PBFR vs. PQAP

Last updated Jun 4, 2026

PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both Defined Outcome funds from PGIM. Both are actively managed. Over the past year, PBFR returned 12.83% vs 21.47% for PQAP. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

PBFR vs. PQAP - Performance Comparison

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

Returns By Period

In the year-to-date period, PBFR achieves a 4.52% return, which is significantly lower than PQAP's 12.09% return.

PBFR

• 1D: -0.16%
• 1M: 1.58%
• YTD: 4.52%
• 6M: 5.34%
• 1Y: 12.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PQAP

• 1D: -0.12%
• 1M: 2.44%
• YTD: 12.09%
• 6M: 13.01%
• 1Y: 21.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBFR vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	4.52%	10.36%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	12.09%	14.48%

Correlation

The correlation between PBFR and PQAP is 0.83, 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	0.83
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.85

The correlation between PBFR and PQAP has been stable across timeframes, ranging from 0.83 to 0.85 - a consistent structural relationship.

Return for Risk

PBFR vs. PQAP — Risk / Return Rank

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

PBFR

PBFR Risk / Return Rank: 90
PBFR Sharpe Ratio Rank: 88
PBFR Sortino Ratio Rank: 91
PBFR Omega Ratio Rank: 93
PBFR Calmar Ratio Rank: 84
PBFR Martin Ratio Rank: 93

PQAP

PQAP Risk / Return Rank: 98
PQAP Sharpe Ratio Rank: 97
PQAP Sortino Ratio Rank: 98
PQAP Omega Ratio Rank: 98
PQAP Calmar Ratio Rank: 98
PQAP Martin Ratio Rank: 98

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.

PBFR vs. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) and PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP). 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.

	PBFR	PQAP	Difference
Sharpe ratio: Return per unit of total volatility	2.99	4.86	-1.87
Sortino ratio: Return per unit of downside risk	4.36	8.47	-4.11
Omega ratio: Gain probability vs. loss probability	1.66	2.20	-0.54
Calmar ratio: Return relative to maximum drawdown	4.57	15.50	-10.92
Martin ratio: Return relative to average drawdown	24.09	86.25	-62.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBFR vs. PQAP - Sharpe Ratio Comparison

The current PBFR Sharpe Ratio is 2.99, which is lower than the PQAP Sharpe Ratio of 4.86. The chart below compares the historical Sharpe Ratios of PBFR and PQAP, 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

	PBFR	PQAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	4.86	-1.87
Sharpe Ratio (All Time) Calculated using the full available price history	1.54	1.76	-0.22

Drawdowns

PBFR vs. PQAP - Drawdown Comparison

The maximum PBFR drawdown since its inception was -8.50%, smaller than the maximum PQAP drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for PBFR and PQAP.

Drawdown Indicators

	PBFR	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-8.50%	-10.79%	+2.29%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-1.39%	-1.43%
Current Drawdown Current decline from peak	-0.16%	-0.12%	-0.04%
Average Drawdown Average peak-to-trough decline	-0.63%	-0.60%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	0.25%	+0.28%

Volatility

PBFR vs. PQAP - Volatility Comparison

The current volatility for PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) is 0.64%, while PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) has a volatility of 1.02%. This indicates that PBFR experiences smaller price fluctuations and is considered to be less risky than PQAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBFR	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	1.02%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	3.34%	3.09%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	4.33%	4.45%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.89%	11.03%	-4.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.89%	11.03%	-4.14%

PBFR vs. PQAP - Expense Ratio Comparison

Both PBFR and PQAP have an expense ratio of 0.50%.

Dividends

PBFR vs. PQAP - Dividend Comparison

PBFR's dividend yield for the trailing twelve months is around 0.01%, less than PQAP's 0.02% yield.

Position	TTM	2025	2024
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	0.01%	0.01%	0.01%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%	0.00%

Frequently Asked Questions

Can I hold both PBFR and PQAP in my portfolio?

PBFR and PQAP have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBFR or PQAP?

PQAP has higher volatility (1.02%) compared to PBFR (0.64%). In terms of maximum drawdown, PBFR dropped -8.50% vs PQAP's -10.79%.

Which ETF is better, PBFR or PQAP?

On 1-year performance, PQAP leads with 21.47% vs 12.83% for PBFR. Both ETFs have the same 0.50% expense ratio. On volatility, PBFR has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBFR or PQAP?

Over the 1-year period, PQAP has performed better with a 21.47% return vs 12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBFR or PQAP?

PBFR and PQAP have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, PBFR or PQAP?

PQAP has the higher dividend yield at 0.02%, compared with 0.01% for PBFR.

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (4.86 vs 2.99), 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.