SFEB vs. PQAP

Last updated Jun 23, 2026

SFEB (FT Vest U.S. Small Cap Moderate Buffer ETF - February) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both Defined Outcome funds. Both are actively managed. Over the past year, SFEB returned 24.18% vs 19.07% for PQAP. A 0.71 correlation means they provide meaningful diversification when combined. SFEB charges 0.90%/yr vs 0.50%/yr for PQAP.

Performance

SFEB vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Small Cap Moderate Buffer ETF - February (SFEB) and PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SFEB having a 11.12% return and PQAP slightly lower at 10.67%.

SFEB

• 1D: 0.32%
• 1M: 2.05%
• YTD: 11.12%
• 6M: 9.91%
• 1Y: 24.18%
• 3Y*: —
• 5Y*: —
• 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)

SFEB vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
SFEB FT Vest U.S. Small Cap Moderate Buffer ETF - February	11.12%	9.24%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	10.67%	14.48%

Correlation

The correlation between SFEB and PQAP is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.71

The correlation between SFEB and PQAP has been stable across timeframes, ranging from 0.66 to 0.71 - a consistent structural relationship.

Return for Risk

SFEB vs. PQAP — Risk / Return Rank

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

SFEB

SFEB Risk / Return Rank: 85
SFEB Sharpe Ratio Rank: 82
SFEB Sortino Ratio Rank: 86
SFEB Omega Ratio Rank: 81
SFEB Calmar Ratio Rank: 86
SFEB Martin Ratio Rank: 89

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.

SFEB vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Small Cap Moderate Buffer ETF - February (SFEB) 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.

	SFEB	PQAP	Difference
Sharpe ratio: Return per unit of total volatility	2.55	3.86	-1.32
Sortino ratio: Return per unit of downside risk	3.66	6.02	-2.36
Omega ratio: Gain probability vs. loss probability	1.46	1.92	-0.46
Calmar ratio: Return relative to maximum drawdown	4.65	8.93	-4.27
Martin ratio: Return relative to average drawdown	19.03	54.70	-35.68

SFEB vs. PQAP - Sharpe Ratio Comparison

The current SFEB Sharpe Ratio is 2.55, which is lower than the PQAP Sharpe Ratio of 3.86. The chart below compares the historical Sharpe Ratios of SFEB 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

SFEB vs. PQAP - Drawdown Comparison

The maximum SFEB drawdown since its inception was -16.67%, which is greater than PQAP's maximum drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for SFEB and PQAP.

Drawdown Indicators

	SFEB	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-16.67%	-10.79%	-5.88%
Max Drawdown (1Y) Largest decline over 1 year	-5.22%	-2.15%	-3.07%
Current Drawdown Current decline from peak	0.00%	-1.39%	+1.39%
Average Drawdown Average peak-to-trough decline	-2.46%	-0.61%	-1.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	0.35%	+0.92%

Volatility

SFEB vs. PQAP - Volatility Comparison

FT Vest U.S. Small Cap Moderate Buffer ETF - February (SFEB) and PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) have volatilities of 2.55% and 2.63%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SFEB	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.55%	2.63%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	6.72%	3.99%	+2.73%
Volatility (1Y) Calculated over the trailing 1-year period	9.56%	4.99%	+4.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.03%	11.03%	+1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.03%	11.03%	+1.00%

SFEB vs. PQAP - Expense Ratio Comparison

SFEB has a 0.90% expense ratio, which is higher than PQAP's 0.50% expense ratio.

Dividends

SFEB vs. PQAP - Dividend Comparison

SFEB has not paid dividends to shareholders, while PQAP's dividend yield for the trailing twelve months is around 0.02%.

Position	TTM	2025
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%
SFEB FT Vest U.S. Small Cap Moderate Buffer ETF - February	0.00%	0.00%

Frequently Asked Questions

Can I hold both SFEB and PQAP in my portfolio?

SFEB and PQAP have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SFEB or PQAP?

PQAP has higher volatility (2.63%) compared to SFEB (2.55%). In terms of maximum drawdown, SFEB dropped -16.67% vs PQAP's -10.79%.

Which ETF is better, SFEB or PQAP?

On 1-year performance, SFEB leads with 24.18% vs 19.07% for PQAP. On fees, PQAP is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SFEB or PQAP?

Over the 1-year period, SFEB has performed better with a 24.18% return vs 19.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SFEB or PQAP?

PQAP is cheaper with a 0.50% expense ratio, compared with 0.90% for SFEB.

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

PQAP has the higher dividend yield at 0.02%, compared with 0.00% for SFEB.

What is the main difference between SFEB and PQAP?

They also come from different issuers: First Trust and PGIM. Their fees differ too: 0.90% for SFEB and 0.50% for PQAP.

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (3.86 vs 2.55), 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.