PQOC vs. PBQQ

Last updated Jun 4, 2026

PQOC (PGIM Nasdaq-100 Buffer 12 ETF - October) and PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) are both Defined Outcome funds from PGIM. Both are actively managed. Over the past year, PQOC returned 20.55% vs 20.98% for PBQQ. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.50% expense ratio.

Performance

PQOC vs. PBQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Nasdaq-100 Buffer 12 ETF - October (PQOC) and PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ). 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 PQOC having a 9.01% return and PBQQ slightly higher at 9.10%.

PQOC

• 1D: -0.05%
• 1M: 3.09%
• YTD: 9.01%
• 6M: 9.17%
• 1Y: 20.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBQQ

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

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

PQOC vs. PBQQ - Yearly Performance Comparison

	2026 (YTD)	2025
PQOC PGIM Nasdaq-100 Buffer 12 ETF - October	9.01%	14.67%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	9.10%	15.44%

Correlation

The correlation between PQOC and PBQQ 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 3, 2025	0.98

The correlation between PQOC and PBQQ has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

PQOC vs. PBQQ — Risk / Return Rank

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

PQOC

PQOC Risk / Return Rank: 73
PQOC Sharpe Ratio Rank: 75
PQOC Sortino Ratio Rank: 75
PQOC Omega Ratio Rank: 79
PQOC Calmar Ratio Rank: 63
PQOC Martin Ratio Rank: 75

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

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.

PQOC vs. PBQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Nasdaq-100 Buffer 12 ETF - October (PQOC) 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.

	PQOC	PBQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.40	2.94	-0.53
Sortino ratio: Return per unit of downside risk	3.31	4.33	-1.02
Omega ratio: Gain probability vs. loss probability	1.47	1.59	-0.12
Calmar ratio: Return relative to maximum drawdown	3.09	4.47	-1.38
Martin ratio: Return relative to average drawdown	14.07	21.36	-7.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PQOC vs. PBQQ - Sharpe Ratio Comparison

The current PQOC Sharpe Ratio is 2.40, which is comparable to the PBQQ Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of PQOC 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.

Sharpe Ratios by Period

	PQOC	PBQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	2.94	-0.53
Sharpe Ratio (All Time) Calculated using the full available price history	1.33	1.50	-0.17

Drawdowns

PQOC vs. PBQQ - Drawdown Comparison

The maximum PQOC drawdown since its inception was -13.71%, which is greater than PBQQ's maximum drawdown of -12.92%. Use the drawdown chart below to compare losses from any high point for PQOC and PBQQ.

Drawdown Indicators

	PQOC	PBQQ	Difference
Max Drawdown Largest peak-to-trough decline	-13.71%	-12.92%	-0.79%
Max Drawdown (1Y) Largest decline over 1 year	-6.68%	-4.71%	-1.97%
Current Drawdown Current decline from peak	-0.06%	-0.21%	+0.15%
Average Drawdown Average peak-to-trough decline	-1.62%	-1.26%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	0.98%	+0.48%

Volatility

PQOC vs. PBQQ - Volatility Comparison

PGIM Nasdaq-100 Buffer 12 ETF - October (PQOC) and PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) have volatilities of 1.08% and 1.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQOC	PBQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	1.07%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	6.76%	5.51%	+1.25%
Volatility (1Y) Calculated over the trailing 1-year period	8.60%	7.18%	+1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.94%	11.88%	+1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.94%	11.88%	+1.06%

PQOC vs. PBQQ - Expense Ratio Comparison

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

Dividends

PQOC vs. PBQQ - Dividend Comparison

PQOC has not paid dividends to shareholders, while PBQQ's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	0.01%	0.01%
PQOC PGIM Nasdaq-100 Buffer 12 ETF - October	0.00%	0.00%

Frequently Asked Questions

Can I hold both PQOC and PBQQ in my portfolio?

With a correlation of 0.97, PQOC 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, PQOC or PBQQ?

PQOC has higher volatility (1.08%) compared to PBQQ (1.07%). In terms of maximum drawdown, PQOC dropped -13.71% vs PBQQ's -12.92%.

Which ETF is better, PQOC or PBQQ?

On 1-year performance, PBQQ leads with 20.98% vs 20.55% for PQOC. Both ETFs have the same 0.50% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PQOC or PBQQ?

Over the 1-year period, PBQQ has performed better with a 20.98% return vs 20.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PQOC or PBQQ?

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

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

PBQQ has the higher dividend yield at 0.01%, compared with 0.00% for PQOC.

Which has better risk-adjusted returns?

PBQQ currently has the higher Sharpe Ratio (2.94 vs 2.40), 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.