TENM vs. PQAP
TENM (iShares Large Cap 10% Target Buffer Mar ETF) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.
Performance
TENM vs. PQAP - Performance Comparison
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Returns By Period
In the year-to-date period, TENM achieves a 5.48% return, which is significantly lower than PQAP's 10.67% return.
TENM
- 1D
- -0.48%
- 1M
- -0.14%
- YTD
- 5.48%
- 6M
- 5.10%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PQAP
- 1D
- -0.96%
- 1M
- -0.66%
- YTD
- 10.67%
- 6M
- 10.77%
- 1Y
- 19.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TENM vs. PQAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TENM iShares Large Cap 10% Target Buffer Mar ETF | 5.48% | 2.04% |
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April | 10.67% | 1.91% |
Correlation
The correlation between TENM and PQAP is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 22, 2025 | 0.86 |
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Return for Risk
TENM vs. PQAP — Risk / Return Rank
TENM
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PQAP
TENM vs. PQAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap 10% Target Buffer Mar ETF (TENM) 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.
| TENM | PQAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.92 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 8.93 | — |
| Martin ratioReturn relative to average drawdown | — | 54.70 | — |
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Drawdowns
TENM vs. PQAP - Drawdown Comparison
The maximum TENM drawdown since its inception was -3.61%, smaller than the maximum PQAP drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for TENM and PQAP.
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Drawdown Indicators
| TENM | PQAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.61% | -10.79% | +7.18% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.15% | — |
Current DrawdownCurrent decline from peak | -0.91% | -1.39% | +0.48% |
Average DrawdownAverage peak-to-trough decline | -0.70% | -0.61% | -0.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.35% | — |
Volatility
TENM vs. PQAP - Volatility Comparison
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Volatility by Period
| TENM | PQAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 2.63% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 3.99% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 6.73% | 4.99% | +1.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.73% | 11.03% | -4.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.73% | 11.03% | -4.30% |
TENM vs. PQAP - Expense Ratio Comparison
Both TENM and PQAP have an expense ratio of 0.50%.
Dividends
TENM vs. PQAP - Dividend Comparison
TENM's dividend yield for the trailing twelve months is around 0.28%, more than PQAP's 0.02% yield.
| Position | TTM | 2025 |
|---|---|---|
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April | 0.02% | 0.02% |
TENM iShares Large Cap 10% Target Buffer Mar ETF | 0.28% | 0.29% |
Frequently Asked Questions
TENM and PQAP have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
TENM and PQAP have the same expense ratio: 0.50% per year.
TENM has the higher dividend yield at 0.28%, compared with 0.02% for PQAP.
They also come from different issuers: BlackRock and PGIM.
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