QXQ vs. PBQQ

Last updated Aug 4, 2026

QXQ (SGI Enhanced Nasdaq-100 ETF) and PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) are both exchange-traded funds - QXQ is a Nasdaq-100 fund actively managed by Summit Global Investments, while PBQQ is a Defined Outcome fund actively managed by PGIM. Both are actively managed. Over the past year, QXQ returned 28.05% vs 16.05% for PBQQ. Their 0.95 correlation means they have historically moved very closely together. QXQ charges 0.98%/yr vs 0.50%/yr for PBQQ.

Performance

QXQ vs. PBQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SGI Enhanced Nasdaq-100 ETF (QXQ) 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, QXQ achieves a 13.63% return, which is significantly higher than PBQQ's 8.46% return.

QXQ

• 1D: 1.59%
• 1M: -1.86%
• 6M: 11.58%
• YTD: 13.63%
• 1Y: 28.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.65%

PBQQ

• 1D: 0.73%
• 1M: 0.14%
• 6M: 7.35%
• YTD: 8.46%
• 1Y: 16.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.26%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	$351.32K	$350.21K	$913.43K
QXQ SGI Enhanced Nasdaq-100 ETF	$1.32M	$762.04K	$467.23K

QXQ vs. PBQQ - Yearly Performance Comparison

	2026 (YTD)	2025
QXQ SGI Enhanced Nasdaq-100 ETF	13.63%	19.78%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	8.46%	15.44%

Correlation

The correlation between QXQ and PBQQ is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.97
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.95

The correlation between QXQ and PBQQ has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

QXQ vs. PBQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QXQ

QXQ Risk / Return Rank: 56
QXQ Sharpe Ratio Rank: 56
QXQ Sortino Ratio Rank: 53
QXQ Omega Ratio Rank: 51
QXQ Calmar Ratio Rank: 60
QXQ Martin Ratio Rank: 58

PBQQ

PBQQ Risk / Return Rank: 85
PBQQ Sharpe Ratio Rank: 83
PBQQ Sortino Ratio Rank: 86
PBQQ Omega Ratio Rank: 85
PBQQ Calmar Ratio Rank: 84
PBQQ Martin Ratio Rank: 89

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QXQ vs. PBQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SGI Enhanced Nasdaq-100 ETF (QXQ) 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.

	QXQ	PBQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.48	2.07	-0.60
Sortino ratio: Return per unit of downside risk	2.04	3.06	-1.01
Omega ratio: Gain probability vs. loss probability	1.25	1.39	-0.14
Calmar ratio: Return relative to maximum drawdown	2.31	3.42	-1.11
Martin ratio: Return relative to average drawdown	7.53	14.56	-7.03

QXQ vs. PBQQ - Sharpe Ratio Comparison

The current QXQ Sharpe Ratio is 1.48, which is comparable to the PBQQ Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of QXQ 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

QXQ vs. PBQQ - Drawdown Comparison

The maximum QXQ drawdown since its inception was -22.53%, which is greater than PBQQ's maximum drawdown of -12.92%. Use the drawdown chart below to compare losses from any high point for QXQ and PBQQ.

Drawdown Indicators

	QXQ	PBQQ	Difference
Max Drawdown Largest peak-to-trough decline	-22.53%	-12.92%	-9.61%
Max Drawdown (1Y) Largest decline over 1 year	-12.20%	-4.71%	-7.49%
Current Drawdown Current decline from peak	-6.27%	-0.79%	-5.48%
Average Drawdown Average peak-to-trough decline	-3.71%	-1.23%	-2.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	1.10%	+2.64%

Volatility

QXQ vs. PBQQ - Volatility Comparison

SGI Enhanced Nasdaq-100 ETF (QXQ) has a higher volatility of 7.06% compared to PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) at 3.07%. This indicates that QXQ'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

	QXQ	PBQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.06%	3.07%	+3.99%
Volatility (6M) Calculated over the trailing 6-month period	15.79%	6.37%	+9.42%
Volatility (1Y) Calculated over the trailing 1-year period	19.14%	7.79%	+11.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.24%	11.64%	+10.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.24%	11.64%	+10.60%

QXQ vs. PBQQ - Expense Ratio Comparison

QXQ has a 0.98% expense ratio, which is higher than PBQQ's 0.50% expense ratio.

Dividends

QXQ vs. PBQQ - Dividend Comparison

QXQ's dividend yield for the trailing twelve months is around 15.78%, more than PBQQ's 0.01% yield.

Position	TTM	2025	2024
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	0.01%	0.01%	0.00%
QXQ SGI Enhanced Nasdaq-100 ETF	15.78%	18.21%	1.97%

Frequently Asked Questions

Can I hold both QXQ and PBQQ in my portfolio?

With a correlation of 0.97, QXQ 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, QXQ or PBQQ?

QXQ has higher volatility (7.06%) compared to PBQQ (3.07%). In terms of maximum drawdown, QXQ dropped -22.53% vs PBQQ's -12.92%.

Which ETF is better, QXQ or PBQQ?

On 1-year performance, QXQ leads with 28.05% vs 16.05% for PBQQ. On fees, PBQQ is cheaper at 0.50% per year. On volatility, PBQQ has been the lower-risk option at 3.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QXQ or PBQQ?

Over the 1-year period, QXQ has performed better with a 28.05% return vs 16.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QXQ or PBQQ?

PBQQ is cheaper with a 0.50% expense ratio, compared with 0.98% for QXQ.

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

QXQ has the higher dividend yield at 15.78%, compared with 0.01% for PBQQ.

What is the main difference between QXQ and PBQQ?

QXQ is categorized as Nasdaq-100, while PBQQ is Defined Outcome. They also come from different issuers: Summit Global Investments and PGIM. Their fees differ too: 0.98% for QXQ and 0.50% for PBQQ.

Which has better risk-adjusted returns?

PBQQ currently has the higher Sharpe Ratio (2.07 vs 1.48), 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.