QTOP vs. PQAP

Last updated Jun 25, 2026

QTOP (iShares Nasdaq Top 30 Stocks ETF) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both exchange-traded funds - QTOP is a Nasdaq-100 fund tracking the Nasdaq-100 Top 30 Index, while PQAP is a Defined Outcome fund actively managed by PGIM. QTOP is passively managed, while PQAP is actively managed. Over the past year, QTOP returned 35.33% vs 18.18% for PQAP. Their correlation of 0.90 suggests significant overlap in exposure. QTOP charges 0.20%/yr vs 0.50%/yr for PQAP.

Performance

QTOP vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Nasdaq Top 30 Stocks ETF (QTOP) 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, QTOP achieves a 16.30% return, which is significantly higher than PQAP's 10.57% return.

QTOP

• 1D: -0.72%
• 1M: -2.13%
• YTD: 16.30%
• 6M: 14.37%
• 1Y: 35.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PQAP

• 1D: -0.09%
• 1M: -0.75%
• YTD: 10.57%
• 6M: 10.65%
• 1Y: 18.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QTOP vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
QTOP iShares Nasdaq Top 30 Stocks ETF	16.30%	22.19%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	10.57%	14.48%

Correlation

The correlation between QTOP and PQAP is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.90

The correlation between QTOP and PQAP has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

Return for Risk

QTOP vs. PQAP — Risk / Return Rank

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

QTOP

QTOP Risk / Return Rank: 59
QTOP Sharpe Ratio Rank: 61
QTOP Sortino Ratio Rank: 55
QTOP Omega Ratio Rank: 58
QTOP Calmar Ratio Rank: 62
QTOP Martin Ratio Rank: 60

PQAP

PQAP Risk / Return Rank: 97
PQAP Sharpe Ratio Rank: 96
PQAP Sortino Ratio Rank: 97
PQAP Omega Ratio Rank: 97
PQAP Calmar Ratio Rank: 96
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.

QTOP vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Nasdaq Top 30 Stocks ETF (QTOP) 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.

	QTOP	PQAP	Difference
Sharpe ratio: Return per unit of total volatility	1.82	3.71	-1.88
Sortino ratio: Return per unit of downside risk	2.41	5.76	-3.35
Omega ratio: Gain probability vs. loss probability	1.32	1.88	-0.56
Calmar ratio: Return relative to maximum drawdown	2.75	8.51	-5.76
Martin ratio: Return relative to average drawdown	9.77	50.39	-40.63

QTOP vs. PQAP - Sharpe Ratio Comparison

The current QTOP Sharpe Ratio is 1.82, which is lower than the PQAP Sharpe Ratio of 3.71. The chart below compares the historical Sharpe Ratios of QTOP 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

QTOP vs. PQAP - Drawdown Comparison

The maximum QTOP drawdown since its inception was -23.28%, which is greater than PQAP's maximum drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for QTOP and PQAP.

Drawdown Indicators

	QTOP	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-23.28%	-10.79%	-12.49%
Max Drawdown (1Y) Largest decline over 1 year	-12.88%	-2.15%	-10.73%
Current Drawdown Current decline from peak	-5.43%	-1.48%	-3.95%
Average Drawdown Average peak-to-trough decline	-3.80%	-0.62%	-3.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.63%	0.36%	+3.27%

Volatility

QTOP vs. PQAP - Volatility Comparison

iShares Nasdaq Top 30 Stocks ETF (QTOP) has a higher volatility of 9.72% compared to PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) at 2.62%. This indicates that QTOP'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

	QTOP	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.72%	2.62%	+7.10%
Volatility (6M) Calculated over the trailing 6-month period	15.96%	3.99%	+11.97%
Volatility (1Y) Calculated over the trailing 1-year period	19.49%	4.96%	+14.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.42%	11.01%	+12.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.42%	11.01%	+12.41%

QTOP vs. PQAP - Expense Ratio Comparison

QTOP has a 0.20% expense ratio, which is lower than PQAP's 0.50% expense ratio.

Dividends

QTOP vs. PQAP - Dividend Comparison

QTOP's dividend yield for the trailing twelve months is around 0.34%, 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%
QTOP iShares Nasdaq Top 30 Stocks ETF	0.34%	0.38%	0.11%

Frequently Asked Questions

Can I hold both QTOP and PQAP in my portfolio?

QTOP and PQAP have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QTOP or PQAP?

QTOP has higher volatility (9.72%) compared to PQAP (2.62%). In terms of maximum drawdown, QTOP dropped -23.28% vs PQAP's -10.79%.

Which ETF is better, QTOP or PQAP?

On 1-year performance, QTOP leads with 35.33% vs 18.18% for PQAP. On fees, QTOP is cheaper at 0.20% per year. On volatility, PQAP has been the lower-risk option at 2.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QTOP or PQAP?

Over the 1-year period, QTOP has performed better with a 35.33% return vs 18.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QTOP or PQAP?

QTOP is cheaper with a 0.20% expense ratio, compared with 0.50% for PQAP.

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

QTOP has the higher dividend yield at 0.34%, compared with 0.02% for PQAP.

What is the main difference between QTOP and PQAP?

QTOP is categorized as Nasdaq-100, while PQAP is Defined Outcome. They also come from different issuers: iShares and PGIM. Their fees differ too: 0.20% for QTOP and 0.50% for PQAP.

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (3.71 vs 1.82), 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.