PBQQ vs. PHYL

Last updated Aug 2, 2026

PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) and PHYL (PGIM Active High Yield Bond ETF) are both exchange-traded funds - PBQQ is a Defined Outcome fund actively managed by PGIM, while PHYL is a High Yield Bonds fund actively managed by PGIM. Both are actively managed. Over the past year, PBQQ returned 15.21% vs 4.95% for PHYL. Their 0.63 correlation means they have sometimes moved together and sometimes differently. PBQQ charges 0.50%/yr vs 0.53%/yr for PHYL.

Performance

PBQQ vs. PHYL - Performance Comparison

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

Returns By Period

In the year-to-date period, PBQQ achieves a 7.67% return, which is significantly higher than PHYL's 1.43% return.

PBQQ

• 1D: 0.51%
• 1M: -0.58%
• 6M: 6.95%
• YTD: 7.67%
• 1Y: 15.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.82%

PHYL

• 1D: -0.06%
• 1M: -0.59%
• 6M: 0.81%
• YTD: 1.43%
• 1Y: 4.95%
• 3Y*: 8.48%
• 5Y*: 3.85%
• 10Y*: —
• ALL TIME*: 5.34%

*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)
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	$349.13K	$445.65K	$905.94K
PHYL PGIM Active High Yield Bond ETF	$11.83M	$9.14M	$6.26M

PBQQ vs. PHYL - Yearly Performance Comparison

	2026 (YTD)	2025
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	7.67%	15.44%
PHYL PGIM Active High Yield Bond ETF	1.43%	9.65%

Correlation

The correlation between PBQQ and PHYL is 0.64, 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.	0.64
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.63

The correlation between PBQQ and PHYL has been stable across timeframes, ranging from 0.63 to 0.64 - a consistent structural relationship.

Return for Risk

PBQQ vs. PHYL — Risk / Return Rank

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

PBQQ

PBQQ Risk / Return Rank: 82
PBQQ Sharpe Ratio Rank: 79
PBQQ Sortino Ratio Rank: 82
PBQQ Omega Ratio Rank: 81
PBQQ Calmar Ratio Rank: 82
PBQQ Martin Ratio Rank: 87

PHYL

PHYL Risk / Return Rank: 64
PHYL Sharpe Ratio Rank: 64
PHYL Sortino Ratio Rank: 67
PHYL Omega Ratio Rank: 67
PHYL Calmar Ratio Rank: 52
PHYL Martin Ratio Rank: 68

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.

PBQQ vs. PHYL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) and PGIM Active High Yield Bond ETF (PHYL). 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	PHYL	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.48	+0.35
Sortino ratio: Return per unit of downside risk	2.68	2.18	+0.50
Omega ratio: Gain probability vs. loss probability	1.34	1.28	+0.06
Calmar ratio: Return relative to maximum drawdown	3.02	1.86	+1.15
Martin ratio: Return relative to average drawdown	12.86	8.21	+4.65

PBQQ vs. PHYL - Sharpe Ratio Comparison

The current PBQQ Sharpe Ratio is 1.82, which is comparable to the PHYL Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of PBQQ and PHYL, 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. PHYL - Drawdown Comparison

The maximum PBQQ drawdown since its inception was -12.92%, smaller than the maximum PHYL drawdown of -22.07%. Use the drawdown chart below to compare losses from any high point for PBQQ and PHYL.

Drawdown Indicators

	PBQQ	PHYL	Difference
Max Drawdown Largest peak-to-trough decline	-12.92%	-22.07%	+9.15%
Max Drawdown (1Y) Largest decline over 1 year	-4.71%	-2.68%	-2.03%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.53%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.11%	—
Current Drawdown Current decline from peak	-1.51%	-0.74%	-0.77%
Average Drawdown Average peak-to-trough decline	-1.23%	-3.01%	+1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.11%	0.61%	+0.50%

Volatility

PBQQ vs. PHYL - Volatility Comparison

PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) has a higher volatility of 3.00% compared to PGIM Active High Yield Bond ETF (PHYL) at 0.87%. This indicates that PBQQ's price experiences larger fluctuations and is considered to be riskier than PHYL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBQQ	PHYL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	0.87%	+2.13%
Volatility (6M) Calculated over the trailing 6-month period	6.36%	2.82%	+3.54%
Volatility (1Y) Calculated over the trailing 1-year period	7.81%	3.38%	+4.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.64%	5.70%	+5.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.64%	7.59%	+4.05%

PBQQ vs. PHYL - Expense Ratio Comparison

PBQQ has a 0.50% expense ratio, which is lower than PHYL's 0.53% expense ratio.

Dividends

PBQQ vs. PHYL - Dividend Comparison

PBQQ's dividend yield for the trailing twelve months is around 0.01%, less than PHYL's 7.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
PHYL PGIM Active High Yield Bond ETF	7.01%	7.05%	8.28%	7.62%	6.55%	6.13%	7.51%	7.31%	1.79%

Frequently Asked Questions

Can I hold both PBQQ and PHYL in my portfolio?

PBQQ and PHYL have a correlation of 0.64, 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 PHYL?

PBQQ has higher volatility (3.00%) compared to PHYL (0.87%). In terms of maximum drawdown, PBQQ dropped -12.92% vs PHYL's -22.07%.

Which ETF is better, PBQQ or PHYL?

On 1-year performance, PBQQ leads with 15.21% vs 4.95% for PHYL. On fees, PBQQ is cheaper at 0.50% per year. On volatility, PHYL has been the lower-risk option at 0.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBQQ or PHYL?

Over the 1-year period, PBQQ has performed better with a 15.21% return vs 4.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBQQ or PHYL?

PBQQ is cheaper with a 0.50% expense ratio, compared with 0.53% for PHYL.

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

PHYL has the higher dividend yield at 7.01%, compared with 0.01% for PBQQ.

What is the main difference between PBQQ and PHYL?

PBQQ is categorized as Defined Outcome, while PHYL is High Yield Bonds. Their fees differ too: 0.50% for PBQQ and 0.53% for PHYL.

Which has better risk-adjusted returns?

PBQQ currently has the higher Sharpe Ratio (1.82 vs 1.48), 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.