QFLR vs. PQAP

Last updated Aug 4, 2026

QFLR (Innovator Nasdaq-100 Managed Floor ETF) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both exchange-traded funds - QFLR is a Nasdaq-100 fund actively managed by Innovator, while PQAP is a Defined Outcome fund actively managed by PGIM. Both are actively managed. Over the past year, QFLR returned 16.15% vs 17.89% for PQAP. Their correlation of 0.86 means they have usually moved in the same direction. QFLR charges 0.89%/yr vs 0.50%/yr for PQAP.

Performance

QFLR vs. PQAP - Performance Comparison

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

Returns By Period

In the year-to-date period, QFLR achieves a 3.44% return, which is significantly lower than PQAP's 11.88% return.

QFLR

• 1D: 1.49%
• 1M: -0.51%
• 6M: 0.88%
• YTD: 3.44%
• 1Y: 16.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.62%

PQAP

• 1D: 0.64%
• 1M: 0.69%
• 6M: 11.09%
• YTD: 11.88%
• 1Y: 17.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.93%

*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)
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	$34.45K	$63.00K	$134.87K
QFLR Innovator Nasdaq-100 Managed Floor ETF	$3.00M	$2.42M	$2.41M

QFLR vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
QFLR Innovator Nasdaq-100 Managed Floor ETF	3.44%	17.27%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	11.88%	14.48%

Correlation

The correlation between QFLR and PQAP is 0.85, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.85
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.86

The correlation between QFLR and PQAP has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.

Return for Risk

QFLR vs. PQAP — Risk / Return Rank

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

QFLR

QFLR Risk / Return Rank: 48
QFLR Sharpe Ratio Rank: 44
QFLR Sortino Ratio Rank: 43
QFLR Omega Ratio Rank: 43
QFLR Calmar Ratio Rank: 55
QFLR Martin Ratio Rank: 55

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: 97

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.

QFLR vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Nasdaq-100 Managed Floor ETF (QFLR) 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.

	QFLR	PQAP	Difference
Sharpe ratio: Return per unit of total volatility	1.16	3.31	-2.16
Sortino ratio: Return per unit of downside risk	1.63	5.17	-3.54
Omega ratio: Gain probability vs. loss probability	1.21	1.73	-0.52
Calmar ratio: Return relative to maximum drawdown	2.04	7.12	-5.08
Martin ratio: Return relative to average drawdown	6.90	35.50	-28.60

QFLR vs. PQAP - Sharpe Ratio Comparison

The current QFLR Sharpe Ratio is 1.16, which is lower than the PQAP Sharpe Ratio of 3.31. The chart below compares the historical Sharpe Ratios of QFLR and PQAP, 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

QFLR vs. PQAP - Drawdown Comparison

The maximum QFLR drawdown since its inception was -13.97%, which is greater than PQAP's maximum drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for QFLR and PQAP.

Drawdown Indicators

	QFLR	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-13.97%	-10.79%	-3.18%
Max Drawdown (1Y) Largest decline over 1 year	-7.93%	-2.52%	-5.41%
Current Drawdown Current decline from peak	-3.69%	-0.31%	-3.38%
Average Drawdown Average peak-to-trough decline	-2.56%	-0.64%	-1.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	0.51%	+1.84%

Volatility

QFLR vs. PQAP - Volatility Comparison

Innovator Nasdaq-100 Managed Floor ETF (QFLR) has a higher volatility of 5.37% compared to PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) at 2.41%. This indicates that QFLR's price experiences larger fluctuations and is considered to be riskier than PQAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QFLR	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	2.41%	+2.96%
Volatility (6M) Calculated over the trailing 6-month period	11.33%	4.69%	+6.64%
Volatility (1Y) Calculated over the trailing 1-year period	14.05%	5.44%	+8.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.42%	10.82%	+2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.42%	10.82%	+2.60%

QFLR vs. PQAP - Expense Ratio Comparison

QFLR has a 0.89% expense ratio, which is higher than PQAP's 0.50% expense ratio.

Dividends

QFLR vs. PQAP - Dividend Comparison

QFLR has not paid dividends to shareholders, while PQAP's dividend yield for the trailing twelve months is around 0.02%.

Position	TTM	2025	2024
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%	0.00%
QFLR Innovator Nasdaq-100 Managed Floor ETF	0.00%	0.02%	0.03%

Frequently Asked Questions

Can I hold both QFLR and PQAP in my portfolio?

QFLR and PQAP have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QFLR or PQAP?

QFLR has higher volatility (5.37%) compared to PQAP (2.41%). In terms of maximum drawdown, QFLR dropped -13.97% vs PQAP's -10.79%.

Which ETF is better, QFLR or PQAP?

On 1-year performance, PQAP leads with 17.89% vs 16.15% for QFLR. On fees, PQAP is cheaper at 0.50% per year. On volatility, PQAP has been the lower-risk option at 2.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QFLR or PQAP?

Over the 1-year period, PQAP has performed better with a 17.89% return vs 16.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QFLR or PQAP?

PQAP is cheaper with a 0.50% expense ratio, compared with 0.89% for QFLR.

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

PQAP has the higher dividend yield at 0.02%, compared with 0.00% for QFLR.

What is the main difference between QFLR and PQAP?

QFLR is categorized as Nasdaq-100, while PQAP is Defined Outcome. They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.89% for QFLR and 0.50% for PQAP.

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (3.31 vs 1.16), 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.