QBER vs. PMDE

Last updated Jun 4, 2026

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

Performance

QBER vs. PMDE - Performance Comparison

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

Returns By Period

In the year-to-date period, QBER achieves a -0.96% return, which is significantly lower than PMDE's 2.61% return.

QBER

• 1D: -0.13%
• 1M: -0.38%
• YTD: -0.96%
• 6M: -0.37%
• 1Y: -0.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMDE

• 1D: -0.06%
• 1M: 0.86%
• YTD: 2.61%
• 6M: 2.96%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QBER vs. PMDE - Yearly Performance Comparison

	2026 (YTD)	2025
QBER TrueShares Quarterly Bear Hedge ETF	-0.96%	0.35%
PMDE PGIM S&P 500 Max Buffer ETF - December	2.61%	0.46%

Correlation

The correlation between QBER and PMDE is -0.50, 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 2, 2025	-0.50

Return for Risk

QBER vs. PMDE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 6
QBER Martin Ratio Rank: 5

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.

QBER vs. PMDE - Risk-Adjusted Trends Comparison

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

	QBER	PMDE	Difference
Sharpe ratio: Return per unit of total volatility	-0.23	—	—
Sortino ratio: Return per unit of downside risk	-0.31	—	—
Omega ratio: Gain probability vs. loss probability	0.96	—	—
Calmar ratio: Return relative to maximum drawdown	-0.36	—	—
Martin ratio: Return relative to average drawdown	-0.88	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	QBER	PMDE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.23	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	2.54	-2.59

Drawdowns

QBER vs. PMDE - Drawdown Comparison

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

Drawdown Indicators

	QBER	PMDE	Difference
Max Drawdown Largest peak-to-trough decline	-5.72%	-1.59%	-4.13%
Max Drawdown (1Y) Largest decline over 1 year	-2.35%	—	—
Current Drawdown Current decline from peak	-5.68%	-0.06%	-5.62%
Average Drawdown Average peak-to-trough decline	-4.72%	-0.26%	-4.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	—	—

Volatility

Volatility by Period

	QBER	PMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.85%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	2.47%	+1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.40%	2.47%	+3.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.40%	2.47%	+3.93%

QBER vs. PMDE - Expense Ratio Comparison

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

Dividends

QBER vs. PMDE - Dividend Comparison

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

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	3.29%	3.26%	1.35%

Frequently Asked Questions

Can I hold both QBER and PMDE in my portfolio?

QBER and PMDE have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QBER or PMDE?

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, QBER or PMDE?

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

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

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

What is the main difference between QBER and PMDE?

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