PBQQ vs. FBUF

Last updated Jun 4, 2026

PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) and FBUF (Fidelity Dynamic Buffered Equity ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, PBQQ returned 20.98% vs 19.61% for FBUF. Their correlation of 0.90 suggests significant overlap in exposure. PBQQ charges 0.50%/yr vs 0.48%/yr for FBUF.

Performance

PBQQ vs. FBUF - Performance Comparison

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

Returns By Period

In the year-to-date period, PBQQ achieves a 9.10% return, which is significantly higher than FBUF's 5.32% return.

PBQQ

• 1D: -0.21%
• 1M: 2.58%
• YTD: 9.10%
• 6M: 9.79%
• 1Y: 20.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBUF

• 1D: -0.12%
• 1M: 2.85%
• YTD: 5.32%
• 6M: 6.28%
• 1Y: 19.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBQQ vs. FBUF - Yearly Performance Comparison

	2026 (YTD)	2025
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	9.10%	15.44%
FBUF Fidelity Dynamic Buffered Equity ETF	5.32%	14.10%

Correlation

The correlation between PBQQ and FBUF is 0.87, 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	0.87
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.90

The correlation between PBQQ and FBUF has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

Return for Risk

PBQQ vs. FBUF — Risk / Return Rank

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

PBQQ

PBQQ Risk / Return Rank: 89
PBQQ Sharpe Ratio Rank: 88
PBQQ Sortino Ratio Rank: 91
PBQQ Omega Ratio Rank: 91
PBQQ Calmar Ratio Rank: 83
PBQQ Martin Ratio Rank: 91

FBUF

FBUF Risk / Return Rank: 79
FBUF Sharpe Ratio Rank: 80
FBUF Sortino Ratio Rank: 79
FBUF Omega Ratio Rank: 86
FBUF Calmar Ratio Rank: 70
FBUF Martin Ratio Rank: 80

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. FBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) and Fidelity Dynamic Buffered Equity ETF (FBUF). 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	FBUF	Difference
Sharpe ratio Return per unit of total volatility	2.94	2.63	+0.31
Sortino ratio Return per unit of downside risk	4.33	3.55	+0.78
Omega ratio Gain probability vs. loss probability	1.59	1.53	+0.06
Calmar ratio Return relative to maximum drawdown	4.47	3.51	+0.96
Martin ratio Return relative to average drawdown	21.36	15.68	+5.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBQQ vs. FBUF - Sharpe Ratio Comparison

The current PBQQ Sharpe Ratio is 2.94, which is comparable to the FBUF Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of PBQQ and FBUF, 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

	PBQQ	FBUF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.94	2.63	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	1.50	1.47	+0.03

Drawdowns

PBQQ vs. FBUF - Drawdown Comparison

The maximum PBQQ drawdown since its inception was -12.92%, which is greater than FBUF's maximum drawdown of -11.09%. Use the drawdown chart below to compare losses from any high point for PBQQ and FBUF.

Drawdown Indicators

	PBQQ	FBUF	Difference
Max Drawdown Largest peak-to-trough decline	-12.92%	-11.09%	-1.83%
Max Drawdown (1Y) Largest decline over 1 year	-4.71%	-5.61%	+0.90%
Current Drawdown Current decline from peak	-0.21%	-0.22%	+0.01%
Average Drawdown Average peak-to-trough decline	-1.26%	-1.38%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	1.25%	-0.27%

Volatility

PBQQ vs. FBUF - Volatility Comparison

PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) and Fidelity Dynamic Buffered Equity ETF (FBUF) have volatilities of 1.07% and 1.11%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBQQ	FBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	1.11%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	5.51%	5.37%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	7.18%	7.49%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.88%	9.55%	+2.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.88%	9.55%	+2.33%

PBQQ vs. FBUF - Expense Ratio Comparison

PBQQ has a 0.50% expense ratio, which is higher than FBUF's 0.48% expense ratio.

Dividends

PBQQ vs. FBUF - Dividend Comparison

PBQQ's dividend yield for the trailing twelve months is around 0.01%, less than FBUF's 0.63% yield.

Position	TTM	2025	2024
FBUF Fidelity Dynamic Buffered Equity ETF	0.63%	0.64%	0.54%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	0.01%	0.01%	0.00%

Frequently Asked Questions

Can I hold both PBQQ and FBUF in my portfolio?

PBQQ and FBUF have a correlation of 0.87, 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 FBUF?

FBUF has higher volatility (1.11%) compared to PBQQ (1.07%). In terms of maximum drawdown, PBQQ dropped -12.92% vs FBUF's -11.09%.

Which ETF is better, PBQQ or FBUF?

On 1-year performance, PBQQ leads with 20.98% vs 19.61% for FBUF. On fees, FBUF is cheaper at 0.48% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBQQ or FBUF?

Over the 1-year period, PBQQ has performed better with a 20.98% return vs 19.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBQQ or FBUF?

FBUF is cheaper with a 0.48% expense ratio, compared with 0.50% for PBQQ.

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

FBUF has the higher dividend yield at 0.63%, compared with 0.01% for PBQQ.

What is the main difference between PBQQ and FBUF?

They also come from different issuers: PGIM and Fidelity. Their fees differ too: 0.50% for PBQQ and 0.48% for FBUF.

Which has better risk-adjusted returns?

PBQQ currently has the higher Sharpe Ratio (2.94 vs 2.63), 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.