QXQ vs. PQAP

Last updated Jun 23, 2026

QXQ (SGI Enhanced Nasdaq-100 ETF) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both exchange-traded funds - QXQ is a Nasdaq-100 fund actively managed by Summit Global Investments, while PQAP is a Defined Outcome fund actively managed by PGIM. Both are actively managed. Over the past year, QXQ returned 42.59% vs 20.94% for PQAP. Their correlation of 0.89 suggests significant overlap in exposure. QXQ charges 0.98%/yr vs 0.50%/yr for PQAP.

Performance

QXQ vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SGI Enhanced Nasdaq-100 ETF (QXQ) 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, QXQ achieves a 19.69% return, which is significantly higher than PQAP's 11.74% return.

QXQ

• 1D: -0.36%
• 1M: 2.66%
• YTD: 19.69%
• 6M: 19.23%
• 1Y: 42.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PQAP

• 1D: -0.03%
• 1M: 0.30%
• YTD: 11.74%
• 6M: 11.96%
• 1Y: 20.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QXQ vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
QXQ SGI Enhanced Nasdaq-100 ETF	19.69%	19.78%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	11.74%	14.48%

Correlation

The correlation between QXQ 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 2, 2025	0.89

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

Return for Risk

QXQ vs. PQAP — Risk / Return Rank

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

QXQ

QXQ Risk / Return Rank: 75
QXQ Sharpe Ratio Rank: 80
QXQ Sortino Ratio Rank: 74
QXQ Omega Ratio Rank: 74
QXQ Calmar Ratio Rank: 72
QXQ Martin Ratio Rank: 74

PQAP

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

QXQ vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SGI Enhanced Nasdaq-100 ETF (QXQ) 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.

	QXQ	PQAP	Difference
Sharpe ratio: Return per unit of total volatility	2.45	4.31	-1.86
Sortino ratio: Return per unit of downside risk	3.18	6.93	-3.76
Omega ratio: Gain probability vs. loss probability	1.42	2.06	-0.64
Calmar ratio: Return relative to maximum drawdown	3.51	9.80	-6.30
Martin ratio: Return relative to average drawdown	13.55	62.04	-48.49

QXQ vs. PQAP - Sharpe Ratio Comparison

The current QXQ Sharpe Ratio is 2.45, which is lower than the PQAP Sharpe Ratio of 4.31. The chart below compares the historical Sharpe Ratios of QXQ 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

QXQ vs. PQAP - Drawdown Comparison

The maximum QXQ drawdown since its inception was -22.53%, which is greater than PQAP's maximum drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for QXQ and PQAP.

Drawdown Indicators

	QXQ	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-22.53%	-10.79%	-11.74%
Max Drawdown (1Y) Largest decline over 1 year	-12.20%	-2.15%	-10.05%
Current Drawdown Current decline from peak	-1.27%	-0.44%	-0.83%
Average Drawdown Average peak-to-trough decline	-3.61%	-0.61%	-3.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	0.34%	+2.81%

Volatility

QXQ vs. PQAP - Volatility Comparison

SGI Enhanced Nasdaq-100 ETF (QXQ) has a higher volatility of 7.99% compared to PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) at 2.45%. This indicates that QXQ'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

	QXQ	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.99%	2.45%	+5.54%
Volatility (6M) Calculated over the trailing 6-month period	14.00%	3.86%	+10.14%
Volatility (1Y) Calculated over the trailing 1-year period	17.49%	4.89%	+12.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.07%	11.01%	+11.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.07%	11.01%	+11.06%

QXQ vs. PQAP - Expense Ratio Comparison

QXQ has a 0.98% expense ratio, which is higher than PQAP's 0.50% expense ratio.

Dividends

QXQ vs. PQAP - Dividend Comparison

QXQ's dividend yield for the trailing twelve months is around 14.96%, 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%
QXQ SGI Enhanced Nasdaq-100 ETF	14.96%	18.21%	1.97%

Frequently Asked Questions

Can I hold both QXQ and PQAP in my portfolio?

QXQ 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, QXQ or PQAP?

QXQ has higher volatility (7.99%) compared to PQAP (2.45%). In terms of maximum drawdown, QXQ dropped -22.53% vs PQAP's -10.79%.

Which ETF is better, QXQ or PQAP?

On 1-year performance, QXQ leads with 42.59% vs 20.94% for PQAP. On fees, PQAP is cheaper at 0.50% per year. On volatility, PQAP has been the lower-risk option at 2.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QXQ or PQAP?

Over the 1-year period, QXQ has performed better with a 42.59% return vs 20.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QXQ or PQAP?

PQAP is cheaper with a 0.50% expense ratio, compared with 0.98% for QXQ.

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

QXQ has the higher dividend yield at 14.96%, compared with 0.02% for PQAP.

What is the main difference between QXQ and PQAP?

QXQ is categorized as Nasdaq-100, while PQAP is Defined Outcome. They also come from different issuers: Summit Global Investments and PGIM. Their fees differ too: 0.98% for QXQ and 0.50% for PQAP.

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (4.31 vs 2.45), 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.