PBQQ vs. JEPQ

Last updated Jun 4, 2026

PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - PBQQ is a Defined Outcome fund actively managed by PGIM, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. PBQQ is actively managed, while JEPQ is passively managed. Over the past year, PBQQ returned 20.98% vs 29.00% for JEPQ. With a 0.95 correlation, they move nearly in lockstep. PBQQ charges 0.50%/yr vs 0.35%/yr for JEPQ.

Performance

PBQQ vs. JEPQ - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with PBQQ having a 9.10% return and JEPQ slightly higher at 9.54%.

PBQQ

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

JEPQ

• 1D: -0.10%
• 1M: 4.31%
• YTD: 9.54%
• 6M: 9.75%
• 1Y: 29.00%
• 3Y*: 20.92%
• 5Y*: —
• 10Y*: —

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

PBQQ vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	9.10%	15.44%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.54%	15.38%

Correlation

The correlation between PBQQ and JEPQ is 0.95, 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	0.95
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.95

The correlation between PBQQ and JEPQ has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

Return for Risk

PBQQ vs. JEPQ — 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

JEPQ

JEPQ Risk / Return Rank: 74
JEPQ Sharpe Ratio Rank: 74
JEPQ Sortino Ratio Rank: 71
JEPQ Omega Ratio Rank: 80
JEPQ Calmar Ratio Rank: 65
JEPQ 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. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). 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	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	2.94	2.49	+0.45
Sortino ratio: Return per unit of downside risk	4.33	3.29	+1.04
Omega ratio: Gain probability vs. loss probability	1.59	1.49	+0.10
Calmar ratio: Return relative to maximum drawdown	4.47	3.31	+1.17
Martin ratio: Return relative to average drawdown	21.36	16.22	+5.14
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. JEPQ - Sharpe Ratio Comparison

The current PBQQ Sharpe Ratio is 2.94, which is comparable to the JEPQ Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of PBQQ and JEPQ, 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	JEPQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.94	2.49	+0.45
Sharpe Ratio (All Time) Calculated using the full available price history	1.50	1.00	+0.50

Drawdowns

PBQQ vs. JEPQ - Drawdown Comparison

The maximum PBQQ drawdown since its inception was -12.92%, smaller than the maximum JEPQ drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for PBQQ and JEPQ.

Drawdown Indicators

	PBQQ	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-12.92%	-20.07%	+7.15%
Max Drawdown (1Y) Largest decline over 1 year	-4.71%	-8.82%	+4.11%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.07%	—
Current Drawdown Current decline from peak	-0.21%	-0.10%	-0.11%
Average Drawdown Average peak-to-trough decline	-1.26%	-3.42%	+2.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	1.79%	-0.81%

Volatility

PBQQ vs. JEPQ - Volatility Comparison

The current volatility for PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) is 1.07%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 1.26%. This indicates that PBQQ experiences smaller price fluctuations and is considered to be less risky than JEPQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBQQ	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	1.26%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	5.51%	9.07%	-3.56%
Volatility (1Y) Calculated over the trailing 1-year period	7.18%	11.73%	-4.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.88%	16.61%	-4.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.88%	16.61%	-4.73%

PBQQ vs. JEPQ - Expense Ratio Comparison

PBQQ has a 0.50% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

PBQQ vs. JEPQ - Dividend Comparison

PBQQ's dividend yield for the trailing twelve months is around 0.01%, less than JEPQ's 10.07% yield.

Position	TTM	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.07%	10.53%	9.65%	10.03%	9.44%
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 JEPQ in my portfolio?

With a correlation of 0.95, PBQQ and JEPQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PBQQ or JEPQ?

JEPQ has higher volatility (1.26%) compared to PBQQ (1.07%). In terms of maximum drawdown, PBQQ dropped -12.92% vs JEPQ's -20.07%.

Which ETF is better, PBQQ or JEPQ?

On 1-year performance, JEPQ leads with 29.00% vs 20.98% for PBQQ. On fees, JEPQ is cheaper at 0.35% 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.

Which ETF has performed better, PBQQ or JEPQ?

Over the 1-year period, JEPQ has performed better with a 29.00% return vs 20.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBQQ or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.50% for PBQQ.

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

JEPQ has the higher dividend yield at 10.07%, compared with 0.01% for PBQQ.

What is the main difference between PBQQ and JEPQ?

PBQQ is categorized as Defined Outcome, while JEPQ is Nasdaq-100. They also come from different issuers: PGIM and JPMorgan. Their fees differ too: 0.50% for PBQQ and 0.35% for JEPQ.

Which has better risk-adjusted returns?

PBQQ currently has the higher Sharpe Ratio (2.94 vs 2.49), 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.