JANU vs. PBQQ

Last updated Jun 5, 2026

JANU (AllianzIM U.S. Equity Buffer15 Uncapped Jan ETF) and PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, JANU returned 20.59% vs 20.80% for PBQQ. Their correlation of 0.92 suggests significant overlap in exposure. JANU charges 0.74%/yr vs 0.50%/yr for PBQQ.

Performance

JANU vs. PBQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer15 Uncapped Jan ETF (JANU) 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, JANU achieves a 8.40% return, which is significantly lower than PBQQ's 9.10% return.

JANU

• 1D: 0.32%
• 1M: 3.78%
• YTD: 8.40%
• 6M: 8.36%
• 1Y: 20.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBQQ

• 1D: 0.00%
• 1M: 2.19%
• YTD: 9.10%
• 6M: 9.79%
• 1Y: 20.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JANU vs. PBQQ - Yearly Performance Comparison

	2026 (YTD)	2025
JANU AllianzIM U.S. Equity Buffer15 Uncapped Jan ETF	8.40%	12.62%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	9.10%	15.44%

Correlation

The correlation between JANU and PBQQ is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.92

The correlation between JANU and PBQQ has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

JANU vs. PBQQ — Risk / Return Rank

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

JANU

JANU Risk / Return Rank: 69
JANU Sharpe Ratio Rank: 66
JANU Sortino Ratio Rank: 67
JANU Omega Ratio Rank: 66
JANU Calmar Ratio Rank: 71
JANU Martin Ratio Rank: 73

PBQQ

PBQQ Risk / Return Rank: 89
PBQQ Sharpe Ratio Rank: 88
PBQQ Sortino Ratio Rank: 91
PBQQ Omega Ratio Rank: 91
PBQQ Calmar Ratio Rank: 84
PBQQ Martin Ratio Rank: 91

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.

JANU vs. PBQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer15 Uncapped Jan ETF (JANU) 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.

	JANU	PBQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.91	-0.75
Sortino ratio: Return per unit of downside risk	3.03	4.30	-1.27
Omega ratio: Gain probability vs. loss probability	1.39	1.59	-0.20
Calmar ratio: Return relative to maximum drawdown	3.46	4.43	-0.98
Martin ratio: Return relative to average drawdown	13.52	21.19	-7.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JANU vs. PBQQ - Sharpe Ratio Comparison

The current JANU Sharpe Ratio is 2.17, which is comparable to the PBQQ Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of JANU 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.

Sharpe Ratios by Period

	JANU	PBQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	2.91	-0.75
Sharpe Ratio (All Time) Calculated using the full available price history	1.33	1.50	-0.17

Drawdowns

JANU vs. PBQQ - Drawdown Comparison

The maximum JANU drawdown since its inception was -11.84%, smaller than the maximum PBQQ drawdown of -12.92%. Use the drawdown chart below to compare losses from any high point for JANU and PBQQ.

Drawdown Indicators

	JANU	PBQQ	Difference
Max Drawdown Largest peak-to-trough decline	-11.84%	-12.92%	+1.08%
Max Drawdown (1Y) Largest decline over 1 year	-5.98%	-4.71%	-1.27%
Current Drawdown Current decline from peak	-0.19%	-0.21%	+0.02%
Average Drawdown Average peak-to-trough decline	-1.87%	-1.25%	-0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	0.98%	+0.55%

Volatility

JANU vs. PBQQ - Volatility Comparison

AllianzIM U.S. Equity Buffer15 Uncapped Jan ETF (JANU) has a higher volatility of 2.48% compared to PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) at 1.04%. This indicates that JANU'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

	JANU	PBQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.48%	1.04%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	6.84%	5.51%	+1.33%
Volatility (1Y) Calculated over the trailing 1-year period	9.55%	7.17%	+2.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.42%	11.86%	-0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.42%	11.86%	-0.44%

JANU vs. PBQQ - Expense Ratio Comparison

JANU has a 0.74% expense ratio, which is higher than PBQQ's 0.50% expense ratio.

Dividends

JANU vs. PBQQ - Dividend Comparison

JANU has not paid dividends to shareholders, while PBQQ's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025
JANU AllianzIM U.S. Equity Buffer15 Uncapped Jan ETF	0.00%	0.00%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	0.01%	0.01%

Frequently Asked Questions

Can I hold both JANU and PBQQ in my portfolio?

JANU and PBQQ have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JANU or PBQQ?

JANU has higher volatility (2.48%) compared to PBQQ (1.04%). In terms of maximum drawdown, JANU dropped -11.84% vs PBQQ's -12.92%.

Which ETF is better, JANU or PBQQ?

On 1-year performance, PBQQ leads with 20.80% vs 20.59% for JANU. On fees, PBQQ is cheaper at 0.50% per year. On volatility, PBQQ has been the lower-risk option at 1.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JANU or PBQQ?

Over the 1-year period, PBQQ has performed better with a 20.80% return vs 20.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JANU or PBQQ?

PBQQ is cheaper with a 0.50% expense ratio, compared with 0.74% for JANU.

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

PBQQ has the higher dividend yield at 0.01%, compared with 0.00% for JANU.

What is the main difference between JANU and PBQQ?

They also come from different issuers: AllianzIM and PGIM. Their fees differ too: 0.74% for JANU and 0.50% for PBQQ.

Which has better risk-adjusted returns?

PBQQ currently has the higher Sharpe Ratio (2.91 vs 2.17), 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.