QQQI vs. PQAP

Last updated Jun 4, 2026

QQQI (NEOS Nasdaq-100 High Income ETF) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both exchange-traded funds - QQQI is a Nasdaq-100 fund actively managed by Neos, while PQAP is a Defined Outcome fund actively managed by PGIM. Both are actively managed. Over the past year, QQQI returned 30.41% vs 21.47% for PQAP. Their correlation of 0.91 suggests significant overlap in exposure. QQQI charges 0.68%/yr vs 0.50%/yr for PQAP.

Performance

QQQI vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Nasdaq-100 High Income ETF (QQQI) 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, QQQI achieves a 13.43% return, which is significantly higher than PQAP's 12.09% return.

QQQI

• 1D: -0.17%
• 1M: 6.91%
• YTD: 13.43%
• 6M: 12.92%
• 1Y: 30.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PQAP

• 1D: -0.12%
• 1M: 2.44%
• YTD: 12.09%
• 6M: 13.01%
• 1Y: 21.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQQI vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
QQQI NEOS Nasdaq-100 High Income ETF	13.43%	18.83%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	12.09%	14.48%

Correlation

The correlation between QQQI and PQAP is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.91

The correlation between QQQI and PQAP has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

Return for Risk

QQQI vs. PQAP — Risk / Return Rank

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

QQQI

QQQI Risk / Return Rank: 68
QQQI Sharpe Ratio Rank: 70
QQQI Sortino Ratio Rank: 66
QQQI Omega Ratio Rank: 70
QQQI Calmar Ratio Rank: 63
QQQI Martin Ratio Rank: 74

PQAP

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

QQQI vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Nasdaq-100 High Income ETF (QQQI) 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.

	QQQI	PQAP	Difference
Sharpe ratio: Return per unit of total volatility	2.35	4.86	-2.50
Sortino ratio: Return per unit of downside risk	3.12	8.47	-5.35
Omega ratio: Gain probability vs. loss probability	1.43	2.20	-0.77
Calmar ratio: Return relative to maximum drawdown	3.18	15.50	-12.32
Martin ratio: Return relative to average drawdown	14.27	86.25	-71.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQQI vs. PQAP - Sharpe Ratio Comparison

The current QQQI Sharpe Ratio is 2.35, which is lower than the PQAP Sharpe Ratio of 4.86. The chart below compares the historical Sharpe Ratios of QQQI 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.

Sharpe Ratios by Period

	QQQI	PQAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.35	4.86	-2.50
Sharpe Ratio (All Time) Calculated using the full available price history	1.34	1.76	-0.43

Drawdowns

QQQI vs. PQAP - Drawdown Comparison

The maximum QQQI drawdown since its inception was -20.00%, which is greater than PQAP's maximum drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for QQQI and PQAP.

Drawdown Indicators

	QQQI	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-20.00%	-10.79%	-9.21%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-1.39%	-8.22%
Current Drawdown Current decline from peak	-0.17%	-0.12%	-0.05%
Average Drawdown Average peak-to-trough decline	-2.20%	-0.60%	-1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	0.25%	+1.89%

Volatility

QQQI vs. PQAP - Volatility Comparison

NEOS Nasdaq-100 High Income ETF (QQQI) has a higher volatility of 2.68% compared to PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) at 1.02%. This indicates that QQQI'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

	QQQI	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	1.02%	+1.66%
Volatility (6M) Calculated over the trailing 6-month period	9.85%	3.09%	+6.76%
Volatility (1Y) Calculated over the trailing 1-year period	12.98%	4.45%	+8.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.07%	11.03%	+6.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.07%	11.03%	+6.04%

QQQI vs. PQAP - Expense Ratio Comparison

QQQI has a 0.68% expense ratio, which is higher than PQAP's 0.50% expense ratio.

Dividends

QQQI vs. PQAP - Dividend Comparison

QQQI's dividend yield for the trailing twelve months is around 13.19%, more than PQAP's 0.02% yield.

Position	TTM	2025	2024
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%	0.00%
QQQI NEOS Nasdaq-100 High Income ETF	13.19%	13.82%	12.85%

Frequently Asked Questions

Can I hold both QQQI and PQAP in my portfolio?

QQQI and PQAP have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQI or PQAP?

QQQI has higher volatility (2.68%) compared to PQAP (1.02%). In terms of maximum drawdown, QQQI dropped -20.00% vs PQAP's -10.79%.

Which ETF is better, QQQI or PQAP?

On 1-year performance, QQQI leads with 30.41% vs 21.47% for PQAP. On fees, PQAP is cheaper at 0.50% per year. On volatility, PQAP has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQI or PQAP?

Over the 1-year period, QQQI has performed better with a 30.41% return vs 21.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQI or PQAP?

PQAP is cheaper with a 0.50% expense ratio, compared with 0.68% for QQQI.

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

QQQI has the higher dividend yield at 13.19%, compared with 0.02% for PQAP.

What is the main difference between QQQI and PQAP?

QQQI is categorized as Nasdaq-100, while PQAP is Defined Outcome. They also come from different issuers: Neos and PGIM. Their fees differ too: 0.68% for QQQI and 0.50% for PQAP.

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (4.86 vs 2.35), 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.