QLDY vs. PBQQ

Last updated Jun 25, 2026

QLDY (Defiance Nasdaq 100 LightningSpread Income ETF) and PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) are both exchange-traded funds - QLDY is a Nasdaq-100 fund actively managed by Defiance, while PBQQ is a Defined Outcome fund actively managed by PGIM. Both are actively managed. Their correlation of 0.94 suggests significant overlap in exposure. QLDY charges 1.04%/yr vs 0.50%/yr for PBQQ.

Performance

QLDY vs. PBQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Nasdaq 100 LightningSpread Income ETF (QLDY) 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, QLDY achieves a 10.66% return, which is significantly higher than PBQQ's 8.11% return.

QLDY

• 1D: -1.66%
• 1M: -3.42%
• YTD: 10.66%
• 6M: 8.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBQQ

• 1D: -0.09%
• 1M: -0.32%
• YTD: 8.11%
• 6M: 7.78%
• 1Y: 17.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QLDY vs. PBQQ - Yearly Performance Comparison

	2026 (YTD)	2025
QLDY Defiance Nasdaq 100 LightningSpread Income ETF	10.66%	1.54%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	8.11%	3.34%

Correlation

The correlation between QLDY and PBQQ is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 18, 2025	0.94

Return for Risk

QLDY vs. PBQQ — Risk / Return Rank

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

QLDY

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

PBQQ

PBQQ Risk / Return Rank: 88
PBQQ Sharpe Ratio Rank: 87
PBQQ Sortino Ratio Rank: 90
PBQQ Omega Ratio Rank: 89
PBQQ Calmar Ratio Rank: 82
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.

QLDY vs. PBQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Nasdaq 100 LightningSpread Income ETF (QLDY) 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.

	QLDY	PBQQ	Difference
Sharpe ratio: Return per unit of total volatility	—	2.49	—
Sortino ratio: Return per unit of downside risk	—	3.63	—
Omega ratio: Gain probability vs. loss probability	—	1.49	—
Calmar ratio: Return relative to maximum drawdown	—	3.82	—
Martin ratio: Return relative to average drawdown	—	17.84	—

Drawdowns

QLDY vs. PBQQ - Drawdown Comparison

The maximum QLDY drawdown since its inception was -17.44%, which is greater than PBQQ's maximum drawdown of -12.92%. Use the drawdown chart below to compare losses from any high point for QLDY and PBQQ.

Drawdown Indicators

	QLDY	PBQQ	Difference
Max Drawdown Largest peak-to-trough decline	-17.44%	-12.92%	-4.52%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.71%	—
Current Drawdown Current decline from peak	-7.20%	-1.11%	-6.09%
Average Drawdown Average peak-to-trough decline	-4.24%	-1.24%	-3.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.01%	—

Volatility

Volatility by Period

	QLDY	PBQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.24%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.76%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.38%	7.29%	+14.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.38%	11.77%	+9.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.38%	11.77%	+9.61%

QLDY vs. PBQQ - Expense Ratio Comparison

QLDY has a 1.04% expense ratio, which is higher than PBQQ's 0.50% expense ratio.

Dividends

QLDY vs. PBQQ - Dividend Comparison

QLDY's dividend yield for the trailing twelve months is around 24.62%, more than PBQQ's 0.01% yield.

Position	TTM	2025
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	0.01%	0.01%
QLDY Defiance Nasdaq 100 LightningSpread Income ETF	24.62%	9.34%

Frequently Asked Questions

Can I hold both QLDY and PBQQ in my portfolio?

With a correlation of 0.94, QLDY 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 ETF is better, QLDY or PBQQ?

On fees, PBQQ 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, QLDY or PBQQ?

PBQQ is cheaper with a 0.50% expense ratio, compared with 1.04% for QLDY.

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

QLDY has the higher dividend yield at 24.62%, compared with 0.01% for PBQQ.

What is the main difference between QLDY and PBQQ?

QLDY is categorized as Nasdaq-100, while PBQQ is Defined Outcome. They also come from different issuers: Defiance and PGIM. Their fees differ too: 1.04% for QLDY and 0.50% for PBQQ.