FBUF vs. PBQQ

Last updated Jun 24, 2026

FBUF (Fidelity Dynamic Buffered Equity ETF) and PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, FBUF returned 16.49% vs 19.15% for PBQQ. Their correlation of 0.90 suggests significant overlap in exposure. FBUF charges 0.48%/yr vs 0.50%/yr for PBQQ.

Performance

FBUF vs. PBQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Dynamic Buffered Equity ETF (FBUF) and PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBUF achieves a 3.62% return, which is significantly lower than PBQQ's 8.21% return.

FBUF

• 1D: -0.89%
• 1M: -0.79%
• YTD: 3.62%
• 6M: 3.09%
• 1Y: 16.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBQQ

• 1D: -0.75%
• 1M: -0.22%
• YTD: 8.21%
• 6M: 8.11%
• 1Y: 19.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FBUF vs. PBQQ - Yearly Performance Comparison

	2026 (YTD)	2025
FBUF Fidelity Dynamic Buffered Equity ETF	3.62%	14.01%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	8.21%	15.44%

Correlation

The correlation between FBUF and PBQQ is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.90

The correlation between FBUF and PBQQ has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

Return for Risk

FBUF vs. PBQQ — Risk / Return Rank

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

FBUF

FBUF Risk / Return Rank: 68
FBUF Sharpe Ratio Rank: 67
FBUF Sortino Ratio Rank: 63
FBUF Omega Ratio Rank: 73
FBUF Calmar Ratio Rank: 63
FBUF Martin Ratio Rank: 72

PBQQ

PBQQ Risk / Return Rank: 88
PBQQ Sharpe Ratio Rank: 88
PBQQ Sortino Ratio Rank: 91
PBQQ Omega Ratio Rank: 90
PBQQ Calmar Ratio Rank: 83
PBQQ Martin Ratio Rank: 90

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.

FBUF vs. PBQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Dynamic Buffered Equity ETF (FBUF) and PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ). 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.

	FBUF	PBQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.64	-0.59
Sortino ratio: Return per unit of downside risk	2.74	3.85	-1.12
Omega ratio: Gain probability vs. loss probability	1.40	1.52	-0.12
Calmar ratio: Return relative to maximum drawdown	2.95	4.08	-1.13
Martin ratio: Return relative to average drawdown	12.59	19.12	-6.53

FBUF vs. PBQQ - Sharpe Ratio Comparison

The current FBUF Sharpe Ratio is 2.05, which is comparable to the PBQQ Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of FBUF and PBQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FBUF vs. PBQQ - Drawdown Comparison

The maximum FBUF drawdown since its inception was -11.09%, smaller than the maximum PBQQ drawdown of -12.92%. Use the drawdown chart below to compare losses from any high point for FBUF and PBQQ.

Drawdown Indicators

	FBUF	PBQQ	Difference
Max Drawdown Largest peak-to-trough decline	-11.09%	-12.92%	+1.83%
Max Drawdown (1Y) Largest decline over 1 year	-5.61%	-4.71%	-0.90%
Current Drawdown Current decline from peak	-1.83%	-1.02%	-0.81%
Average Drawdown Average peak-to-trough decline	-1.38%	-1.24%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	1.00%	+0.31%

Volatility

FBUF vs. PBQQ - Volatility Comparison

Fidelity Dynamic Buffered Equity ETF (FBUF) has a higher volatility of 3.44% compared to PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) at 2.24%. This indicates that FBUF's price experiences larger fluctuations and is considered to be riskier than PBQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBUF	PBQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	2.24%	+1.20%
Volatility (6M) Calculated over the trailing 6-month period	6.11%	5.77%	+0.34%
Volatility (1Y) Calculated over the trailing 1-year period	8.11%	7.32%	+0.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.69%	11.79%	-2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.69%	11.79%	-2.10%

FBUF vs. PBQQ - Expense Ratio Comparison

FBUF has a 0.48% expense ratio, which is lower than PBQQ's 0.50% expense ratio.

Dividends

FBUF vs. PBQQ - Dividend Comparison

FBUF's dividend yield for the trailing twelve months is around 0.60%, more than PBQQ's 0.01% yield.

Position	TTM	2025	2024
FBUF Fidelity Dynamic Buffered Equity ETF	0.60%	0.64%	0.54%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	0.01%	0.01%	0.00%

Frequently Asked Questions

Can I hold both FBUF and PBQQ in my portfolio?

FBUF and PBQQ have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBUF or PBQQ?

FBUF has higher volatility (3.44%) compared to PBQQ (2.24%). In terms of maximum drawdown, FBUF dropped -11.09% vs PBQQ's -12.92%.

Which ETF is better, FBUF or PBQQ?

On 1-year performance, PBQQ leads with 19.15% vs 16.49% for FBUF. On fees, FBUF is cheaper at 0.48% per year. On volatility, PBQQ has been the lower-risk option at 2.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBUF or PBQQ?

Over the 1-year period, PBQQ has performed better with a 19.15% return vs 16.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBUF or PBQQ?

FBUF is cheaper with a 0.48% expense ratio, compared with 0.50% for PBQQ.

Which ETF pays a higher dividend yield, FBUF or PBQQ?

FBUF has the higher dividend yield at 0.60%, compared with 0.01% for PBQQ.

What is the main difference between FBUF and PBQQ?

They also come from different issuers: Fidelity and PGIM. Their fees differ too: 0.48% for FBUF and 0.50% for PBQQ.

Which has better risk-adjusted returns?

PBQQ currently has the higher Sharpe Ratio (2.64 vs 2.05), 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.