USEP vs. PQAP

Last updated Jun 4, 2026

USEP (Innovator U.S. Equity Ultra Buffer ETF - September) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both Defined Outcome funds. USEP is passively managed, while PQAP is actively managed. Over the past year, USEP returned 14.66% vs 21.47% for PQAP. Their correlation of 0.88 suggests significant overlap in exposure. USEP charges 0.79%/yr vs 0.50%/yr for PQAP.

Performance

USEP vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - September (USEP) 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, USEP achieves a 4.73% return, which is significantly lower than PQAP's 12.09% return.

USEP

• 1D: -0.08%
• 1M: 1.65%
• YTD: 4.73%
• 6M: 5.26%
• 1Y: 14.66%
• 3Y*: 13.11%
• 5Y*: 8.01%
• 10Y*: —

PQAP

• 1D: -0.12%
• 1M: 2.44%
• YTD: 12.09%
• 6M: 13.01%
• 1Y: 21.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USEP vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
USEP Innovator U.S. Equity Ultra Buffer ETF - September	4.73%	11.84%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	12.09%	14.48%

Correlation

The correlation between USEP and PQAP is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.88

The correlation between USEP and PQAP has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

Return for Risk

USEP vs. PQAP — Risk / Return Rank

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

USEP

USEP Risk / Return Rank: 84
USEP Sharpe Ratio Rank: 83
USEP Sortino Ratio Rank: 87
USEP Omega Ratio Rank: 88
USEP Calmar Ratio Rank: 74
USEP Martin Ratio Rank: 87

PQAP

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

USEP vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - September (USEP) 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.

	USEP	PQAP	Difference
Sharpe ratio Return per unit of total volatility	2.70	4.86	-2.16
Sortino ratio Return per unit of downside risk	3.98	8.47	-4.49
Omega ratio Gain probability vs. loss probability	1.55	2.20	-0.65
Calmar ratio Return relative to maximum drawdown	3.66	15.50	-11.84
Martin ratio Return relative to average drawdown	18.85	86.25	-67.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USEP vs. PQAP - Sharpe Ratio Comparison

The current USEP Sharpe Ratio is 2.70, which is lower than the PQAP Sharpe Ratio of 4.86. The chart below compares the historical Sharpe Ratios of USEP 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.

Sharpe Ratios by Period

	USEP	PQAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	4.86	-2.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	1.76	-0.76

Drawdowns

USEP vs. PQAP - Drawdown Comparison

The maximum USEP drawdown since its inception was -13.37%, which is greater than PQAP's maximum drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for USEP and PQAP.

Drawdown Indicators

	USEP	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-13.37%	-10.79%	-2.58%
Max Drawdown (1Y) Largest decline over 1 year	-4.03%	-1.39%	-2.64%
Max Drawdown (3Y) Largest decline over 3 years	-9.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.84%	—	—
Current Drawdown Current decline from peak	-0.08%	-0.12%	+0.04%
Average Drawdown Average peak-to-trough decline	-1.89%	-0.60%	-1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.25%	+0.53%

Volatility

USEP vs. PQAP - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - September (USEP) is 0.62%, while PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) has a volatility of 1.02%. This indicates that USEP experiences smaller price fluctuations and is considered to be less risky than PQAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USEP	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.62%	1.02%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	4.00%	3.09%	+0.91%
Volatility (1Y) Calculated over the trailing 1-year period	5.47%	4.45%	+1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.41%	11.03%	-3.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.06%	11.03%	-2.97%

USEP vs. PQAP - Expense Ratio Comparison

USEP has a 0.79% expense ratio, which is higher than PQAP's 0.50% expense ratio.

Dividends

USEP vs. PQAP - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USEP Innovator U.S. Equity Ultra Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.64%

Frequently Asked Questions

Can I hold both USEP and PQAP in my portfolio?

USEP and PQAP have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USEP or PQAP?

PQAP has higher volatility (1.02%) compared to USEP (0.62%). In terms of maximum drawdown, USEP dropped -13.37% vs PQAP's -10.79%.

Which ETF is better, USEP or PQAP?

On 1-year performance, PQAP leads with 21.47% vs 14.66% for USEP. On fees, PQAP is cheaper at 0.50% per year. On volatility, USEP has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USEP or PQAP?

Over the 1-year period, PQAP has performed better with a 21.47% return vs 14.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USEP or PQAP?

PQAP is cheaper with a 0.50% expense ratio, compared with 0.79% for USEP.

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

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

What is the main difference between USEP and PQAP?

They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.79% for USEP and 0.50% for PQAP.

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (4.86 vs 2.70), 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.