QYLG vs. PQAP

Last updated Jun 24, 2026

QYLG (Global X Nasdaq 100 Covered Call & Growth ETF) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both exchange-traded funds - QYLG is a Nasdaq-100 fund tracking the CBOE Nasdaq-100 BuyWrite V2 Index, while PQAP is a Defined Outcome fund actively managed by PGIM. QYLG is passively managed, while PQAP is actively managed. Over the past year, QYLG returned 29.18% vs 19.07% for PQAP. Their correlation of 0.91 suggests significant overlap in exposure. QYLG charges 0.60%/yr vs 0.50%/yr for PQAP.

Performance

QYLG vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Nasdaq 100 Covered Call & Growth ETF (QYLG) 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, QYLG achieves a 12.38% return, which is significantly higher than PQAP's 10.67% return.

QYLG

• 1D: -2.59%
• 1M: 0.48%
• YTD: 12.38%
• 6M: 11.55%
• 1Y: 29.18%
• 3Y*: 20.15%
• 5Y*: 12.12%
• 10Y*: —

PQAP

• 1D: -0.96%
• 1M: -0.66%
• YTD: 10.67%
• 6M: 10.77%
• 1Y: 19.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QYLG vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
QYLG Global X Nasdaq 100 Covered Call & Growth ETF	12.38%	15.29%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	10.67%	14.48%

Correlation

The correlation between QYLG 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	0.91

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

Return for Risk

QYLG vs. PQAP — Risk / Return Rank

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

QYLG

QYLG Risk / Return Rank: 71
QYLG Sharpe Ratio Rank: 69
QYLG Sortino Ratio Rank: 66
QYLG Omega Ratio Rank: 70
QYLG Calmar Ratio Rank: 72
QYLG Martin Ratio Rank: 80

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.

QYLG vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Nasdaq 100 Covered Call & Growth ETF (QYLG) 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.

	QYLG	PQAP	Difference
Sharpe ratio: Return per unit of total volatility	2.15	3.86	-1.72
Sortino ratio: Return per unit of downside risk	2.89	6.02	-3.13
Omega ratio: Gain probability vs. loss probability	1.39	1.92	-0.53
Calmar ratio: Return relative to maximum drawdown	3.48	8.93	-5.45
Martin ratio: Return relative to average drawdown	15.22	54.70	-39.49

QYLG vs. PQAP - Sharpe Ratio Comparison

The current QYLG Sharpe Ratio is 2.15, which is lower than the PQAP Sharpe Ratio of 3.86. The chart below compares the historical Sharpe Ratios of QYLG 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

QYLG vs. PQAP - Drawdown Comparison

The maximum QYLG drawdown since its inception was -29.98%, which is greater than PQAP's maximum drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for QYLG and PQAP.

Drawdown Indicators

	QYLG	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-29.98%	-10.79%	-19.19%
Max Drawdown (1Y) Largest decline over 1 year	-8.42%	-2.15%	-6.27%
Max Drawdown (3Y) Largest decline over 3 years	-20.75%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-29.98%	—	—
Current Drawdown Current decline from peak	-2.94%	-1.39%	-1.55%
Average Drawdown Average peak-to-trough decline	-6.37%	-0.61%	-5.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	0.35%	+1.57%

Volatility

QYLG vs. PQAP - Volatility Comparison

Global X Nasdaq 100 Covered Call & Growth ETF (QYLG) has a higher volatility of 6.71% compared to PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) at 2.63%. This indicates that QYLG'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

	QYLG	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	2.63%	+4.08%
Volatility (6M) Calculated over the trailing 6-month period	11.50%	3.99%	+7.51%
Volatility (1Y) Calculated over the trailing 1-year period	13.67%	4.99%	+8.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.19%	11.03%	+7.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.05%	11.03%	+7.02%

QYLG vs. PQAP - Expense Ratio Comparison

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

Dividends

QYLG vs. PQAP - Dividend Comparison

QYLG's dividend yield for the trailing twelve months is around 16.69%, more than PQAP's 0.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%
QYLG Global X Nasdaq 100 Covered Call & Growth ETF	16.69%	17.93%	25.27%	5.43%	6.91%	10.15%	1.44%

Frequently Asked Questions

Can I hold both QYLG and PQAP in my portfolio?

QYLG 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, QYLG or PQAP?

QYLG has higher volatility (6.71%) compared to PQAP (2.63%). In terms of maximum drawdown, QYLG dropped -29.98% vs PQAP's -10.79%.

Which ETF is better, QYLG or PQAP?

On 1-year performance, QYLG leads with 29.18% vs 19.07% for PQAP. On fees, PQAP is cheaper at 0.50% per year. On volatility, PQAP has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QYLG or PQAP?

Over the 1-year period, QYLG has performed better with a 29.18% return vs 19.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QYLG or PQAP?

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

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

QYLG has the higher dividend yield at 16.69%, compared with 0.02% for PQAP.

What is the main difference between QYLG and PQAP?

QYLG 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 QYLG and 0.50% for PQAP.

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (3.86 vs 2.15), 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.