PBQQ vs. DBE
PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - PBQQ is a Defined Outcome fund actively managed by PGIM, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. PBQQ is actively managed, while DBE is passively managed. Over the past year, PBQQ returned 20.98% vs 84.41% for DBE. At a correlation of -0.13, they often move in opposite directions. PBQQ charges 0.50%/yr vs 0.78%/yr for DBE.
Performance
PBQQ vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, PBQQ achieves a 9.10% return, which is significantly lower than DBE's 83.68% return.
PBQQ
- 1D
- -0.21%
- 1M
- 2.58%
- YTD
- 9.10%
- 6M
- 9.79%
- 1Y
- 20.98%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DBE
- 1D
- 2.33%
- 1M
- -5.45%
- YTD
- 83.68%
- 6M
- 74.95%
- 1Y
- 84.41%
- 3Y*
- 23.42%
- 5Y*
- 19.66%
- 10Y*
- 12.03%
PBQQ vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF | 9.10% | 15.44% |
DBE Invesco DB Energy Fund | 83.68% | -3.68% |
Correlation
The correlation between PBQQ and DBE is -0.31, 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 | -0.31 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025 | -0.13 |
The correlation between PBQQ and DBE shifts across timeframes, from -0.31 (1 year) to -0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PBQQ vs. DBE — Risk / Return Rank
PBQQ
DBE
PBQQ vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) and Invesco DB Energy Fund (DBE). 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.
| PBQQ | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.40 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 4.47 | 5.89 | -1.42 |
| Martin ratioReturn relative to average drawdown | 21.36 | 11.53 | +9.83 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PBQQ | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.94 | 2.43 | +0.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.50 | 0.09 | +1.41 |
Drawdowns
PBQQ vs. DBE - Drawdown Comparison
The maximum PBQQ drawdown since its inception was -12.92%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for PBQQ and DBE.
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Drawdown Indicators
| PBQQ | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.92% | -86.69% | +73.77% |
Max Drawdown (1Y)Largest decline over 1 year | -4.71% | -14.41% | +9.70% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.89% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -0.21% | -30.27% | +30.06% |
Average DrawdownAverage peak-to-trough decline | -1.26% | -57.31% | +56.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 7.35% | -6.37% |
Volatility
PBQQ vs. DBE - Volatility Comparison
The current volatility for PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) is 1.07%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that PBQQ experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBQQ | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 12.95% | -11.88% |
Volatility (6M)Calculated over the trailing 6-month period | 5.51% | 30.86% | -25.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.18% | 34.97% | -27.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.88% | 29.39% | -17.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.88% | 28.33% | -16.45% |
PBQQ vs. DBE - Expense Ratio Comparison
PBQQ has a 0.50% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
PBQQ vs. DBE - Dividend Comparison
PBQQ's dividend yield for the trailing twelve months is around 0.01%, less than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF | 0.01% | 0.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PBQQ and DBE have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.95%) compared to PBQQ (1.07%). In terms of maximum drawdown, PBQQ dropped -12.92% vs DBE's -86.69%.
On 1-year performance, DBE leads with 84.41% vs 20.98% for PBQQ. On fees, PBQQ is cheaper at 0.50% per year. On volatility, PBQQ has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DBE has performed better with a 84.41% return vs 20.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PBQQ is cheaper with a 0.50% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.10%, compared with 0.01% for PBQQ.
PBQQ is categorized as Defined Outcome, while DBE is Oil & Gas. They also come from different issuers: PGIM and Invesco. Their fees differ too: 0.50% for PBQQ and 0.78% for DBE.
PBQQ currently has the higher Sharpe Ratio (2.94 vs 2.43), 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.
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