PQAP vs. PBQQ

Last updated Jun 19, 2026

PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) and PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) are both Defined Outcome funds from PGIM. Both are actively managed. Over the past year, PQAP returned 20.77% vs 20.59% for PBQQ. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

PQAP vs. PBQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, PQAP achieves a 11.77% return, which is significantly higher than PBQQ's 9.06% return.

PQAP

• 1D: 0.60%
• 1M: 1.06%
• YTD: 11.77%
• 6M: 12.39%
• 1Y: 20.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBQQ

• 1D: 0.51%
• 1M: 1.19%
• YTD: 9.06%
• 6M: 9.85%
• 1Y: 20.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PQAP vs. PBQQ - Yearly Performance Comparison

	2026 (YTD)	2025
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	11.77%	14.48%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	9.06%	15.44%

Correlation

The correlation between PQAP and PBQQ is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.92

The correlation between PQAP and PBQQ has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

Return for Risk

PQAP vs. PBQQ — Risk / Return Rank

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

PQAP

PQAP Risk / Return Rank: 97
PQAP Sharpe Ratio Rank: 97
PQAP Sortino Ratio Rank: 98
PQAP Omega Ratio Rank: 98
PQAP Calmar Ratio Rank: 97
PQAP Martin Ratio Rank: 98

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

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.

PQAP vs. PBQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) and PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ). 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.

	PQAP	PBQQ	Difference
Sharpe ratio: Return per unit of total volatility	4.27	2.84	+1.43
Sortino ratio: Return per unit of downside risk	6.87	4.16	+2.71
Omega ratio: Gain probability vs. loss probability	2.04	1.57	+0.48
Calmar ratio: Return relative to maximum drawdown	9.72	4.39	+5.34
Martin ratio: Return relative to average drawdown	61.74	20.60	+41.14

PQAP vs. PBQQ - Sharpe Ratio Comparison

The current PQAP Sharpe Ratio is 4.27, which is higher than the PBQQ Sharpe Ratio of 2.84. The chart below compares the historical Sharpe Ratios of PQAP and PBQQ, 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

PQAP vs. PBQQ - Drawdown Comparison

The maximum PQAP drawdown since its inception was -10.79%, smaller than the maximum PBQQ drawdown of -12.92%. Use the drawdown chart below to compare losses from any high point for PQAP and PBQQ.

Drawdown Indicators

	PQAP	PBQQ	Difference
Max Drawdown Largest peak-to-trough decline	-10.79%	-12.92%	+2.13%
Max Drawdown (1Y) Largest decline over 1 year	-2.15%	-4.71%	+2.56%
Current Drawdown Current decline from peak	-0.40%	-0.24%	-0.16%
Average Drawdown Average peak-to-trough decline	-0.61%	-1.24%	+0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	1.00%	-0.66%

Volatility

PQAP vs. PBQQ - Volatility Comparison

PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) has a higher volatility of 2.47% compared to PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) at 2.12%. This indicates that PQAP's price experiences larger fluctuations and is considered to be riskier than PBQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQAP	PBQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.47%	2.12%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	3.88%	5.82%	-1.94%
Volatility (1Y) Calculated over the trailing 1-year period	4.88%	7.29%	-2.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.02%	11.80%	-0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.02%	11.80%	-0.78%

PQAP vs. PBQQ - Expense Ratio Comparison

Both PQAP and PBQQ have an expense ratio of 0.50%.

Dividends

PQAP vs. PBQQ - Dividend Comparison

PQAP's dividend yield for the trailing twelve months is around 0.02%, more than PBQQ's 0.01% yield.

Position	TTM	2025
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	0.01%	0.01%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%

Frequently Asked Questions

Can I hold both PQAP and PBQQ in my portfolio?

With a correlation of 0.91, PQAP and PBQQ 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, PQAP or PBQQ?

PQAP has higher volatility (2.47%) compared to PBQQ (2.12%). In terms of maximum drawdown, PQAP dropped -10.79% vs PBQQ's -12.92%.

Which ETF is better, PQAP or PBQQ?

On 1-year performance, PQAP leads with 20.77% vs 20.59% for PBQQ. Both ETFs have the same 0.50% expense ratio. On volatility, PBQQ has been the lower-risk option at 2.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PQAP or PBQQ?

Over the 1-year period, PQAP has performed better with a 20.77% return vs 20.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PQAP or PBQQ?

PQAP and PBQQ have the same expense ratio: 0.50% per year.

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

PQAP has the higher dividend yield at 0.02%, compared with 0.01% for PBQQ.

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (4.27 vs 2.84), 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.