PBFR vs. QB

Last updated Aug 4, 2026

PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) and QB (ProShares Nasdaq-100 Dynamic Daily Buffer ETF) are both Defined Outcome funds. PBFR is actively managed, while QB is passively managed. Over the past year, PBFR returned 11.38% vs 21.91% for QB. Their 0.71 correlation means they have sometimes moved together and sometimes differently. PBFR charges 0.50%/yr vs 0.58%/yr for QB.

Performance

PBFR vs. QB - 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 ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBFR achieves a 5.89% return, which is significantly lower than QB's 14.64% return.

PBFR

• 1D: 0.50%
• 1M: 1.01%
• 6M: 5.06%
• YTD: 5.89%
• 1Y: 11.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.34%

QB

• 1D: 0.70%
• 1M: 3.21%
• 6M: 13.78%
• YTD: 14.64%
• 1Y: 21.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.42%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	$1.32M	$1.10M	$1.64M
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	$54.65K	$36.90K	$152.33K

PBFR vs. QB - Yearly Performance Comparison

	2026 (YTD)	2025
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	5.89%	6.63%
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	14.64%	6.10%

Correlation

The correlation between PBFR and QB is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.71

The correlation between PBFR and QB has been stable across timeframes, ranging from 0.71 to 0.72 - a consistent structural relationship.

PBFR vs. QB - Sectors Allocation Comparison

Sectors	PBFR	QB
Technology	37.9%	49.9%
Financial Services	11.7%	0.2%
Communication Services	10.0%	16.4%
Consumer Cyclical	9.6%	12.5%
Healthcare	9.1%	5.3%
Industrials	8.4%	3.7%
Consumer Defensive	4.6%	8.6%
Energy	3.0%	0.6%
Utilities	2.3%	1.6%
Real Estate	1.9%	0.1%
Basic Materials	1.7%	1.3%

Return for Risk

PBFR vs. QB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PBFR

PBFR Risk / Return Rank: 93
PBFR Sharpe Ratio Rank: 93
PBFR Sortino Ratio Rank: 94
PBFR Omega Ratio Rank: 95
PBFR Calmar Ratio Rank: 90
PBFR Martin Ratio Rank: 95

QB

QB Risk / Return Rank: 96
QB Sharpe Ratio Rank: 96
QB Sortino Ratio Rank: 96
QB Omega Ratio Rank: 97
QB Calmar Ratio Rank: 96
QB Martin Ratio Rank: 97

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PBFR vs. QB - 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 ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB). 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.

	PBFR	QB	Difference
Sharpe ratio: Return per unit of total volatility	2.60	3.03	-0.44
Sortino ratio: Return per unit of downside risk	3.78	4.51	-0.74
Omega ratio: Gain probability vs. loss probability	1.55	1.73	-0.18
Calmar ratio: Return relative to maximum drawdown	4.06	6.33	-2.28
Martin ratio: Return relative to average drawdown	20.65	30.39	-9.74

PBFR vs. QB - Sharpe Ratio Comparison

The current PBFR Sharpe Ratio is 2.60, which is comparable to the QB Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of PBFR and QB, 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

PBFR vs. QB - Drawdown Comparison

The maximum PBFR drawdown since its inception was -8.50%, which is greater than QB's maximum drawdown of -3.47%. Use the drawdown chart below to compare losses from any high point for PBFR and QB.

Drawdown Indicators

	PBFR	QB	Difference
Max Drawdown Largest peak-to-trough decline	-8.50%	-3.47%	-5.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-3.47%	+0.65%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.61%	-0.42%	-0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	0.72%	-0.17%

Volatility

PBFR vs. QB - Volatility Comparison

The current volatility for PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) is 1.33%, while ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB) has a volatility of 2.38%. This indicates that PBFR experiences smaller price fluctuations and is considered to be less risky than QB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBFR	QB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	2.38%	-1.05%
Volatility (6M) Calculated over the trailing 6-month period	3.65%	6.06%	-2.41%
Volatility (1Y) Calculated over the trailing 1-year period	4.41%	7.27%	-2.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.74%	7.02%	-0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.74%	7.02%	-0.28%

PBFR vs. QB - Expense Ratio Comparison

PBFR has a 0.50% expense ratio, which is lower than QB's 0.58% expense ratio.

Dividends

PBFR vs. QB - Dividend Comparison

PBFR's dividend yield for the trailing twelve months is around 0.01%, less than QB's 0.76% yield.

Position	TTM	2025	2024
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	0.01%	0.01%	0.01%
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	0.76%	0.48%	0.00%

Frequently Asked Questions

Can I hold both PBFR and QB in my portfolio?

PBFR and QB have a correlation of 0.72, 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 QB?

QB has higher volatility (2.38%) compared to PBFR (1.33%). In terms of maximum drawdown, PBFR dropped -8.50% vs QB's -3.47%.

Which ETF is better, PBFR or QB?

On 1-year performance, QB leads with 21.91% vs 11.38% for PBFR. On fees, PBFR is cheaper at 0.50% per year. On volatility, PBFR has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBFR or QB?

Over the 1-year period, QB has performed better with a 21.91% return vs 11.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBFR or QB?

PBFR is cheaper with a 0.50% expense ratio, compared with 0.58% for QB.

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

QB has the higher dividend yield at 0.76%, compared with 0.01% for PBFR.

What is the main difference between PBFR and QB?

They also come from different issuers: PGIM and ProShares. Their fees differ too: 0.50% for PBFR and 0.58% for QB.

Which has better risk-adjusted returns?

QB currently has the higher Sharpe Ratio (3.03 vs 2.60), 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.