PMDE vs. QBER

Last updated Jun 23, 2026

PMDE (PGIM S&P 500 Max Buffer ETF - December) and QBER (TrueShares Quarterly Bear Hedge ETF) are both exchange-traded funds - PMDE is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust (SPY), while QBER is a Options Trading fund actively managed by TrueShares. PMDE is passively managed, while QBER is actively managed. At a correlation of -0.52, they often move in opposite directions. PMDE charges 0.50%/yr vs 0.79%/yr for QBER.

Performance

PMDE vs. QBER - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - December (PMDE) and TrueShares Quarterly Bear Hedge ETF (QBER). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMDE achieves a 2.65% return, which is significantly higher than QBER's -0.50% return.

PMDE

• 1D: -0.02%
• 1M: 0.27%
• YTD: 2.65%
• 6M: 2.57%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QBER

• 1D: 0.34%
• 1M: 0.25%
• YTD: -0.50%
• 6M: 0.34%
• 1Y: -0.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMDE vs. QBER - Yearly Performance Comparison

	2026 (YTD)	2025
PMDE PGIM S&P 500 Max Buffer ETF - December	2.65%	0.44%
QBER TrueShares Quarterly Bear Hedge ETF	-0.50%	0.45%

Correlation

The correlation between PMDE and QBER is -0.52, 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 (All Time) Calculated using the full available price history since Dec 1, 2025	-0.52

Return for Risk

PMDE vs. QBER — Risk / Return Rank

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

PMDE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

QBER

QBER Risk / Return Rank: 7
QBER Sharpe Ratio Rank: 8
QBER Sortino Ratio Rank: 7
QBER Omega Ratio Rank: 7
QBER Calmar Ratio Rank: 7
QBER Martin Ratio Rank: 7

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.

PMDE vs. QBER - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Max Buffer ETF - December (PMDE) and TrueShares Quarterly Bear Hedge ETF (QBER). 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.

	PMDE	QBER	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.11	—
Sortino ratio: Return per unit of downside risk	—	-0.13	—
Omega ratio: Gain probability vs. loss probability	—	0.99	—
Calmar ratio: Return relative to maximum drawdown	—	-0.17	—
Martin ratio: Return relative to average drawdown	—	-0.37	—

Drawdowns

PMDE vs. QBER - Drawdown Comparison

The maximum PMDE drawdown since its inception was -1.59%, smaller than the maximum QBER drawdown of -5.72%. Use the drawdown chart below to compare losses from any high point for PMDE and QBER.

Drawdown Indicators

	PMDE	QBER	Difference
Max Drawdown Largest peak-to-trough decline	-1.59%	-5.72%	+4.13%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.35%	—
Current Drawdown Current decline from peak	-0.08%	-5.25%	+5.17%
Average Drawdown Average peak-to-trough decline	-0.25%	-4.73%	+4.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.05%	—

Volatility

Volatility by Period

	PMDE	QBER	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.03%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.90%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.47%	3.69%	-1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.47%	6.34%	-3.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.47%	6.34%	-3.87%

PMDE vs. QBER - Expense Ratio Comparison

PMDE has a 0.50% expense ratio, which is lower than QBER's 0.79% expense ratio.

Dividends

PMDE vs. QBER - Dividend Comparison

PMDE has not paid dividends to shareholders, while QBER's dividend yield for the trailing twelve months is around 3.28%.

Position	TTM	2025	2024
PMDE PGIM S&P 500 Max Buffer ETF - December	0.00%	0.00%	0.00%
QBER TrueShares Quarterly Bear Hedge ETF	3.28%	3.26%	1.35%

Frequently Asked Questions

Can I hold both PMDE and QBER in my portfolio?

PMDE and QBER have a correlation of -0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PMDE or QBER?

On fees, PMDE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PMDE or QBER?

PMDE is cheaper with a 0.50% expense ratio, compared with 0.79% for QBER.

Which ETF pays a higher dividend yield, PMDE or QBER?

QBER has the higher dividend yield at 3.28%, compared with 0.00% for PMDE.

What is the main difference between PMDE and QBER?

PMDE is categorized as Defined Outcome, while QBER is Options Trading. They also come from different issuers: PGIM and TrueShares. Their fees differ too: 0.50% for PMDE and 0.79% for QBER.