ratio: Gain probability vs. loss probability	—	1.77	—
Calmar ratio: Return relative to maximum drawdown	—	8.21	—
Martin ratio: Return relative to average drawdown	—	43.46	—

Drawdowns

QEW vs. PQAP - Drawdown Comparison

The maximum QEW drawdown since its inception was -5.87%, smaller than the maximum PQAP drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for QEW and PQAP.

Drawdown Indicators

	QEW	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-5.87%	-10.79%	+4.92%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.15%	—
Current Drawdown Current decline from peak	-3.44%	-0.79%	-2.65%
Average Drawdown Average peak-to-trough decline	-1.32%	-0.62%	-0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.40%	—

Volatility

Volatility by Period

	QEW	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.13%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.29%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.30%	5.15%	+14.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.30%	10.87%	+8.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.30%	10.87%	+8.43%

QEW vs. PQAP - Expense Ratio Comparison

QEW has a 0.25% expense ratio, which is lower than PQAP's 0.50% expense ratio.

Dividends

QEW vs. PQAP - Dividend Comparison

QEW's dividend yield for the trailing twelve months is around 0.11%, more than PQAP's 0.02% yield.

Position	TTM	2025
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%
QEW Invesco QQQ Equal Weight ETF	0.11%	0.00%

Frequently Asked Questions

Can I hold both QEW and PQAP in my portfolio?

QEW and PQAP have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QEW or PQAP?

On fees, QEW is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QEW or PQAP?

QEW is cheaper with a 0.25% expense ratio, compared with 0.50% for PQAP.

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

QEW has the higher dividend yield at 0.11%, compared with 0.02% for PQAP.

What is the main difference between QEW and PQAP?

QEW is categorized as Nasdaq-100, while PQAP is Defined Outcome. They also come from different issuers: Invesco and PGIM. Their fees differ too: 0.25% for QEW and 0.50% for PQAP.