QBER vs. PMDE

Last updated Aug 1, 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. Their -0.51 correlation means they have often moved in opposite directions in the past. 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 -0.52% return, which is significantly lower than PMDE's 3.38% return.

QBER

• 1D: -0.36%
• 1M: 0.40%
• 6M: 0.02%
• YTD: -0.52%
• 1Y: -0.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -0.11%

PMDE

• 1D: 0.17%
• 1M: 0.58%
• 6M: 2.98%
• YTD: 3.38%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
PMDE PGIM S&P 500 Max Buffer ETF - December	$11.74K	$127.64K	$99.07K
QBER TrueShares Quarterly Bear Hedge ETF	$350.41K	$265.27K	$646.25K

QBER vs. PMDE - Yearly Performance Comparison

	2026 (YTD)	2025
QBER TrueShares Quarterly Bear Hedge ETF	-0.52%	0.45%
PMDE PGIM S&P 500 Max Buffer ETF - December	3.38%	0.44%

Correlation

The correlation between QBER and PMDE is -0.51, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 1, 2025	-0.51

Return for Risk

QBER vs. PMDE — Risk / Return Rank

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

QBER

QBER Risk / Return Rank: 9
QBER Sharpe Ratio Rank: 10
QBER Sortino Ratio Rank: 8
QBER Omega Ratio Rank: 9
QBER Calmar Ratio Rank: 9
QBER Martin Ratio Rank: 10

PMDE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. 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.

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	PMDE	Difference
Sharpe ratio: Return per unit of total volatility	-0.07	—	—
Sortino ratio: Return per unit of downside risk	-0.07	—	—
Omega ratio: Gain probability vs. loss probability	0.99	—	—
Calmar ratio: Return relative to maximum drawdown	-0.11	—	—
Martin ratio: Return relative to average drawdown	-0.21	—	—

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	-5.27%	0.00%	-5.27%
Average Drawdown Average peak-to-trough decline	-4.75%	-0.23%	-4.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	—	—

Volatility

Volatility by Period

	QBER	PMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.93%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.87%	2.37%	+1.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.24%	2.37%	+3.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.24%	2.37%	+3.87%

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 3.28%, 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	3.28%	3.26%	1.35%

Frequently Asked Questions

Can I hold both QBER and PMDE in my portfolio?

QBER and PMDE have a correlation of -0.51, 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 3.28%, 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.