- ISIN
- US73936G3083
- CUSIP
- 46137V399
- Issuer
- Invesco
- Inception Date
- Dec 20, 2007
- Region
- North America (U.S.)
- Category
- Derivative Income, S&P 500
- Leveraged
- 1x (No leverage)
- Index Tracked
- Cboe S&P 500 BuyWrite Index
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $347M
Share Price Chart
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Performance
PBP Performance Chart
Invesco S&P 500 BuyWrite ETF (PBP) is up 5.1% since the beginning of the year. PBP is currently trading at $23 per share. Investors who bought $1,000 worth of PBP shares 5 years ago would now be looking at an investment worth $1,465.
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Returns By Period
Invesco S&P 500 BuyWrite ETF (PBP) has returned 5.07% so far this year and 17.59% over the past 12 months. Over the last ten years, PBP has returned 7.25% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
Invesco S&P 500 BuyWrite ETF
- 1D
- -0.18%
- 1M
- 0.92%
- YTD
- 5.07%
- 6M
- 5.25%
- 1Y
- 17.59%
- 3Y*
- 11.87%
- 5Y*
- 7.94%
- 10Y*
- 7.25%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
PBP Monthly Returns History
Based on dividend-adjusted daily data since Dec 20, 2007, PBP's average daily return is +0.02%, while the average monthly return is +0.48%. At this rate, an investment would double in approximately 12.1 years.
Historically, 68% of months were positive and 32% were negative. The best month was Oct 2011 with a return of +9.5%, while the worst month was Oct 2008 at -15.3%. The longest winning streak lasted 18 consecutive months, and the longest losing streak was 4 months.
On a daily basis, PBP closed higher 54% of trading days. The best single day was Oct 13, 2008 with a return of +12.3%, while the worst single day was Mar 16, 2020 at -11.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.20% | 0.42% | -2.62% | 3.76% | 2.07% | 0.25% | 5.07% | ||||||
| 2025 | 2.07% | -0.52% | -4.99% | -1.64% | 0.96% | 2.31% | 1.18% | 0.96% | 1.39% | 2.88% | 2.20% | 1.65% | 8.49% |
| 2024 | 1.36% | 2.00% | 2.53% | -1.22% | 0.75% | 1.50% | 1.42% | 2.54% | 1.62% | -0.63% | 4.19% | 2.30% | 19.83% |
| 2023 | 4.13% | 0.05% | 1.49% | 1.25% | 0.88% | 2.44% | 1.09% | -1.48% | -2.87% | -0.89% | 3.21% | 1.95% | 11.59% |
| 2022 | -2.70% | -0.76% | 4.53% | -5.33% | -3.04% | -3.15% | 3.44% | -4.36% | -6.94% | 6.13% | 1.74% | -1.15% | -11.82% |
| 2021 | -0.26% | 1.52% | 4.53% | 0.69% | 1.38% | 2.71% | -0.09% | 3.15% | -1.21% | 4.09% | -0.96% | 3.02% | 19.97% |
Benchmark Metrics
Invesco S&P 500 BuyWrite ETF has an annualized alpha of -0.37%, beta of 0.60, and R2 of 0.63 versus S&P 500 Index. Calculated based on daily prices since December 20, 2007.
- This ETF participated in 64.82% of S&P 500 Index downside but only 53.36% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.60 indicates this ETF moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- -0.37%
- Beta
- 0.60
- R²
- 0.63
- Upside Capture
- 53.36%
- Downside Capture
- 64.82%
Expense Ratio
PBP has an expense ratio of 0.29%, placing it in the medium range.
Return for Risk
Risk / Return Rank
PBP ranks 82 for risk / return — in the top 82% of ETFs on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Invesco S&P 500 BuyWrite ETF (PBP) and compare them to S&P 500 Index.
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.
| PBP | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.37 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 3.38 | 2.78 | +0.60 |
| Martin ratioReturn relative to average drawdown | 17.60 | 12.44 | +5.16 |
Dividends
Dividend History
Invesco S&P 500 BuyWrite ETF provided a 12.26% dividend yield over the last twelve months, with an annual payout of $2.78 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $2.78 | $2.54 | $2.21 | $0.73 | $0.27 | $1.44 | $0.29 | $1.09 | $0.51 | $2.33 | $0.54 | $1.27 |
Dividend yield | 12.26% | 11.12% | 9.36% | 3.35% | 1.33% | 6.21% | 1.41% | 5.04% | 2.59% | 10.86% | 2.56% | 6.19% |
Monthly Dividends
The table displays the monthly dividend distributions for Invesco S&P 500 BuyWrite ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.21 | $0.20 | $0.19 | $0.21 | $0.21 | $0.23 | $1.26 | ||||||
| 2025 | $0.22 | $0.21 | $0.17 | $0.21 | $0.21 | $0.22 | $0.12 | $0.22 | $0.18 | $0.17 | $0.22 | $0.39 | $2.54 |
| 2024 | $0.15 | $0.17 | $0.18 | $0.17 | $0.20 | $0.16 | $0.16 | $0.17 | $0.23 | $0.19 | $0.21 | $0.20 | $2.21 |
| 2023 | $0.00 | $0.00 | $0.07 | $0.00 | $0.00 | $0.06 | $0.00 | $0.00 | $0.06 | $0.17 | $0.21 | $0.16 | $0.73 |
| 2022 | $0.00 | $0.00 | $0.07 | $0.00 | $0.00 | $0.07 | $0.00 | $0.00 | $0.07 | $0.00 | $0.00 | $0.06 | $0.27 |
| 2021 | $0.00 | $0.00 | $0.03 | $0.00 | $0.00 | $0.07 | $0.00 | $0.00 | $0.06 | $0.00 | $0.00 | $1.28 | $1.44 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Invesco S&P 500 BuyWrite ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Invesco S&P 500 BuyWrite ETF was 43.43%, occurring on Mar 9, 2009. Recovery took 1028 trading sessions.
The current Invesco S&P 500 BuyWrite ETF drawdown is 0.40%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -43.43%Mar 2009 | 10mo 12d | 4y 1mo | 4y 11moMay 2008 - Apr 2013 |
COVID crash2020 | -33.31%Mar 2020 | 1mo 2d | 1y 14d | 1y 1moFeb 2020 - Apr 2021 |
Bear market2022 | -18.61%Sep 2022 | 5mo 19d | 1y 4mo | 1y 10moApr 2022 - Feb 2024 |
Rate-hike selloffLate 2018 | -15.75%Dec 2018 | 3mo 1d | 10mo 18d | 1y 1moSep 2018 - Nov 2019 |
2025 selloff2025 | -15.42%Apr 2025 | 1mo 17d | 6mo 15d | 8mo 2dFeb 2025 - Oct 2025 |
Drawdown Indicators
| PBP | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.43% | -56.78% | +13.35% |
Max Drawdown (1Y)Largest decline over 1 year | -5.22% | -9.10% | +3.88% |
Max Drawdown (3Y)Largest decline over 3 years | -15.42% | -18.90% | +3.48% |
Max Drawdown (5Y)Largest decline over 5 years | -18.61% | -25.43% | +6.82% |
Max Drawdown (10Y)Largest decline over 10 years | -33.31% | -33.92% | +0.61% |
Current DrawdownCurrent decline from peak | -0.40% | -1.80% | +1.40% |
Average DrawdownAverage peak-to-trough decline | -6.68% | -10.71% | +4.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 2.03% | -1.03% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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