QMFE vs. PBQQ

Last updated Jun 24, 2026

QMFE (FT Vest Nasdaq-100 Moderate Buffer ETF - February) and PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) are both Defined Outcome funds. QMFE is passively managed, while PBQQ is actively managed. Over the past year, QMFE returned 17.88% vs 19.15% for PBQQ. With a 0.96 correlation, they move nearly in lockstep. QMFE charges 0.90%/yr vs 0.50%/yr for PBQQ.

Performance

QMFE vs. PBQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Nasdaq-100 Moderate Buffer ETF - February (QMFE) 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 QMFE having a 7.91% return and PBQQ slightly higher at 8.21%.

QMFE

• 1D: -0.97%
• 1M: -0.64%
• YTD: 7.91%
• 6M: 7.76%
• 1Y: 17.88%
• 3Y*: —
• 5Y*: —
• 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)

QMFE vs. PBQQ - Yearly Performance Comparison

	2026 (YTD)	2025
QMFE FT Vest Nasdaq-100 Moderate Buffer ETF - February	7.91%	11.47%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	8.21%	12.99%

Correlation

The correlation between QMFE and PBQQ is 0.96 - 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	0.96
Correlation (All Time) Calculated using the full available price history since Feb 24, 2025	0.96

The correlation between QMFE and PBQQ has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.

Return for Risk

QMFE vs. PBQQ — Risk / Return Rank

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

QMFE

QMFE Risk / Return Rank: 87
QMFE Sharpe Ratio Rank: 86
QMFE Sortino Ratio Rank: 88
QMFE Omega Ratio Rank: 89
QMFE Calmar Ratio Rank: 79
QMFE Martin Ratio Rank: 92

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.

QMFE vs. PBQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Nasdaq-100 Moderate Buffer ETF - February (QMFE) 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.

	QMFE	PBQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.52	2.64	-0.12
Sortino ratio: Return per unit of downside risk	3.62	3.85	-0.24
Omega ratio: Gain probability vs. loss probability	1.51	1.52	-0.01
Calmar ratio: Return relative to maximum drawdown	3.73	4.08	-0.35
Martin ratio: Return relative to average drawdown	20.69	19.12	+1.58

QMFE vs. PBQQ - Sharpe Ratio Comparison

The current QMFE Sharpe Ratio is 2.52, which is comparable to the PBQQ Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of QMFE 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

QMFE vs. PBQQ - Drawdown Comparison

The maximum QMFE drawdown since its inception was -11.85%, smaller than the maximum PBQQ drawdown of -12.92%. Use the drawdown chart below to compare losses from any high point for QMFE and PBQQ.

Drawdown Indicators

	QMFE	PBQQ	Difference
Max Drawdown Largest peak-to-trough decline	-11.85%	-12.92%	+1.07%
Max Drawdown (1Y) Largest decline over 1 year	-4.81%	-4.71%	-0.10%
Current Drawdown Current decline from peak	-1.40%	-1.02%	-0.38%
Average Drawdown Average peak-to-trough decline	-1.10%	-1.24%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	1.00%	-0.13%

Volatility

QMFE vs. PBQQ - Volatility Comparison

FT Vest Nasdaq-100 Moderate Buffer ETF - February (QMFE) has a higher volatility of 2.40% compared to PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) at 2.24%. This indicates that QMFE'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

	QMFE	PBQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	2.24%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	5.93%	5.77%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	7.16%	7.32%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.61%	11.79%	-0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.61%	11.79%	-0.18%

QMFE vs. PBQQ - Expense Ratio Comparison

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

Dividends

QMFE vs. PBQQ - Dividend Comparison

QMFE 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%
QMFE FT Vest Nasdaq-100 Moderate Buffer ETF - February	0.00%	0.00%

Frequently Asked Questions

Can I hold both QMFE and PBQQ in my portfolio?

With a correlation of 0.96, QMFE 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, QMFE or PBQQ?

QMFE has higher volatility (2.40%) compared to PBQQ (2.24%). In terms of maximum drawdown, QMFE dropped -11.85% vs PBQQ's -12.92%.

Which ETF is better, QMFE or PBQQ?

On 1-year performance, PBQQ leads with 19.15% vs 17.88% for QMFE. 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, QMFE or PBQQ?

Over the 1-year period, PBQQ has performed better with a 19.15% return vs 17.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QMFE or PBQQ?

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

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

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

What is the main difference between QMFE and PBQQ?

They also come from different issuers: First Trust and PGIM. Their fees differ too: 0.90% for QMFE and 0.50% for PBQQ.

Which has better risk-adjusted returns?

PBQQ currently has the higher Sharpe Ratio (2.64 vs 2.52), 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.