SQMX vs. PQJA

Last updated Jun 6, 2026

SQMX (FT Vest U.S. Equity Quarterly Max Buffer ETF) and PQJA (PGIM Nasdaq-100 Buffer 12 ETF - January) are both Defined Outcome funds. SQMX is passively managed, while PQJA is actively managed. Over the past year, SQMX returned 8.64% vs 21.12% for PQJA. Their correlation of 0.83 suggests significant overlap in exposure. SQMX charges 0.85%/yr vs 0.50%/yr for PQJA.

Performance

SQMX vs. PQJA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX) and PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SQMX achieves a 2.15% return, which is significantly lower than PQJA's 6.97% return.

SQMX

• 1D: 0.00%
• 1M: 0.46%
• YTD: 2.15%
• 6M: 2.85%
• 1Y: 8.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PQJA

• 1D: -1.61%
• 1M: 0.43%
• YTD: 6.97%
• 6M: 8.02%
• 1Y: 21.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SQMX vs. PQJA - Yearly Performance Comparison

	2026 (YTD)	2025
SQMX FT Vest U.S. Equity Quarterly Max Buffer ETF	2.15%	8.65%
PQJA PGIM Nasdaq-100 Buffer 12 ETF - January	6.97%	16.94%

Correlation

The correlation between SQMX and PQJA is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.83

The correlation between SQMX and PQJA has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.

Return for Risk

SQMX vs. PQJA — Risk / Return Rank

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

SQMX

SQMX Risk / Return Rank: 87
SQMX Sharpe Ratio Rank: 84
SQMX Sortino Ratio Rank: 87
SQMX Omega Ratio Rank: 93
SQMX Calmar Ratio Rank: 84
SQMX Martin Ratio Rank: 88

PQJA

PQJA Risk / Return Rank: 80
PQJA Sharpe Ratio Rank: 83
PQJA Sortino Ratio Rank: 84
PQJA Omega Ratio Rank: 87
PQJA Calmar Ratio Rank: 67
PQJA Martin Ratio Rank: 81

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.

SQMX vs. PQJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX) and PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA). 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.

	SQMX	PQJA	Difference
Sharpe ratio: Return per unit of total volatility	2.59	2.53	+0.05
Sortino ratio: Return per unit of downside risk	3.73	3.55	+0.18
Omega ratio: Gain probability vs. loss probability	1.61	1.50	+0.11
Calmar ratio: Return relative to maximum drawdown	4.26	3.13	+1.12
Martin ratio: Return relative to average drawdown	18.21	15.19	+3.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SQMX vs. PQJA - Sharpe Ratio Comparison

The current SQMX Sharpe Ratio is 2.59, which is comparable to the PQJA Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of SQMX and PQJA, 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

	SQMX	PQJA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	2.53	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	1.16	1.28	-0.11

Drawdowns

SQMX vs. PQJA - Drawdown Comparison

The maximum SQMX drawdown since its inception was -7.40%, smaller than the maximum PQJA drawdown of -14.72%. Use the drawdown chart below to compare losses from any high point for SQMX and PQJA.

Drawdown Indicators

	SQMX	PQJA	Difference
Max Drawdown Largest peak-to-trough decline	-7.40%	-14.72%	+7.32%
Max Drawdown (1Y) Largest decline over 1 year	-2.04%	-6.77%	+4.73%
Current Drawdown Current decline from peak	0.00%	-1.70%	+1.70%
Average Drawdown Average peak-to-trough decline	-0.55%	-1.65%	+1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	1.39%	-0.91%

Volatility

SQMX vs. PQJA - Volatility Comparison

The current volatility for FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX) is 0.11%, while PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA) has a volatility of 2.01%. This indicates that SQMX experiences smaller price fluctuations and is considered to be less risky than PQJA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQMX	PQJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	2.01%	-1.90%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	6.87%	-4.15%
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	8.40%	-5.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.26%	13.46%	-7.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.26%	13.46%	-7.20%

SQMX vs. PQJA - Expense Ratio Comparison

SQMX has a 0.85% expense ratio, which is higher than PQJA's 0.50% expense ratio.

Dividends

SQMX vs. PQJA - Dividend Comparison

Neither SQMX nor PQJA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SQMX and PQJA in my portfolio?

SQMX and PQJA have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SQMX or PQJA?

PQJA has higher volatility (2.01%) compared to SQMX (0.11%). In terms of maximum drawdown, SQMX dropped -7.40% vs PQJA's -14.72%.

Which ETF is better, SQMX or PQJA?

On 1-year performance, PQJA leads with 21.12% vs 8.64% for SQMX. On fees, PQJA is cheaper at 0.50% per year. On volatility, SQMX has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SQMX or PQJA?

Over the 1-year period, PQJA has performed better with a 21.12% return vs 8.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SQMX or PQJA?

PQJA is cheaper with a 0.50% expense ratio, compared with 0.85% for SQMX.

Which ETF pays a higher dividend yield, SQMX or PQJA?

SQMX and PQJA have nearly identical dividend yields, around 0.00%.

What is the main difference between SQMX and PQJA?

They also come from different issuers: FT Vest and PGIM. Their fees differ too: 0.85% for SQMX and 0.50% for PQJA.

Which has better risk-adjusted returns?

SQMX currently has the higher Sharpe Ratio (2.59 vs 2.53), 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.