XBFR vs. PQAP

Last updated Jun 6, 2026

XBFR (Innovator Equity Managed 10 Buffer ETF) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.81 suggests significant overlap in exposure. XBFR charges 0.79%/yr vs 0.50%/yr for PQAP.

Performance

XBFR vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Managed 10 Buffer ETF (XBFR) and PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

XBFR

• 1D: -2.13%
• 1M: 1.22%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PQAP

• 1D: -1.39%
• 1M: 0.19%
• YTD: 10.55%
• 6M: 11.29%
• 1Y: 20.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XBFR vs. PQAP - Yearly Performance Comparison

	2026 (YTD)
XBFR Innovator Equity Managed 10 Buffer ETF	4.18%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	9.67%

Correlation

The correlation between XBFR and PQAP is 0.81, 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 Feb 25, 2026	0.81

Return for Risk

XBFR vs. PQAP — Risk / Return Rank

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

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.

XBFR vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Managed 10 Buffer ETF (XBFR) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	XBFR	PQAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	4.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.97	1.64	+0.33

Drawdowns

XBFR vs. PQAP - Drawdown Comparison

The maximum XBFR drawdown since its inception was -4.12%, smaller than the maximum PQAP drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for XBFR and PQAP.

Drawdown Indicators

	XBFR	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-4.12%	-10.79%	+6.67%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.50%	—
Current Drawdown Current decline from peak	-2.13%	-1.50%	-0.63%
Average Drawdown Average peak-to-trough decline	-1.00%	-0.61%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.27%	—

Volatility

Volatility by Period

	XBFR	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.73%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.43%	—
Volatility (1Y) Calculated over the trailing 1-year period	8.00%	4.68%	+3.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.00%	11.07%	-3.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.00%	11.07%	-3.07%

XBFR vs. PQAP - Expense Ratio Comparison

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

Dividends

XBFR vs. PQAP - Dividend Comparison

XBFR's dividend yield for the trailing twelve months is around 0.03%, more than PQAP's 0.02% yield.

Position	TTM	2025
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%
XBFR Innovator Equity Managed 10 Buffer ETF	0.03%	0.00%

Frequently Asked Questions

Can I hold both XBFR and PQAP in my portfolio?

XBFR and PQAP have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XBFR or PQAP?

On fees, PQAP is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XBFR or PQAP?

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

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

XBFR and PQAP have nearly identical dividend yields, around 0.03%.

What is the main difference between XBFR and PQAP?

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