PBQQ vs. BITI

Last updated Jul 14, 2026

PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - PBQQ is a Defined Outcome fund actively managed by PGIM, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. PBQQ is actively managed, while BITI is passively managed. Over the past year, PBQQ returned 16.37% vs 68.34% for BITI. At a correlation of -0.47, they often move in opposite directions. PBQQ charges 0.50%/yr vs 1.03%/yr for BITI.

Performance

PBQQ vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) and ProShares Short Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBQQ achieves a 8.45% return, which is significantly lower than BITI's 28.75% return.

PBQQ

• 1D: -0.63%
• 1M: 0.03%
• 6M: 7.69%
• YTD: 8.45%
• 1Y: 16.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: 2.65%
• 1M: 1.46%
• 6M: 34.68%
• YTD: 28.75%
• 1Y: 68.34%
• 3Y*: -30.65%
• 5Y*: —
• 10Y*: —

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

PBQQ vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	8.45%	15.44%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%

Correlation

The correlation between PBQQ and BITI is -0.47, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.47
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	-0.47

Return for Risk

PBQQ vs. BITI — Risk / Return Rank

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

PBQQ

PBQQ Risk / Return Rank: 87
PBQQ Sharpe Ratio Rank: 87
PBQQ Sortino Ratio Rank: 89
PBQQ Omega Ratio Rank: 88
PBQQ Calmar Ratio Rank: 82
PBQQ Martin Ratio Rank: 90

BITI

BITI Risk / Return Rank: 57
BITI Sharpe Ratio Rank: 58
BITI Sortino Ratio Rank: 55
BITI Omega Ratio Rank: 50
BITI Calmar Ratio Rank: 68
BITI Martin Ratio Rank: 51

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.

PBQQ vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) and ProShares Short Bitcoin ETF (BITI). 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.

	PBQQ	BITI	Difference
Sharpe ratio: Return per unit of total volatility	2.23	1.56	+0.67
Sortino ratio: Return per unit of downside risk	3.25	2.13	+1.12
Omega ratio: Gain probability vs. loss probability	1.43	1.26	+0.17
Calmar ratio: Return relative to maximum drawdown	3.49	2.72	+0.77
Martin ratio: Return relative to average drawdown	16.11	6.78	+9.33

PBQQ vs. BITI - Sharpe Ratio Comparison

The current PBQQ Sharpe Ratio is 2.23, which is higher than the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of PBQQ and BITI, 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

PBQQ vs. BITI - Drawdown Comparison

The maximum PBQQ drawdown since its inception was -12.92%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for PBQQ and BITI.

Drawdown Indicators

	PBQQ	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-12.92%	-92.16%	+79.24%
Max Drawdown (1Y) Largest decline over 1 year	-4.71%	-25.28%	+20.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-0.80%	-85.94%	+85.14%
Average Drawdown Average peak-to-trough decline	-1.22%	-68.34%	+67.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	10.11%	-9.09%

Volatility

PBQQ vs. BITI - Volatility Comparison

The current volatility for PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) is 2.33%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that PBQQ experiences smaller price fluctuations and is considered to be less risky than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBQQ	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.33%	11.38%	-9.05%
Volatility (6M) Calculated over the trailing 6-month period	5.97%	34.25%	-28.28%
Volatility (1Y) Calculated over the trailing 1-year period	7.40%	44.14%	-36.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.67%	52.28%	-40.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.67%	52.28%	-40.61%

PBQQ vs. BITI - Expense Ratio Comparison

PBQQ has a 0.50% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

PBQQ vs. BITI - Dividend Comparison

PBQQ's dividend yield for the trailing twelve months is around 0.01%, less than BITI's 15.10% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.10%	1.60%	3.91%	3.33%	0.06%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	0.01%	0.01%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBQQ and BITI in my portfolio?

PBQQ and BITI have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBQQ or BITI?

BITI has higher volatility (11.38%) compared to PBQQ (2.33%). In terms of maximum drawdown, PBQQ dropped -12.92% vs BITI's -92.16%.

Which ETF is better, PBQQ or BITI?

On 1-year performance, BITI leads with 68.34% vs 16.37% for PBQQ. On fees, PBQQ is cheaper at 0.50% per year. On volatility, PBQQ has been the lower-risk option at 2.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBQQ or BITI?

Over the 1-year period, BITI has performed better with a 68.34% return vs 16.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBQQ or BITI?

PBQQ is cheaper with a 0.50% expense ratio, compared with 1.03% for BITI.

Which ETF pays a higher dividend yield, PBQQ or BITI?

BITI has the higher dividend yield at 15.10%, compared with 0.01% for PBQQ.

What is the main difference between PBQQ and BITI?

PBQQ is categorized as Defined Outcome, while BITI is Cryptocurrency. They also come from different issuers: PGIM and ProShares. Their fees differ too: 0.50% for PBQQ and 1.03% for BITI.

Which has better risk-adjusted returns?

PBQQ currently has the higher Sharpe Ratio (2.23 vs 1.56), 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.