QQQM vs. PBQQ

Last updated Jun 24, 2026

QQQM (Invesco NASDAQ 100 ETF) and PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) are both exchange-traded funds - QQQM is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while PBQQ is a Defined Outcome fund actively managed by PGIM. QQQM is passively managed, while PBQQ is actively managed. Over the past year, QQQM returned 34.99% vs 19.15% for PBQQ. With a 0.97 correlation, they move nearly in lockstep. QQQM charges 0.15%/yr vs 0.50%/yr for PBQQ.

Performance

QQQM vs. PBQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco NASDAQ 100 ETF (QQQM) 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, QQQM achieves a 16.48% return, which is significantly higher than PBQQ's 8.21% return.

QQQM

• 1D: -3.30%
• 1M: -0.42%
• YTD: 16.48%
• 6M: 15.00%
• 1Y: 34.99%
• 3Y*: 26.15%
• 5Y*: 16.11%
• 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)

QQQM vs. PBQQ - Yearly Performance Comparison

	2026 (YTD)	2025
QQQM Invesco NASDAQ 100 ETF	16.48%	20.85%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	8.21%	15.44%

Correlation

The correlation between QQQM 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 Jan 2, 2025	0.97

The correlation between QQQM and PBQQ has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

QQQM vs. PBQQ — Risk / Return Rank

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

QQQM

QQQM Risk / Return Rank: 60
QQQM Sharpe Ratio Rank: 61
QQQM Sortino Ratio Rank: 56
QQQM Omega Ratio Rank: 59
QQQM Calmar Ratio Rank: 61
QQQM Martin Ratio Rank: 62

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.

QQQM vs. PBQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ 100 ETF (QQQM) 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.

	QQQM	PBQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.64	-0.67
Sortino ratio: Return per unit of downside risk	2.58	3.85	-1.27
Omega ratio: Gain probability vs. loss probability	1.35	1.52	-0.17
Calmar ratio: Return relative to maximum drawdown	2.94	4.08	-1.14
Martin ratio: Return relative to average drawdown	10.88	19.12	-8.23

QQQM vs. PBQQ - Sharpe Ratio Comparison

The current QQQM Sharpe Ratio is 1.97, which is comparable to the PBQQ Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of QQQM 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

QQQM vs. PBQQ - Drawdown Comparison

The maximum QQQM drawdown since its inception was -35.04%, which is greater than PBQQ's maximum drawdown of -12.92%. Use the drawdown chart below to compare losses from any high point for QQQM and PBQQ.

Drawdown Indicators

	QQQM	PBQQ	Difference
Max Drawdown Largest peak-to-trough decline	-35.04%	-12.92%	-22.12%
Max Drawdown (1Y) Largest decline over 1 year	-11.96%	-4.71%	-7.25%
Max Drawdown (3Y) Largest decline over 3 years	-22.70%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-35.04%	—	—
Current Drawdown Current decline from peak	-4.24%	-1.02%	-3.22%
Average Drawdown Average peak-to-trough decline	-8.20%	-1.24%	-6.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	1.00%	+2.22%

Volatility

QQQM vs. PBQQ - Volatility Comparison

Invesco NASDAQ 100 ETF (QQQM) has a higher volatility of 9.00% compared to PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) at 2.24%. This indicates that QQQM'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

	QQQM	PBQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.00%	2.24%	+6.76%
Volatility (6M) Calculated over the trailing 6-month period	14.43%	5.77%	+8.66%
Volatility (1Y) Calculated over the trailing 1-year period	17.85%	7.32%	+10.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.53%	11.79%	+10.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.30%	11.79%	+10.51%

QQQM vs. PBQQ - Expense Ratio Comparison

QQQM has a 0.15% expense ratio, which is lower than PBQQ's 0.50% expense ratio.

Dividends

QQQM vs. PBQQ - Dividend Comparison

QQQM's dividend yield for the trailing twelve months is around 0.44%, more than PBQQ's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%
QQQM Invesco NASDAQ 100 ETF	0.44%	0.50%	0.61%	0.65%	0.83%	0.40%	0.16%

Frequently Asked Questions

Can I hold both QQQM and PBQQ in my portfolio?

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

QQQM has higher volatility (9.00%) compared to PBQQ (2.24%). In terms of maximum drawdown, QQQM dropped -35.04% vs PBQQ's -12.92%.

Which ETF is better, QQQM or PBQQ?

On 1-year performance, QQQM leads with 34.99% vs 19.15% for PBQQ. On fees, QQQM is cheaper at 0.15% 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, QQQM or PBQQ?

Over the 1-year period, QQQM has performed better with a 34.99% return vs 19.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQM or PBQQ?

QQQM is cheaper with a 0.15% expense ratio, compared with 0.50% for PBQQ.

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

QQQM has the higher dividend yield at 0.44%, compared with 0.01% for PBQQ.

What is the main difference between QQQM and PBQQ?

QQQM is categorized as Nasdaq-100, while PBQQ is Defined Outcome. They also come from different issuers: Invesco and PGIM. Their fees differ too: 0.15% for QQQM and 0.50% for PBQQ.

Which has better risk-adjusted returns?

PBQQ currently has the higher Sharpe Ratio (2.64 vs 1.97), 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.