PBQQ vs. QQQI

Last updated Jun 23, 2026

PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) and QQQI (NEOS Nasdaq-100 High Income ETF) are both exchange-traded funds - PBQQ is a Defined Outcome fund actively managed by PGIM, while QQQI is a Nasdaq-100 fund actively managed by Neos. Both are actively managed. Over the past year, PBQQ returned 20.95% vs 29.65% for QQQI. With a 0.97 correlation, they move nearly in lockstep. PBQQ charges 0.50%/yr vs 0.68%/yr for QQQI.

Performance

PBQQ vs. QQQI - Performance Comparison

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

Returns By Period

In the year-to-date period, PBQQ achieves a 9.03% return, which is significantly lower than QQQI's 13.11% return.

PBQQ

• 1D: -0.03%
• 1M: 0.53%
• YTD: 9.03%
• 6M: 9.07%
• 1Y: 20.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QQQI

• 1D: 0.04%
• 1M: 2.00%
• YTD: 13.11%
• 6M: 12.48%
• 1Y: 29.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBQQ vs. QQQI - Yearly Performance Comparison

	2026 (YTD)	2025
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	9.03%	15.44%
QQQI NEOS Nasdaq-100 High Income ETF	13.11%	18.62%

Correlation

The correlation between PBQQ and QQQI is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.97

The correlation between PBQQ and QQQI has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

Return for Risk

PBQQ vs. QQQI — Risk / Return Rank

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

PBQQ

PBQQ Risk / Return Rank: 90
PBQQ Sharpe Ratio Rank: 90
PBQQ Sortino Ratio Rank: 92
PBQQ Omega Ratio Rank: 91
PBQQ Calmar Ratio Rank: 85
PBQQ Martin Ratio Rank: 91

QQQI

QQQI Risk / Return Rank: 66
QQQI Sharpe Ratio Rank: 65
QQQI Sortino Ratio Rank: 59
QQQI Omega Ratio Rank: 67
QQQI Calmar Ratio Rank: 64
QQQI Martin Ratio Rank: 73

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. QQQI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) and NEOS Nasdaq-100 High Income ETF (QQQI). 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	QQQI	Difference
Sharpe ratio: Return per unit of total volatility	2.89	2.06	+0.83
Sortino ratio: Return per unit of downside risk	4.23	2.72	+1.52
Omega ratio: Gain probability vs. loss probability	1.58	1.38	+0.20
Calmar ratio: Return relative to maximum drawdown	4.46	3.10	+1.36
Martin ratio: Return relative to average drawdown	20.95	13.29	+7.65

PBQQ vs. QQQI - Sharpe Ratio Comparison

The current PBQQ Sharpe Ratio is 2.89, which is higher than the QQQI Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of PBQQ and QQQI, 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. QQQI - Drawdown Comparison

The maximum PBQQ drawdown since its inception was -12.92%, smaller than the maximum QQQI drawdown of -20.00%. Use the drawdown chart below to compare losses from any high point for PBQQ and QQQI.

Drawdown Indicators

	PBQQ	QQQI	Difference
Max Drawdown Largest peak-to-trough decline	-12.92%	-20.00%	+7.08%
Max Drawdown (1Y) Largest decline over 1 year	-4.71%	-9.61%	+4.90%
Current Drawdown Current decline from peak	-0.27%	-0.46%	+0.19%
Average Drawdown Average peak-to-trough decline	-1.24%	-2.20%	+0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	2.24%	-1.24%

Volatility

PBQQ vs. QQQI - Volatility Comparison

The current volatility for PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) is 2.10%, while NEOS Nasdaq-100 High Income ETF (QQQI) has a volatility of 7.00%. This indicates that PBQQ experiences smaller price fluctuations and is considered to be less risky than QQQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBQQ	QQQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.10%	7.00%	-4.90%
Volatility (6M) Calculated over the trailing 6-month period	5.75%	11.66%	-5.91%
Volatility (1Y) Calculated over the trailing 1-year period	7.29%	14.51%	-7.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.79%	17.44%	-5.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.79%	17.44%	-5.65%

PBQQ vs. QQQI - Expense Ratio Comparison

PBQQ has a 0.50% expense ratio, which is lower than QQQI's 0.68% expense ratio.

Dividends

PBQQ vs. QQQI - Dividend Comparison

PBQQ's dividend yield for the trailing twelve months is around 0.01%, less than QQQI's 14.54% yield.

Position	TTM	2025	2024
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	0.01%	0.01%	0.00%
QQQI NEOS Nasdaq-100 High Income ETF	14.54%	13.82%	12.85%

Frequently Asked Questions

Can I hold both PBQQ and QQQI in my portfolio?

With a correlation of 0.97, PBQQ and QQQI 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 QQQI?

QQQI has higher volatility (7.00%) compared to PBQQ (2.10%). In terms of maximum drawdown, PBQQ dropped -12.92% vs QQQI's -20.00%.

Which ETF is better, PBQQ or QQQI?

On 1-year performance, QQQI leads with 29.65% vs 20.95% for PBQQ. On fees, PBQQ is cheaper at 0.50% per year. On volatility, PBQQ has been the lower-risk option at 2.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBQQ or QQQI?

Over the 1-year period, QQQI has performed better with a 29.65% return vs 20.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBQQ or QQQI?

PBQQ is cheaper with a 0.50% expense ratio, compared with 0.68% for QQQI.

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

QQQI has the higher dividend yield at 14.54%, compared with 0.01% for PBQQ.

What is the main difference between PBQQ and QQQI?

PBQQ is categorized as Defined Outcome, while QQQI is Nasdaq-100. They also come from different issuers: PGIM and Neos. Their fees differ too: 0.50% for PBQQ and 0.68% for QQQI.

Which has better risk-adjusted returns?

PBQQ currently has the higher Sharpe Ratio (2.89 vs 2.06), 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.