QDEC vs. PBQQ

Last updated Jun 24, 2026

QDEC (FT Vest Nasdaq-100 Buffer ETF – December) and PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) are both exchange-traded funds - QDEC is a Nasdaq-100 fund actively managed by FT Vest, while PBQQ is a Defined Outcome fund actively managed by PGIM. Both are actively managed. Over the past year, QDEC returned 22.88% vs 19.15% for PBQQ. With a 0.95 correlation, they move nearly in lockstep. QDEC charges 0.90%/yr vs 0.50%/yr for PBQQ.

Performance

QDEC vs. PBQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Nasdaq-100 Buffer ETF – December (QDEC) 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 QDEC having a 7.96% return and PBQQ slightly higher at 8.21%.

QDEC

• 1D: -1.24%
• 1M: -0.54%
• YTD: 7.96%
• 6M: 7.20%
• 1Y: 22.88%
• 3Y*: 16.64%
• 5Y*: 10.15%
• 10Y*: —

PBQQ

• 1D: -0.75%
• 1M: -0.22%
• YTD: 8.21%
• 6M: 8.11%
• 1Y: 19.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QDEC vs. PBQQ - Yearly Performance Comparison

	2026 (YTD)	2025
QDEC FT Vest Nasdaq-100 Buffer ETF – December	7.96%	18.12%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	8.21%	15.44%

Correlation

The correlation between QDEC and PBQQ is 0.95 - 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	0.95
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.95

The correlation between QDEC and PBQQ has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

Return for Risk

QDEC vs. PBQQ — Risk / Return Rank

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

QDEC

QDEC Risk / Return Rank: 76
QDEC Sharpe Ratio Rank: 78
QDEC Sortino Ratio Rank: 79
QDEC Omega Ratio Rank: 79
QDEC Calmar Ratio Rank: 66
QDEC Martin Ratio Rank: 79

PBQQ

PBQQ Risk / Return Rank: 88
PBQQ Sharpe Ratio Rank: 88
PBQQ Sortino Ratio Rank: 91
PBQQ Omega Ratio Rank: 90
PBQQ Calmar Ratio Rank: 83
PBQQ Martin Ratio Rank: 90

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.

QDEC vs. PBQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Nasdaq-100 Buffer ETF – December (QDEC) 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.

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.

	QDEC	PBQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.27	2.64	-0.37
Sortino ratio: Return per unit of downside risk	3.19	3.85	-0.67
Omega ratio: Gain probability vs. loss probability	1.43	1.52	-0.10
Calmar ratio: Return relative to maximum drawdown	3.03	4.08	-1.05
Martin ratio: Return relative to average drawdown	14.26	19.12	-4.86

QDEC vs. PBQQ - Sharpe Ratio Comparison

The current QDEC Sharpe Ratio is 2.27, which is comparable to the PBQQ Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of QDEC 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.

Drawdowns

QDEC vs. PBQQ - Drawdown Comparison

The maximum QDEC drawdown since its inception was -25.25%, which is greater than PBQQ's maximum drawdown of -12.92%. Use the drawdown chart below to compare losses from any high point for QDEC and PBQQ.

Drawdown Indicators

	QDEC	PBQQ	Difference
Max Drawdown Largest peak-to-trough decline	-25.25%	-12.92%	-12.33%
Max Drawdown (1Y) Largest decline over 1 year	-7.58%	-4.71%	-2.87%
Max Drawdown (3Y) Largest decline over 3 years	-16.08%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.25%	—	—
Current Drawdown Current decline from peak	-1.65%	-1.02%	-0.63%
Average Drawdown Average peak-to-trough decline	-4.99%	-1.24%	-3.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	1.00%	+0.61%

Volatility

QDEC vs. PBQQ - Volatility Comparison

FT Vest Nasdaq-100 Buffer ETF – December (QDEC) has a higher volatility of 3.28% compared to PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) at 2.24%. This indicates that QDEC'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

	QDEC	PBQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	2.24%	+1.04%
Volatility (6M) Calculated over the trailing 6-month period	7.91%	5.77%	+2.14%
Volatility (1Y) Calculated over the trailing 1-year period	10.17%	7.32%	+2.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.75%	11.79%	+2.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.60%	11.79%	+2.81%

QDEC vs. PBQQ - Expense Ratio Comparison

QDEC has a 0.90% expense ratio, which is higher than PBQQ's 0.50% expense ratio.

Dividends

QDEC vs. PBQQ - Dividend Comparison

QDEC 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%
QDEC FT Vest Nasdaq-100 Buffer ETF – December	0.00%	0.00%

Frequently Asked Questions

Can I hold both QDEC and PBQQ in my portfolio?

With a correlation of 0.95, QDEC 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, QDEC or PBQQ?

QDEC has higher volatility (3.28%) compared to PBQQ (2.24%). In terms of maximum drawdown, QDEC dropped -25.25% vs PBQQ's -12.92%.

Which ETF is better, QDEC or PBQQ?

On 1-year performance, QDEC leads with 22.88% vs 19.15% for PBQQ. On fees, PBQQ is cheaper at 0.50% per year. On volatility, PBQQ has been the lower-risk option at 2.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QDEC or PBQQ?

Over the 1-year period, QDEC has performed better with a 22.88% return vs 19.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QDEC or PBQQ?

PBQQ is cheaper with a 0.50% expense ratio, compared with 0.90% for QDEC.

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

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

What is the main difference between QDEC and PBQQ?

QDEC is categorized as Nasdaq-100, while PBQQ is Defined Outcome. They also come from different issuers: FT Vest and PGIM. Their fees differ too: 0.90% for QDEC and 0.50% for PBQQ.

Which has better risk-adjusted returns?

PBQQ currently has the higher Sharpe Ratio (2.64 vs 2.27), 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.