PBMR vs. QBUL

Last updated Aug 5, 2026

PBMR (PGIM US Large-Cap Buffer 20 ETF - March) and QBUL (TrueShares Quarterly Bull Hedge ETF) are both Options Trading funds. Both are actively managed. Over the past year, PBMR returned 11.46% vs 3.81% for QBUL. Their 0.63 correlation means they have sometimes moved together and sometimes differently. PBMR charges 0.50%/yr vs 0.79%/yr for QBUL.

Performance

PBMR vs. QBUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 20 ETF - March (PBMR) and TrueShares Quarterly Bull Hedge ETF (QBUL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBMR achieves a 6.56% return, which is significantly higher than QBUL's 2.24% return.

PBMR

• 1D: 0.36%
• 1M: 1.31%
• 6M: 5.88%
• YTD: 6.56%
• 1Y: 11.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.26%

QBUL

• 1D: 0.87%
• 1M: 0.93%
• 6M: 2.55%
• YTD: 2.24%
• 1Y: 3.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.68%

*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)
PBMR PGIM US Large-Cap Buffer 20 ETF - March	$154.45K	$120.22K	$305.94K
QBUL TrueShares Quarterly Bull Hedge ETF	$1.95M	$909.71K	$687.91K

PBMR vs. QBUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBMR PGIM US Large-Cap Buffer 20 ETF - March	6.56%	10.89%	5.33%
QBUL TrueShares Quarterly Bull Hedge ETF	2.24%	4.87%	0.58%

Correlation

The correlation between PBMR and QBUL is 0.70, 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.	0.70
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024	0.63

The correlation between PBMR and QBUL has been stable across timeframes, ranging from 0.63 to 0.70 - a consistent structural relationship.

Return for Risk

PBMR vs. QBUL — Risk / Return Rank

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

PBMR

PBMR Risk / Return Rank: 91
PBMR Sharpe Ratio Rank: 92
PBMR Sortino Ratio Rank: 94
PBMR Omega Ratio Rank: 94
PBMR Calmar Ratio Rank: 83
PBMR Martin Ratio Rank: 94

QBUL

QBUL Risk / Return Rank: 34
QBUL Sharpe Ratio Rank: 36
QBUL Sortino Ratio Rank: 33
QBUL Omega Ratio Rank: 34
QBUL Calmar Ratio Rank: 39
QBUL Martin Ratio Rank: 29

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.

PBMR vs. QBUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 20 ETF - March (PBMR) and TrueShares Quarterly Bull Hedge ETF (QBUL). 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.

	PBMR	QBUL	Difference
Sharpe ratio: Return per unit of total volatility	2.58	0.98	+1.59
Sortino ratio: Return per unit of downside risk	3.88	1.40	+2.48
Omega ratio: Gain probability vs. loss probability	1.55	1.18	+0.36
Calmar ratio: Return relative to maximum drawdown	3.46	1.56	+1.90
Martin ratio: Return relative to average drawdown	19.58	2.77	+16.81

PBMR vs. QBUL - Sharpe Ratio Comparison

The current PBMR Sharpe Ratio is 2.58, which is higher than the QBUL Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of PBMR and QBUL, 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

PBMR vs. QBUL - Drawdown Comparison

The maximum PBMR drawdown since its inception was -7.64%, which is greater than QBUL's maximum drawdown of -2.45%. Use the drawdown chart below to compare losses from any high point for PBMR and QBUL.

Drawdown Indicators

	PBMR	QBUL	Difference
Max Drawdown Largest peak-to-trough decline	-7.64%	-2.45%	-5.19%
Max Drawdown (1Y) Largest decline over 1 year	-3.33%	-2.45%	-0.88%
Current Drawdown Current decline from peak	0.00%	-0.56%	+0.56%
Average Drawdown Average peak-to-trough decline	-0.49%	-1.01%	+0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	1.38%	-0.79%

Volatility

PBMR vs. QBUL - Volatility Comparison

PGIM US Large-Cap Buffer 20 ETF - March (PBMR) has a higher volatility of 1.54% compared to TrueShares Quarterly Bull Hedge ETF (QBUL) at 1.18%. This indicates that PBMR's price experiences larger fluctuations and is considered to be riskier than QBUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBMR	QBUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.54%	1.18%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	3.85%	2.86%	+0.99%
Volatility (1Y) Calculated over the trailing 1-year period	4.50%	3.93%	+0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.50%	3.91%	+2.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.50%	3.91%	+2.59%

PBMR vs. QBUL - Expense Ratio Comparison

PBMR has a 0.50% expense ratio, which is lower than QBUL's 0.79% expense ratio.

Dividends

PBMR vs. QBUL - Dividend Comparison

PBMR has not paid dividends to shareholders, while QBUL's dividend yield for the trailing twelve months is around 8.75%.

Position	TTM	2025	2024
PBMR PGIM US Large-Cap Buffer 20 ETF - March	0.00%	0.00%	0.00%
QBUL TrueShares Quarterly Bull Hedge ETF	8.75%	8.94%	1.82%

Frequently Asked Questions

Can I hold both PBMR and QBUL in my portfolio?

PBMR and QBUL have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBMR or QBUL?

PBMR has higher volatility (1.54%) compared to QBUL (1.18%). In terms of maximum drawdown, PBMR dropped -7.64% vs QBUL's -2.45%.

Which ETF is better, PBMR or QBUL?

On 1-year performance, PBMR leads with 11.46% vs 3.81% for QBUL. On fees, PBMR is cheaper at 0.50% per year. On volatility, QBUL has been the lower-risk option at 1.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBMR or QBUL?

Over the 1-year period, PBMR has performed better with a 11.46% return vs 3.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBMR or QBUL?

PBMR is cheaper with a 0.50% expense ratio, compared with 0.79% for QBUL.

Which ETF pays a higher dividend yield, PBMR or QBUL?

QBUL has the higher dividend yield at 8.75%, compared with 0.00% for PBMR.

What is the main difference between PBMR and QBUL?

They also come from different issuers: PGIM and TrueShares. Their fees differ too: 0.50% for PBMR and 0.79% for QBUL.

Which has better risk-adjusted returns?

PBMR currently has the higher Sharpe Ratio (2.58 vs 0.98), 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.