PTRB vs. PBQQ

Last updated Jun 4, 2026

PTRB (PGIM Total Return Bond ETF) and PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) are both exchange-traded funds - PTRB is a Intermediate Core-Plus Bond fund actively managed by PGIM, while PBQQ is a Defined Outcome fund actively managed by PGIM. Both are actively managed. Over the past year, PTRB returned 5.81% vs 20.98% for PBQQ. At a 0.21 correlation, their price movements are largely independent. PTRB charges 0.49%/yr vs 0.50%/yr for PBQQ.

Performance

PTRB vs. PBQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Total Return Bond ETF (PTRB) 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, PTRB achieves a 0.34% return, which is significantly lower than PBQQ's 9.10% return.

PTRB

• 1D: -0.19%
• 1M: 0.28%
• YTD: 0.34%
• 6M: 0.41%
• 1Y: 5.81%
• 3Y*: 5.11%
• 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)

PTRB vs. PBQQ - Yearly Performance Comparison

	2026 (YTD)	2025
PTRB PGIM Total Return Bond ETF	0.34%	7.61%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	9.10%	15.44%

Correlation

The correlation between PTRB and PBQQ is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.21

Return for Risk

PTRB vs. PBQQ — Risk / Return Rank

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

PTRB

PTRB Risk / Return Rank: 40
PTRB Sharpe Ratio Rank: 41
PTRB Sortino Ratio Rank: 42
PTRB Omega Ratio Rank: 39
PTRB Calmar Ratio Rank: 41
PTRB Martin Ratio Rank: 38

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.

PTRB vs. PBQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Total Return Bond ETF (PTRB) 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.

	PTRB	PBQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.94	-1.48
Sortino ratio: Return per unit of downside risk	2.13	4.33	-2.20
Omega ratio: Gain probability vs. loss probability	1.26	1.59	-0.33
Calmar ratio: Return relative to maximum drawdown	2.01	4.47	-2.46
Martin ratio: Return relative to average drawdown	6.00	21.36	-15.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PTRB vs. PBQQ - Sharpe Ratio Comparison

The current PTRB Sharpe Ratio is 1.46, which is lower than the PBQQ Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of PTRB 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

	PTRB	PBQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	2.94	-1.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	1.50	-1.45

Drawdowns

PTRB vs. PBQQ - Drawdown Comparison

The maximum PTRB drawdown since its inception was -19.17%, which is greater than PBQQ's maximum drawdown of -12.92%. Use the drawdown chart below to compare losses from any high point for PTRB and PBQQ.

Drawdown Indicators

	PTRB	PBQQ	Difference
Max Drawdown Largest peak-to-trough decline	-19.17%	-12.92%	-6.25%
Max Drawdown (1Y) Largest decline over 1 year	-2.90%	-4.71%	+1.81%
Max Drawdown (3Y) Largest decline over 3 years	-5.52%	—	—
Current Drawdown Current decline from peak	-1.61%	-0.21%	-1.40%
Average Drawdown Average peak-to-trough decline	-7.64%	-1.26%	-6.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.98%	-0.01%

Volatility

PTRB vs. PBQQ - Volatility Comparison

PGIM Total Return Bond ETF (PTRB) has a higher volatility of 1.37% compared to PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) at 1.07%. This indicates that PTRB'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

	PTRB	PBQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.37%	1.07%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	2.83%	5.51%	-2.68%
Volatility (1Y) Calculated over the trailing 1-year period	4.01%	7.18%	-3.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.25%	11.88%	-5.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.25%	11.88%	-5.63%

PTRB vs. PBQQ - Expense Ratio Comparison

PTRB has a 0.49% expense ratio, which is lower than PBQQ's 0.50% expense ratio.

Dividends

PTRB vs. PBQQ - Dividend Comparison

PTRB's dividend yield for the trailing twelve months is around 4.74%, more than PBQQ's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%
PTRB PGIM Total Return Bond ETF	4.74%	4.73%	5.10%	4.62%	4.07%	0.12%

Frequently Asked Questions

Can I hold both PTRB and PBQQ in my portfolio?

PTRB and PBQQ have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PTRB or PBQQ?

PTRB has higher volatility (1.37%) compared to PBQQ (1.07%). In terms of maximum drawdown, PTRB dropped -19.17% vs PBQQ's -12.92%.

Which ETF is better, PTRB or PBQQ?

On 1-year performance, PBQQ leads with 20.98% vs 5.81% for PTRB. On fees, PTRB is cheaper at 0.49% per year. On volatility, PBQQ has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PTRB or PBQQ?

Over the 1-year period, PBQQ has performed better with a 20.98% return vs 5.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PTRB or PBQQ?

PTRB is cheaper with a 0.49% expense ratio, compared with 0.50% for PBQQ.

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

PTRB has the higher dividend yield at 4.74%, compared with 0.01% for PBQQ.

What is the main difference between PTRB and PBQQ?

PTRB is categorized as Intermediate Core-Plus Bond, while PBQQ is Defined Outcome. Their fees differ too: 0.49% for PTRB and 0.50% for PBQQ.

Which has better risk-adjusted returns?

PBQQ currently has the higher Sharpe Ratio (2.94 vs 1.46), 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.