PQAP vs SPY
PGIM Nasdaq-100 Buffer 12 ETF - April vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | PQAP | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.09% | |
| AUM | $27M | $821.1B | |
| Dividend Yield | 0.02% | 1.01% | |
| Holdings | 7 | 505 | |
| YTD Return | +13.70% | +14.24% | |
| 1Y Return | +17.94% | +21.71% | |
| 3Y Return (annualized) | - | +22.10% | |
| 5Y Return (annualized) | - | +13.21% | |
| Volatility (annualized) | 6.7% | 15.3% | |
| Max Drawdown | -10.8% | -56.5% | |
| Fund Family | PGIM Investments | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Dec 27, 2024 | Jan 22, 1993 |
PQAP vs SPY Performance
PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) is a ETF from PGIM Investments and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PQAP returned +17.94% while SPY returned +21.71%. Year to date, PQAP is up 13.70% versus a gain of 14.24% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 6.7% for PQAP. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -10.8% for PQAP and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PQAP charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, PQAP currently yields 0.02% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, PQAP or SPY?
PQAP has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $41 per year of difference.
Which performed better, PQAP or SPY?
Over the past year PQAP returned +17.94% vs +21.71% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), PQAP annualized +17.77% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, PQAP or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 6.7% for PQAP. Worst drawdown: PQAP -10.8% vs SPY -56.5%.
Should I hold both PQAP and SPY?
PQAP and SPY have a monthly-return correlation of 0.86, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, PQAP or SPY?
PQAP yields 0.02% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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