PBNV vs. QB

Last updated Aug 4, 2026

PBNV (PGIM S&P 500 Buffer 20 ETF - November) and QB (ProShares Nasdaq-100 Dynamic Daily Buffer ETF) are both Defined Outcome funds. PBNV is actively managed, while QB is passively managed. Over the past year, PBNV returned 11.41% vs 21.91% for QB. Their 0.69 correlation means they have sometimes moved together and sometimes differently. PBNV charges 0.50%/yr vs 0.58%/yr for QB.

Performance

PBNV vs. QB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 20 ETF - November (PBNV) 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, PBNV achieves a 6.58% return, which is significantly lower than QB's 14.64% return.

PBNV

• 1D: 0.67%
• 1M: 1.16%
• 6M: 5.54%
• YTD: 6.58%
• 1Y: 11.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.81%

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)
PBNV PGIM S&P 500 Buffer 20 ETF - November	$122.20K	$91.12K	$130.60K
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	$54.65K	$36.90K	$152.33K

PBNV vs. QB - Yearly Performance Comparison

	2026 (YTD)	2025
PBNV PGIM S&P 500 Buffer 20 ETF - November	6.58%	5.84%
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	14.64%	6.10%

Correlation

The correlation between PBNV and QB is 0.69, 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.	0.69
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.69

The correlation between PBNV and QB has been stable across timeframes, ranging from 0.69 to 0.69 - a consistent structural relationship.

Return for Risk

PBNV vs. QB — Risk / Return Rank

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

PBNV

PBNV Risk / Return Rank: 83
PBNV Sharpe Ratio Rank: 83
PBNV Sortino Ratio Rank: 85
PBNV Omega Ratio Rank: 88
PBNV Calmar Ratio Rank: 73
PBNV Martin Ratio Rank: 86

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.

PBNV vs. QB - Risk-Adjusted Trends Comparison

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

	PBNV	QB	Difference
Sharpe ratio: Return per unit of total volatility	2.12	3.03	-0.92
Sortino ratio: Return per unit of downside risk	3.07	4.51	-1.45
Omega ratio: Gain probability vs. loss probability	1.43	1.73	-0.29
Calmar ratio: Return relative to maximum drawdown	2.82	6.33	-3.51
Martin ratio: Return relative to average drawdown	13.86	30.39	-16.53

PBNV vs. QB - Sharpe Ratio Comparison

The current PBNV Sharpe Ratio is 2.12, which is lower than the QB Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of PBNV 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

PBNV vs. QB - Drawdown Comparison

The maximum PBNV drawdown since its inception was -8.37%, which is greater than QB's maximum drawdown of -3.47%. Use the drawdown chart below to compare losses from any high point for PBNV and QB.

Drawdown Indicators

	PBNV	QB	Difference
Max Drawdown Largest peak-to-trough decline	-8.37%	-3.47%	-4.90%
Max Drawdown (1Y) Largest decline over 1 year	-4.06%	-3.47%	-0.59%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.66%	-0.42%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	0.72%	+0.10%

Volatility

PBNV vs. QB - Volatility Comparison

The current volatility for PGIM S&P 500 Buffer 20 ETF - November (PBNV) is 1.84%, while ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB) has a volatility of 2.38%. This indicates that PBNV 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

	PBNV	QB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.84%	2.38%	-0.54%
Volatility (6M) Calculated over the trailing 6-month period	4.64%	6.06%	-1.42%
Volatility (1Y) Calculated over the trailing 1-year period	5.43%	7.27%	-1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.90%	7.02%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.90%	7.02%	-0.12%

PBNV vs. QB - Expense Ratio Comparison

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

Dividends

PBNV vs. QB - Dividend Comparison

PBNV has not paid dividends to shareholders, while QB's dividend yield for the trailing twelve months is around 0.76%.

Position	TTM	2025
PBNV PGIM S&P 500 Buffer 20 ETF - November	0.00%	0.00%
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	0.76%	0.48%

Frequently Asked Questions

Can I hold both PBNV and QB in my portfolio?

PBNV and QB have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBNV or QB?

QB has higher volatility (2.38%) compared to PBNV (1.84%). In terms of maximum drawdown, PBNV dropped -8.37% vs QB's -3.47%.

Which ETF is better, PBNV or QB?

On 1-year performance, QB leads with 21.91% vs 11.41% for PBNV. On fees, PBNV is cheaper at 0.50% per year. On volatility, PBNV has been the lower-risk option at 1.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBNV or QB?

Over the 1-year period, QB has performed better with a 21.91% return vs 11.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBNV or QB?

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

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

QB has the higher dividend yield at 0.76%, compared with 0.00% for PBNV.

What is the main difference between PBNV and QB?

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

Which has better risk-adjusted returns?

QB currently has the higher Sharpe Ratio (3.03 vs 2.12), 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.