QTR vs. PBQQ

Last updated Jun 24, 2026

QTR (Global X NASDAQ 100 Tail Risk ETF) and PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) are both exchange-traded funds - QTR is a Nasdaq-100 fund tracking the NASDAQ-100 Quarterly Protective Put 90 Index, while PBQQ is a Defined Outcome fund actively managed by PGIM. QTR is passively managed, while PBQQ is actively managed. Over the past year, QTR returned 28.74% vs 19.15% for PBQQ. Their correlation of 0.95 suggests significant overlap in exposure. QTR charges 0.60%/yr vs 0.50%/yr for PBQQ.

Performance

QTR vs. PBQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X NASDAQ 100 Tail Risk ETF (QTR) 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, QTR achieves a 14.00% return, which is significantly higher than PBQQ's 8.21% return.

QTR

• 1D: -2.27%
• 1M: 0.45%
• YTD: 14.00%
• 6M: 12.63%
• 1Y: 28.74%
• 3Y*: 20.74%
• 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)

QTR vs. PBQQ - Yearly Performance Comparison

	2026 (YTD)	2025
QTR Global X NASDAQ 100 Tail Risk ETF	14.00%	14.52%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	8.21%	15.44%

Correlation

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

Return for Risk

QTR vs. PBQQ — Risk / Return Rank

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

QTR

QTR Risk / Return Rank: 53
QTR Sharpe Ratio Rank: 57
QTR Sortino Ratio Rank: 53
QTR Omega Ratio Rank: 55
QTR Calmar Ratio Rank: 50
QTR Martin Ratio Rank: 49

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.

QTR vs. PBQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X NASDAQ 100 Tail Risk ETF (QTR) 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.

	QTR	PBQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.64	-0.83
Sortino ratio: Return per unit of downside risk	2.44	3.85	-1.42
Omega ratio: Gain probability vs. loss probability	1.32	1.52	-0.20
Calmar ratio: Return relative to maximum drawdown	2.35	4.08	-1.73
Martin ratio: Return relative to average drawdown	7.86	19.12	-11.25

QTR vs. PBQQ - Sharpe Ratio Comparison

The current QTR Sharpe Ratio is 1.81, which is lower than the PBQQ Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of QTR 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

QTR vs. PBQQ - Drawdown Comparison

The maximum QTR drawdown since its inception was -31.72%, which is greater than PBQQ's maximum drawdown of -12.92%. Use the drawdown chart below to compare losses from any high point for QTR and PBQQ.

Drawdown Indicators

	QTR	PBQQ	Difference
Max Drawdown Largest peak-to-trough decline	-31.72%	-12.92%	-18.80%
Max Drawdown (1Y) Largest decline over 1 year	-12.29%	-4.71%	-7.58%
Max Drawdown (3Y) Largest decline over 3 years	-18.99%	—	—
Current Drawdown Current decline from peak	-3.33%	-1.02%	-2.31%
Average Drawdown Average peak-to-trough decline	-8.77%	-1.24%	-7.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	1.00%	+2.66%

Volatility

QTR vs. PBQQ - Volatility Comparison

Global X NASDAQ 100 Tail Risk ETF (QTR) has a higher volatility of 8.36% compared to PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) at 2.24%. This indicates that QTR'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

	QTR	PBQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.36%	2.24%	+6.12%
Volatility (6M) Calculated over the trailing 6-month period	12.86%	5.77%	+7.09%
Volatility (1Y) Calculated over the trailing 1-year period	15.96%	7.32%	+8.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.35%	11.79%	+6.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.35%	11.79%	+6.56%

QTR vs. PBQQ - Expense Ratio Comparison

QTR has a 0.60% expense ratio, which is higher than PBQQ's 0.50% expense ratio.

Dividends

QTR vs. PBQQ - Dividend Comparison

QTR's dividend yield for the trailing twelve months is around 16.47%, more than PBQQ's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%
QTR Global X NASDAQ 100 Tail Risk ETF	16.47%	18.77%	0.50%	0.53%	0.36%	1.90%

Frequently Asked Questions

Can I hold both QTR and PBQQ in my portfolio?

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

QTR has higher volatility (8.36%) compared to PBQQ (2.24%). In terms of maximum drawdown, QTR dropped -31.72% vs PBQQ's -12.92%.

Which ETF is better, QTR or PBQQ?

On 1-year performance, QTR leads with 28.74% 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, QTR or PBQQ?

Over the 1-year period, QTR has performed better with a 28.74% return vs 19.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QTR or PBQQ?

PBQQ is cheaper with a 0.50% expense ratio, compared with 0.60% for QTR.

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

QTR has the higher dividend yield at 16.47%, compared with 0.01% for PBQQ.

What is the main difference between QTR and PBQQ?

QTR is categorized as Nasdaq-100, while PBQQ is Defined Outcome. They also come from different issuers: Global X and PGIM. Their fees differ too: 0.60% for QTR and 0.50% for PBQQ.

Which has better risk-adjusted returns?

PBQQ currently has the higher Sharpe Ratio (2.64 vs 1.81), 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.