PBMY vs. PQOC

Last updated Jun 4, 2026

PBMY (PGIM S&P 500 Buffer 20 ETF - May) and PQOC (PGIM Nasdaq-100 Buffer 12 ETF - October) are both Defined Outcome funds from PGIM. Both are actively managed. Over the past year, PBMY returned 10.11% vs 20.55% for PQOC. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

PBMY vs. PQOC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 20 ETF - May (PBMY) 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, PBMY achieves a 3.80% return, which is significantly lower than PQOC's 9.01% return.

PBMY

• 1D: -0.19%
• 1M: 1.80%
• YTD: 3.80%
• 6M: 4.61%
• 1Y: 10.11%
• 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)

PBMY vs. PQOC - Yearly Performance Comparison

	2026 (YTD)	2025
PBMY PGIM S&P 500 Buffer 20 ETF - May	3.80%	9.83%
PQOC PGIM Nasdaq-100 Buffer 12 ETF - October	9.01%	14.67%

Correlation

The correlation between PBMY and PQOC is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.85

The correlation between PBMY and PQOC has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

Return for Risk

PBMY vs. PQOC — Risk / Return Rank

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

PBMY

PBMY Risk / Return Rank: 96
PBMY Sharpe Ratio Rank: 93
PBMY Sortino Ratio Rank: 96
PBMY Omega Ratio Rank: 96
PBMY Calmar Ratio Rank: 96
PBMY Martin Ratio Rank: 97

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.

PBMY vs. PQOC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 20 ETF - May (PBMY) 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.

	PBMY	PQOC	Difference
Sharpe ratio: Return per unit of total volatility	3.42	2.40	+1.02
Sortino ratio: Return per unit of downside risk	5.42	3.31	+2.11
Omega ratio: Gain probability vs. loss probability	1.80	1.47	+0.33
Calmar ratio: Return relative to maximum drawdown	9.00	3.09	+5.91
Martin ratio: Return relative to average drawdown	50.32	14.07	+36.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBMY vs. PQOC - Sharpe Ratio Comparison

The current PBMY Sharpe Ratio is 3.42, which is higher than the PQOC Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of PBMY 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

	PBMY	PQOC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.42	2.40	+1.02
Sharpe Ratio (All Time) Calculated using the full available price history	1.58	1.33	+0.25

Drawdowns

PBMY vs. PQOC - Drawdown Comparison

The maximum PBMY drawdown since its inception was -8.11%, smaller than the maximum PQOC drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for PBMY and PQOC.

Drawdown Indicators

	PBMY	PQOC	Difference
Max Drawdown Largest peak-to-trough decline	-8.11%	-13.71%	+5.60%
Max Drawdown (1Y) Largest decline over 1 year	-1.13%	-6.68%	+5.55%
Current Drawdown Current decline from peak	-0.19%	-0.06%	-0.13%
Average Drawdown Average peak-to-trough decline	-0.39%	-1.62%	+1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	1.46%	-1.26%

Volatility

PBMY vs. PQOC - Volatility Comparison

The current volatility for PGIM S&P 500 Buffer 20 ETF - May (PBMY) is 0.92%, while PGIM Nasdaq-100 Buffer 12 ETF - October (PQOC) has a volatility of 1.08%. This indicates that PBMY 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

	PBMY	PQOC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	1.08%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	2.21%	6.76%	-4.55%
Volatility (1Y) Calculated over the trailing 1-year period	2.97%	8.60%	-5.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.16%	12.94%	-5.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.16%	12.94%	-5.78%

PBMY vs. PQOC - Expense Ratio Comparison

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

Dividends

PBMY vs. PQOC - Dividend Comparison

PBMY's dividend yield for the trailing twelve months is around 0.07%, while PQOC has not paid dividends to shareholders.

Position	TTM	2025
PBMY PGIM S&P 500 Buffer 20 ETF - May	0.07%	0.08%
PQOC PGIM Nasdaq-100 Buffer 12 ETF - October	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBMY and PQOC in my portfolio?

PBMY and PQOC have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBMY or PQOC?

PQOC has higher volatility (1.08%) compared to PBMY (0.92%). In terms of maximum drawdown, PBMY dropped -8.11% vs PQOC's -13.71%.

Which ETF is better, PBMY or PQOC?

On 1-year performance, PQOC leads with 20.55% vs 10.11% for PBMY. Both ETFs have the same 0.50% expense ratio. On volatility, PBMY has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBMY or PQOC?

Over the 1-year period, PQOC has performed better with a 20.55% return vs 10.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBMY or PQOC?

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

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

PBMY has the higher dividend yield at 0.07%, compared with 0.00% for PQOC.

Which has better risk-adjusted returns?

PBMY currently has the higher Sharpe Ratio (3.42 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.