QRMI vs. PQAP

Last updated Jun 5, 2026

QRMI (Global X NASDAQ 100 Risk Managed Income ETF) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both exchange-traded funds - QRMI is a Nasdaq-100 fund actively managed by Global X, while PQAP is a Defined Outcome fund actively managed by PGIM. Both are actively managed. Over the past year, QRMI returned 9.82% vs 21.33% for PQAP. A 0.69 correlation means they provide meaningful diversification when combined. QRMI charges 0.60%/yr vs 0.50%/yr for PQAP.

Performance

QRMI vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X NASDAQ 100 Risk Managed Income ETF (QRMI) 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, QRMI achieves a 2.50% return, which is significantly lower than PQAP's 12.11% return.

QRMI

• 1D: -0.10%
• 1M: 1.55%
• YTD: 2.50%
• 6M: 3.76%
• 1Y: 9.82%
• 3Y*: 7.03%
• 5Y*: —
• 10Y*: —

PQAP

• 1D: 0.02%
• 1M: 2.13%
• YTD: 12.11%
• 6M: 12.98%
• 1Y: 21.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QRMI vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
QRMI Global X NASDAQ 100 Risk Managed Income ETF	2.50%	4.18%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	12.11%	14.48%

Correlation

The correlation between QRMI and PQAP is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.69

The correlation between QRMI and PQAP has been stable across timeframes, ranging from 0.69 to 0.72 - a consistent structural relationship.

Return for Risk

QRMI vs. PQAP — Risk / Return Rank

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

QRMI

QRMI Risk / Return Rank: 50
QRMI Sharpe Ratio Rank: 51
QRMI Sortino Ratio Rank: 48
QRMI Omega Ratio Rank: 58
QRMI Calmar Ratio Rank: 40
QRMI Martin Ratio Rank: 51

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: 99

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.

QRMI vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X NASDAQ 100 Risk Managed Income ETF (QRMI) 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.

	QRMI	PQAP	Difference
Sharpe ratio: Return per unit of total volatility	1.72	4.82	-3.10
Sortino ratio: Return per unit of downside risk	2.33	8.42	-6.10
Omega ratio: Gain probability vs. loss probability	1.35	2.19	-0.84
Calmar ratio: Return relative to maximum drawdown	1.96	15.39	-13.44
Martin ratio: Return relative to average drawdown	8.60	86.07	-77.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QRMI vs. PQAP - Sharpe Ratio Comparison

The current QRMI Sharpe Ratio is 1.72, which is lower than the PQAP Sharpe Ratio of 4.82. The chart below compares the historical Sharpe Ratios of QRMI 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

	QRMI	PQAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	4.82	-3.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	1.76	-1.54

Drawdowns

QRMI vs. PQAP - Drawdown Comparison

The maximum QRMI drawdown since its inception was -20.95%, which is greater than PQAP's maximum drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for QRMI and PQAP.

Drawdown Indicators

	QRMI	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-20.95%	-10.79%	-10.16%
Max Drawdown (1Y) Largest decline over 1 year	-5.04%	-1.39%	-3.65%
Max Drawdown (3Y) Largest decline over 3 years	-8.43%	—	—
Current Drawdown Current decline from peak	-0.10%	-0.11%	+0.01%
Average Drawdown Average peak-to-trough decline	-7.98%	-0.60%	-7.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	0.25%	+0.89%

Volatility

QRMI vs. PQAP - Volatility Comparison

The current volatility for Global X NASDAQ 100 Risk Managed Income ETF (QRMI) is 0.67%, while PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) has a volatility of 1.00%. This indicates that QRMI experiences smaller price fluctuations and is considered to be less risky than PQAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QRMI	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	1.00%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	4.43%	3.09%	+1.34%
Volatility (1Y) Calculated over the trailing 1-year period	5.72%	4.44%	+1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.33%	11.02%	-2.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.33%	11.02%	-2.69%

QRMI vs. PQAP - Expense Ratio Comparison

QRMI has a 0.60% expense ratio, which is higher than PQAP's 0.50% expense ratio.

Dividends

QRMI vs. PQAP - Dividend Comparison

QRMI's dividend yield for the trailing twelve months is around 12.20%, more than PQAP's 0.02% yield.

Position	TTM	2025	2024	2023	2022	2021
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%	0.00%	0.00%	0.00%	0.00%
QRMI Global X NASDAQ 100 Risk Managed Income ETF	12.20%	12.28%	11.80%	12.44%	10.65%	3.36%

Frequently Asked Questions

Can I hold both QRMI and PQAP in my portfolio?

QRMI and PQAP have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QRMI or PQAP?

PQAP has higher volatility (1.00%) compared to QRMI (0.67%). In terms of maximum drawdown, QRMI dropped -20.95% vs PQAP's -10.79%.

Which ETF is better, QRMI or PQAP?

On 1-year performance, PQAP leads with 21.33% vs 9.82% for QRMI. On fees, PQAP is cheaper at 0.50% per year. On volatility, QRMI has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QRMI or PQAP?

Over the 1-year period, PQAP has performed better with a 21.33% return vs 9.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QRMI or PQAP?

PQAP is cheaper with a 0.50% expense ratio, compared with 0.60% for QRMI.

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

QRMI has the higher dividend yield at 12.20%, compared with 0.02% for PQAP.

What is the main difference between QRMI and PQAP?

QRMI is categorized as Nasdaq-100, while PQAP is Defined Outcome. They also come from different issuers: Global X and PGIM. Their fees differ too: 0.60% for QRMI and 0.50% for PQAP.

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (4.82 vs 1.72), 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.