QBER vs. PBAP

Last updated Aug 4, 2026

QBER (TrueShares Quarterly Bear Hedge ETF) and PBAP (PGIM US Large-Cap Buffer 20 ETF - April) are both Options Trading funds. Both are actively managed. Over the past year, QBER returned -1.05% vs 12.52% for PBAP. Their -0.48 correlation means they have often moved in opposite directions in the past. QBER charges 0.79%/yr vs 0.50%/yr for PBAP.

Performance

QBER vs. PBAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Quarterly Bear Hedge ETF (QBER) and PGIM US Large-Cap Buffer 20 ETF - April (PBAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QBER achieves a -0.83% return, which is significantly lower than PBAP's 7.91% return.

QBER

• 1D: -0.31%
• 1M: 0.08%
• 6M: -0.08%
• YTD: -0.83%
• 1Y: -1.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -0.26%

PBAP

• 1D: 0.41%
• 1M: 0.82%
• 6M: 7.27%
• YTD: 7.91%
• 1Y: 12.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.98%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PBAP PGIM US Large-Cap Buffer 20 ETF - April	$124.94K	$134.45K	$161.92K
QBER TrueShares Quarterly Bear Hedge ETF	$460.54K	$316.09K	$665.79K

QBER vs. PBAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QBER TrueShares Quarterly Bear Hedge ETF	-0.83%	0.25%	0.04%
PBAP PGIM US Large-Cap Buffer 20 ETF - April	7.91%	6.34%	5.85%

Correlation

The correlation between QBER and PBAP is -0.45, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.45
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024	-0.48

Return for Risk

QBER vs. PBAP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QBER

QBER Risk / Return Rank: 6
QBER Sharpe Ratio Rank: 7
QBER Sortino Ratio Rank: 6
QBER Omega Ratio Rank: 6
QBER Calmar Ratio Rank: 5
QBER Martin Ratio Rank: 5

PBAP

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QBER vs. PBAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Quarterly Bear Hedge ETF (QBER) and PGIM US Large-Cap Buffer 20 ETF - April (PBAP). 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.

	QBER	PBAP	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	3.68	-3.95
Sortino ratio: Return per unit of downside risk	-0.36	6.00	-6.37
Omega ratio: Gain probability vs. loss probability	0.96	1.92	-0.96
Calmar ratio: Return relative to maximum drawdown	-0.45	10.73	-11.18
Martin ratio: Return relative to average drawdown	-0.89	61.34	-62.22

QBER vs. PBAP - Sharpe Ratio Comparison

The current QBER Sharpe Ratio is -0.27, which is lower than the PBAP Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of QBER and PBAP, 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

QBER vs. PBAP - Drawdown Comparison

The maximum QBER drawdown since its inception was -5.72%, smaller than the maximum PBAP drawdown of -9.70%. Use the drawdown chart below to compare losses from any high point for QBER and PBAP.

Drawdown Indicators

	QBER	PBAP	Difference
Max Drawdown Largest peak-to-trough decline	-5.72%	-9.70%	+3.98%
Max Drawdown (1Y) Largest decline over 1 year	-2.35%	-1.17%	-1.18%
Current Drawdown Current decline from peak	-5.56%	0.00%	-5.56%
Average Drawdown Average peak-to-trough decline	-4.75%	-0.75%	-4.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	0.20%	+1.02%

Volatility

QBER vs. PBAP - Volatility Comparison

The current volatility for TrueShares Quarterly Bear Hedge ETF (QBER) is 1.14%, while PGIM US Large-Cap Buffer 20 ETF - April (PBAP) has a volatility of 1.34%. This indicates that QBER experiences smaller price fluctuations and is considered to be less risky than PBAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QBER	PBAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	1.34%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	2.94%	2.64%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	3.85%	3.42%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.24%	6.94%	-0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.24%	6.94%	-0.70%

QBER vs. PBAP - Expense Ratio Comparison

QBER has a 0.79% expense ratio, which is higher than PBAP's 0.50% expense ratio.

Dividends

QBER vs. PBAP - Dividend Comparison

QBER's dividend yield for the trailing twelve months is around 3.29%, while PBAP has not paid dividends to shareholders.

Position	TTM	2025	2024
PBAP PGIM US Large-Cap Buffer 20 ETF - April	0.00%	0.00%	0.00%
QBER TrueShares Quarterly Bear Hedge ETF	3.29%	3.26%	1.35%

Frequently Asked Questions

Can I hold both QBER and PBAP in my portfolio?

QBER and PBAP have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QBER or PBAP?

PBAP has higher volatility (1.34%) compared to QBER (1.14%). In terms of maximum drawdown, QBER dropped -5.72% vs PBAP's -9.70%.

Which ETF is better, QBER or PBAP?

On 1-year performance, PBAP leads with 12.52% vs -1.05% for QBER. On fees, PBAP is cheaper at 0.50% per year. On volatility, QBER has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QBER or PBAP?

Over the 1-year period, PBAP has performed better with a 12.52% return vs -1.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QBER or PBAP?

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

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

QBER has the higher dividend yield at 3.29%, compared with 0.00% for PBAP.

What is the main difference between QBER and PBAP?

They also come from different issuers: TrueShares and PGIM. Their fees differ too: 0.79% for QBER and 0.50% for PBAP.

Which has better risk-adjusted returns?

PBAP currently has the higher Sharpe Ratio (3.68 vs -0.27), 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.