PBAU vs. PQOC

Last updated Jun 4, 2026

PBAU (PGIM S&P 500 Buffer 20 ETF - August) and PQOC (PGIM Nasdaq-100 Buffer 12 ETF - October) are both Defined Outcome funds from PGIM. Both are actively managed. Over the past year, PBAU returned 13.47% vs 20.55% for PQOC. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

PBAU vs. PQOC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 20 ETF - August (PBAU) and PGIM Nasdaq-100 Buffer 12 ETF - October (PQOC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBAU achieves a 4.33% return, which is significantly lower than PQOC's 9.01% return.

PBAU

• 1D: -0.05%
• 1M: 1.38%
• YTD: 4.33%
• 6M: 5.01%
• 1Y: 13.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PQOC

• 1D: -0.05%
• 1M: 3.09%
• YTD: 9.01%
• 6M: 9.17%
• 1Y: 20.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBAU vs. PQOC - Yearly Performance Comparison

	2026 (YTD)	2025
PBAU PGIM S&P 500 Buffer 20 ETF - August	4.33%	11.68%
PQOC PGIM Nasdaq-100 Buffer 12 ETF - October	9.01%	14.67%

Correlation

The correlation between PBAU and PQOC 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	0.91

The correlation between PBAU and PQOC has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

Return for Risk

PBAU vs. PQOC — Risk / Return Rank

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

PBAU

PBAU Risk / Return Rank: 87
PBAU Sharpe Ratio Rank: 85
PBAU Sortino Ratio Rank: 89
PBAU Omega Ratio Rank: 90
PBAU Calmar Ratio Rank: 80
PBAU Martin Ratio Rank: 91

PQOC

PQOC Risk / Return Rank: 73
PQOC Sharpe Ratio Rank: 75
PQOC Sortino Ratio Rank: 75
PQOC Omega Ratio Rank: 79
PQOC Calmar Ratio Rank: 63
PQOC Martin Ratio Rank: 75

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.

PBAU vs. PQOC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 20 ETF - August (PBAU) and PGIM Nasdaq-100 Buffer 12 ETF - October (PQOC). 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.

	PBAU	PQOC	Difference
Sharpe ratio: Return per unit of total volatility	2.76	2.40	+0.35
Sortino ratio: Return per unit of downside risk	4.09	3.31	+0.77
Omega ratio: Gain probability vs. loss probability	1.58	1.47	+0.11
Calmar ratio: Return relative to maximum drawdown	4.11	3.09	+1.02
Martin ratio: Return relative to average drawdown	21.83	14.07	+7.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBAU vs. PQOC - Sharpe Ratio Comparison

The current PBAU Sharpe Ratio is 2.76, which is comparable to the PQOC Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of PBAU and PQOC, 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

	PBAU	PQOC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.76	2.40	+0.35
Sharpe Ratio (All Time) Calculated using the full available price history	1.58	1.33	+0.25

Drawdowns

PBAU vs. PQOC - Drawdown Comparison

The maximum PBAU drawdown since its inception was -8.87%, smaller than the maximum PQOC drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for PBAU and PQOC.

Drawdown Indicators

	PBAU	PQOC	Difference
Max Drawdown Largest peak-to-trough decline	-8.87%	-13.71%	+4.84%
Max Drawdown (1Y) Largest decline over 1 year	-3.29%	-6.68%	+3.39%
Current Drawdown Current decline from peak	-0.05%	-0.06%	+0.01%
Average Drawdown Average peak-to-trough decline	-0.66%	-1.62%	+0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	1.46%	-0.84%

Volatility

PBAU vs. PQOC - Volatility Comparison

The current volatility for PGIM S&P 500 Buffer 20 ETF - August (PBAU) is 0.47%, while PGIM Nasdaq-100 Buffer 12 ETF - October (PQOC) has a volatility of 1.08%. This indicates that PBAU experiences smaller price fluctuations and is considered to be less risky than PQOC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBAU	PQOC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.47%	1.08%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	3.60%	6.76%	-3.16%
Volatility (1Y) Calculated over the trailing 1-year period	4.91%	8.60%	-3.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.21%	12.94%	-5.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.21%	12.94%	-5.73%

PBAU vs. PQOC - Expense Ratio Comparison

Both PBAU and PQOC have an expense ratio of 0.50%.

Dividends

PBAU vs. PQOC - Dividend Comparison

Neither PBAU nor PQOC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PBAU and PQOC in my portfolio?

With a correlation of 0.90, PBAU and PQOC 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, PBAU or PQOC?

PQOC has higher volatility (1.08%) compared to PBAU (0.47%). In terms of maximum drawdown, PBAU dropped -8.87% vs PQOC's -13.71%.

Which ETF is better, PBAU or PQOC?

On 1-year performance, PQOC leads with 20.55% vs 13.47% for PBAU. Both ETFs have the same 0.50% expense ratio. On volatility, PBAU has been the lower-risk option at 0.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBAU or PQOC?

Over the 1-year period, PQOC has performed better with a 20.55% return vs 13.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBAU or PQOC?

PBAU and PQOC have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, PBAU or PQOC?

PBAU and PQOC have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

PBAU currently has the higher Sharpe Ratio (2.76 vs 2.40), 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.