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PBJA vs PQXV: which one stands where?

As of Oct 1, 2026 PBJA can fall 7.0% before its buffer engages and PQXV 0.1%. PGIM S&P 500 Buffer 20 ETF - January and PGIM S&P 500 Quarterly Buffer 15 ETF.

7.0%
PBJA can fall this far before its buffer
0.1%
PQXV can fall this far before its buffer
2.7%
PBJA can still gain
2.7%
PQXV can still gain
PBJAAt its cap
At its capPBJA: reference +11.8% since period start, fund +7.0%; buffer 0 to −20; cap +10.4%; At its cap.20 pts of buffer+10.4% gain captured−20.0% floor0% period start+10.4% capTODAY · SPY +11.8%At its capPBJA: reference +11.8% since period start, fund +7.0%; buffer 0 to −20; cap +10.4%; At its cap.20 pts of buffer+10.4%−20.0% floor0% start+10.4% capTODAY · SPY +11.8%

PBJA: reference +11.8% since period start, fund +7.0%; buffer 0 to −20; cap +10.4%; At its cap.

PQXVBetween buffer and cap
Between buffer and capPQXV: reference 0.0% since period start, fund 0.0%; buffer 0 to −15; cap +2.8%; Between buffer and cap.15 pts of buffer−15.0% floor0% period start+2.8% capTODAY · SPY 0.0%Between buffer and capPQXV: reference 0.0% since period start, fund 0.0%; buffer 0 to −15; cap +2.8%; Between buffer and cap.15 pts−15.0% floor0% start+2.8% capTODAY · SPY 0.0%

PQXV: reference 0.0% since period start, fund 0.0%; buffer 0 to −15; cap +2.8%; Between buffer and cap.

ETFIQ Downside Cover Score · PQXV scores higherIf the market falls into a bear market from here, how much does the buffer absorb?
0.2, the lowest in this set99.8, the highest

A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it → How it is computed →

PBJA is already at its cap, so more rise in the index adds nothing to it before the period ends.

Both are PGIM funds, so the difference between them is the terms rather than the house.

Where each one stands today

PBJA resets first, on Dec 31, 2026, 92 days from now; PQXV runs to Dec 31, 2026, 92 days. PBJA can still gain 2.7% before its cap, PQXV 2.7%. A fall from here reaches PBJA’s buffer after 7.0% and PQXV’s after 0.1%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

Total returnGap to the reference
WindowPBJAPQXVPBJAPQXV
3 months+2.3%+2.1%−0.2 pts−0.4 pts
6 months+8.1%not published−8.9 ptsnot published
1 year+9.7%not published−6.0 ptsnot published

PBJA and PQXV over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

PBJA
PGIM S&P 500 Buffer 20 ETF - January · Absorbs the first 20% of loss on SPY and caps the gain at 10.4%, over a period ending Dec 31, 2026
PQXV
PGIM S&P 500 Quarterly Buffer 15 ETF · Absorbs the first 15% of loss on SPY and caps the gain at 2.8%, over a period ending Dec 31, 2026
Issuer PGIM PGIM
Reference index SPY SPY
Buffer 20% 15%
Outcome period Jan 1, 2026 to Dec 31, 2026 Oct 1, 2026 to Dec 31, 2026
Days left 92 92
Starting cap +10.4% +2.8%
Can still gain 2.7% 2.7%
Fall before buffer 7.0% 0.1%
Protection left, index points 20.0% of 20.0% 15.0% of 15.0%
Index return this period +11.8% 0.0%
Fund return this period +7.0% 0.0%
State today At cap Open
Expense ratio 0.50% 0.50%
Net assets $66m $3m

PBJA and PQXV on the same fields, as of Oct 1, 2026. Source: ETFIQ.

PBJA in plain words

SPY had already risen past this fund's cap of +10.4% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.7% as the period runs out. The fund's price can fall 7.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.6% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 92 days remained on Oct 1, 2026. On Dec 31, 2026 the period ends and a new cap is set.

PQXV in plain words

From its price on Oct 1, 2026, the fund can gain about 2.7% more before it reaches its cap. The fund's price can fall 0.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, PBJA or PQXV?
From their prices on Oct 1, 2026, PBJA can gain about 2.7% before its cap and PQXV about 2.7%, so PBJA has more room left this period.
Which resets first, PBJA or PQXV?
PBJA ends its outcome period on Dec 31, 2026 and PQXV on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, PBJA or PQXV?
PBJA charges 0.50% a year and PQXV charges 0.50%, so PBJA is cheaper. Fees come from each fund's prospectus.
Other comparisons
PBJA vs XDECPBJA vs ZALTPBJA vs ZJANPBJA vs AIOOPQXV vs DDFOPQXV vs DDSQPQXV vs DDTOPQXV vs PQXX
SPDR S&P 500 ETF Trust →PBJA on its own →PQXV on its own →How every figure is computed →Standards and sources →
Where these figures came from
PBJA and PQXV filings on SEC EDGAR ↗PGIM website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, PBJA against PQXV, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/pbja-vs-pqxv

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.