GPIQ vs. PBQQ

Last updated Jun 24, 2026

GPIQ (Goldman Sachs Nasdaq-100 Core Premium Income ETF) and PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) are both exchange-traded funds - GPIQ is a Nasdaq-100 fund actively managed by Goldman Sachs, while PBQQ is a Defined Outcome fund actively managed by PGIM. Both are actively managed. Over the past year, GPIQ returned 32.06% vs 19.15% for PBQQ. With a 0.97 correlation, they move nearly in lockstep. GPIQ charges 0.29%/yr vs 0.50%/yr for PBQQ.

Performance

GPIQ vs. PBQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) 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, GPIQ achieves a 14.86% return, which is significantly higher than PBQQ's 8.21% return.

GPIQ

• 1D: -2.96%
• 1M: -0.00%
• YTD: 14.86%
• 6M: 13.78%
• 1Y: 32.06%
• 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)

GPIQ vs. PBQQ - Yearly Performance Comparison

	2026 (YTD)	2025
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	14.86%	19.77%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	8.21%	15.44%

Correlation

The correlation between GPIQ and PBQQ is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.97

The correlation between GPIQ and PBQQ has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

Return for Risk

GPIQ vs. PBQQ — Risk / Return Rank

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

GPIQ

GPIQ Risk / Return Rank: 69
GPIQ Sharpe Ratio Rank: 68
GPIQ Sortino Ratio Rank: 62
GPIQ Omega Ratio Rank: 68
GPIQ Calmar Ratio Rank: 70
GPIQ Martin Ratio Rank: 77

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.

GPIQ vs. PBQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) 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.

	GPIQ	PBQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.64	-0.51
Sortino ratio: Return per unit of downside risk	2.79	3.85	-1.06
Omega ratio: Gain probability vs. loss probability	1.39	1.52	-0.13
Calmar ratio: Return relative to maximum drawdown	3.38	4.08	-0.70
Martin ratio: Return relative to average drawdown	14.28	19.12	-4.83

GPIQ vs. PBQQ - Sharpe Ratio Comparison

The current GPIQ Sharpe Ratio is 2.12, which is comparable to the PBQQ Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of GPIQ 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

GPIQ vs. PBQQ - Drawdown Comparison

The maximum GPIQ drawdown since its inception was -21.06%, which is greater than PBQQ's maximum drawdown of -12.92%. Use the drawdown chart below to compare losses from any high point for GPIQ and PBQQ.

Drawdown Indicators

	GPIQ	PBQQ	Difference
Max Drawdown Largest peak-to-trough decline	-21.06%	-12.92%	-8.14%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	-4.71%	-4.80%
Current Drawdown Current decline from peak	-3.21%	-1.02%	-2.19%
Average Drawdown Average peak-to-trough decline	-2.27%	-1.24%	-1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	1.00%	+1.25%

Volatility

GPIQ vs. PBQQ - Volatility Comparison

Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) has a higher volatility of 7.78% compared to PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) at 2.24%. This indicates that GPIQ'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

	GPIQ	PBQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.78%	2.24%	+5.54%
Volatility (6M) Calculated over the trailing 6-month period	12.52%	5.77%	+6.75%
Volatility (1Y) Calculated over the trailing 1-year period	15.17%	7.32%	+7.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.88%	11.79%	+6.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.88%	11.79%	+6.09%

GPIQ vs. PBQQ - Expense Ratio Comparison

GPIQ has a 0.29% expense ratio, which is lower than PBQQ's 0.50% expense ratio.

Dividends

GPIQ vs. PBQQ - Dividend Comparison

GPIQ's dividend yield for the trailing twelve months is around 9.60%, more than PBQQ's 0.01% yield.

Position	TTM	2025	2024	2023
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	9.60%	9.81%	9.18%	1.74%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	0.01%	0.01%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GPIQ and PBQQ in my portfolio?

With a correlation of 0.97, GPIQ and PBQQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GPIQ or PBQQ?

GPIQ has higher volatility (7.78%) compared to PBQQ (2.24%). In terms of maximum drawdown, GPIQ dropped -21.06% vs PBQQ's -12.92%.

Which ETF is better, GPIQ or PBQQ?

On 1-year performance, GPIQ leads with 32.06% vs 19.15% for PBQQ. On fees, GPIQ is cheaper at 0.29% 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, GPIQ or PBQQ?

Over the 1-year period, GPIQ has performed better with a 32.06% return vs 19.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GPIQ or PBQQ?

GPIQ is cheaper with a 0.29% expense ratio, compared with 0.50% for PBQQ.

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

GPIQ has the higher dividend yield at 9.60%, compared with 0.01% for PBQQ.

What is the main difference between GPIQ and PBQQ?

GPIQ is categorized as Nasdaq-100, while PBQQ is Defined Outcome. They also come from different issuers: Goldman Sachs and PGIM. Their fees differ too: 0.29% for GPIQ and 0.50% for PBQQ.

Which has better risk-adjusted returns?

PBQQ currently has the higher Sharpe Ratio (2.64 vs 2.12), 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.