SQMX vs. PBQQ

Last updated Jun 23, 2026

SQMX (FT Vest U.S. Equity Quarterly Max Buffer ETF) and PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) are both Defined Outcome funds. SQMX is passively managed, while PBQQ is actively managed. Over the past year, SQMX returned 8.08% vs 20.95% for PBQQ. Their correlation of 0.83 suggests significant overlap in exposure. SQMX charges 0.85%/yr vs 0.50%/yr for PBQQ.

Performance

SQMX vs. PBQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX) 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, SQMX achieves a 2.27% return, which is significantly lower than PBQQ's 9.03% return.

SQMX

• 1D: -0.10%
• 1M: 0.22%
• YTD: 2.27%
• 6M: 2.33%
• 1Y: 8.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBQQ

• 1D: -0.03%
• 1M: 0.53%
• YTD: 9.03%
• 6M: 9.07%
• 1Y: 20.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SQMX vs. PBQQ - Yearly Performance Comparison

	2026 (YTD)	2025
SQMX FT Vest U.S. Equity Quarterly Max Buffer ETF	2.27%	8.58%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	9.03%	15.44%

Correlation

The correlation between SQMX and PBQQ is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	0.83

The correlation between SQMX and PBQQ has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

Return for Risk

SQMX vs. PBQQ — Risk / Return Rank

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

SQMX

SQMX Risk / Return Rank: 84
SQMX Sharpe Ratio Rank: 79
SQMX Sortino Ratio Rank: 83
SQMX Omega Ratio Rank: 91
SQMX Calmar Ratio Rank: 80
SQMX Martin Ratio Rank: 85

PBQQ

PBQQ Risk / Return Rank: 90
PBQQ Sharpe Ratio Rank: 90
PBQQ Sortino Ratio Rank: 92
PBQQ Omega Ratio Rank: 91
PBQQ Calmar Ratio Rank: 85
PBQQ Martin Ratio Rank: 91

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.

SQMX vs. PBQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX) 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.

	SQMX	PBQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.43	2.89	-0.46
Sortino ratio: Return per unit of downside risk	3.50	4.23	-0.73
Omega ratio: Gain probability vs. loss probability	1.58	1.58	0.00
Calmar ratio: Return relative to maximum drawdown	3.99	4.46	-0.48
Martin ratio: Return relative to average drawdown	17.05	20.95	-3.90

SQMX vs. PBQQ - Sharpe Ratio Comparison

The current SQMX Sharpe Ratio is 2.43, which is comparable to the PBQQ Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of SQMX 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

SQMX vs. PBQQ - Drawdown Comparison

The maximum SQMX drawdown since its inception was -7.40%, smaller than the maximum PBQQ drawdown of -12.92%. Use the drawdown chart below to compare losses from any high point for SQMX and PBQQ.

Drawdown Indicators

	SQMX	PBQQ	Difference
Max Drawdown Largest peak-to-trough decline	-7.40%	-12.92%	+5.52%
Max Drawdown (1Y) Largest decline over 1 year	-2.04%	-4.71%	+2.67%
Current Drawdown Current decline from peak	-0.10%	-0.27%	+0.17%
Average Drawdown Average peak-to-trough decline	-0.53%	-1.24%	+0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	1.00%	-0.52%

Volatility

SQMX vs. PBQQ - Volatility Comparison

The current volatility for FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX) is 0.19%, while PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) has a volatility of 2.10%. This indicates that SQMX experiences smaller price fluctuations and is considered to be less risky than PBQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQMX	PBQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	2.10%	-1.91%
Volatility (6M) Calculated over the trailing 6-month period	2.50%	5.75%	-3.25%
Volatility (1Y) Calculated over the trailing 1-year period	3.34%	7.29%	-3.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.17%	11.79%	-5.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.17%	11.79%	-5.62%

SQMX vs. PBQQ - Expense Ratio Comparison

SQMX has a 0.85% expense ratio, which is higher than PBQQ's 0.50% expense ratio.

Dividends

SQMX vs. PBQQ - Dividend Comparison

SQMX 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%
SQMX FT Vest U.S. Equity Quarterly Max Buffer ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both SQMX and PBQQ in my portfolio?

SQMX and PBQQ have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SQMX or PBQQ?

PBQQ has higher volatility (2.10%) compared to SQMX (0.19%). In terms of maximum drawdown, SQMX dropped -7.40% vs PBQQ's -12.92%.

Which ETF is better, SQMX or PBQQ?

On 1-year performance, PBQQ leads with 20.95% vs 8.08% for SQMX. On fees, PBQQ is cheaper at 0.50% per year. On volatility, SQMX has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SQMX or PBQQ?

Over the 1-year period, PBQQ has performed better with a 20.95% return vs 8.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SQMX or PBQQ?

PBQQ is cheaper with a 0.50% expense ratio, compared with 0.85% for SQMX.

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

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

What is the main difference between SQMX and PBQQ?

They also come from different issuers: FT Vest and PGIM. Their fees differ too: 0.85% for SQMX and 0.50% for PBQQ.

Which has better risk-adjusted returns?

PBQQ currently has the higher Sharpe Ratio (2.89 vs 2.43), 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.