COIW vs. PBP

Last updated Jun 26, 2026

COIW (COIN WeeklyPay™ ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds. COIW is actively managed, while PBP is passively managed. Over the past year, COIW returned -69.57% vs 15.72% for PBP. A 0.52 correlation means they provide meaningful diversification when combined. COIW charges 0.99%/yr vs 0.29%/yr for PBP.

Performance

COIW vs. PBP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in COIN WeeklyPay™ ETF (COIW) and Invesco S&P 500 BuyWrite ETF (PBP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, COIW achieves a -44.80% return, which is significantly lower than PBP's 4.31% return.

COIW

• 1D: -6.25%
• 1M: -25.28%
• YTD: -44.80%
• 6M: -48.64%
• 1Y: -69.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBP

• 1D: 0.20%
• 1M: -0.08%
• YTD: 4.31%
• 6M: 4.12%
• 1Y: 15.72%
• 3Y*: 11.74%
• 5Y*: 7.62%
• 10Y*: 7.31%

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

COIW vs. PBP - Yearly Performance Comparison

	2026 (YTD)	2025
COIW COIN WeeklyPay™ ETF	-44.80%	-25.92%
PBP Invesco S&P 500 BuyWrite ETF	4.31%	5.11%

Correlation

The correlation between COIW and PBP is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (All Time) Calculated using the full available price history since Feb 19, 2025	0.52

The correlation between COIW and PBP has been stable across timeframes, ranging from 0.49 to 0.52 - a consistent structural relationship.

Return for Risk

COIW vs. PBP — Risk / Return Rank

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

COIW

COIW Risk / Return Rank: 2
COIW Sharpe Ratio Rank: 3
COIW Sortino Ratio Rank: 2
COIW Omega Ratio Rank: 2
COIW Calmar Ratio Rank: 1
COIW Martin Ratio Rank: 2

PBP

PBP Risk / Return Rank: 81
PBP Sharpe Ratio Rank: 80
PBP Sortino Ratio Rank: 83
PBP Omega Ratio Rank: 88
PBP Calmar Ratio Rank: 70
PBP Martin Ratio Rank: 86

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.

COIW vs. PBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for COIN WeeklyPay™ ETF (COIW) and Invesco S&P 500 BuyWrite ETF (PBP). 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.

	COIW	PBP	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	2.21	-3.06
Sortino ratio: Return per unit of downside risk	-1.46	3.19	-4.65
Omega ratio: Gain probability vs. loss probability	0.84	1.47	-0.64
Calmar ratio: Return relative to maximum drawdown	-0.93	3.02	-3.95
Martin ratio: Return relative to average drawdown	-1.40	15.60	-16.99

COIW vs. PBP - Sharpe Ratio Comparison

The current COIW Sharpe Ratio is -0.85, which is lower than the PBP Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of COIW and PBP, 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

COIW vs. PBP - Drawdown Comparison

The maximum COIW drawdown since its inception was -75.01%, which is greater than PBP's maximum drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for COIW and PBP.

Drawdown Indicators

	COIW	PBP	Difference
Max Drawdown Largest peak-to-trough decline	-75.01%	-43.43%	-31.58%
Max Drawdown (1Y) Largest decline over 1 year	-75.01%	-5.22%	-69.79%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.61%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.31%	—
Current Drawdown Current decline from peak	-75.01%	-1.12%	-73.89%
Average Drawdown Average peak-to-trough decline	-39.52%	-6.67%	-32.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.83%	1.01%	+48.82%

Volatility

COIW vs. PBP - Volatility Comparison

COIN WeeklyPay™ ETF (COIW) has a higher volatility of 23.13% compared to Invesco S&P 500 BuyWrite ETF (PBP) at 2.37%. This indicates that COIW's price experiences larger fluctuations and is considered to be riskier than PBP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COIW	PBP	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.13%	2.37%	+20.76%
Volatility (6M) Calculated over the trailing 6-month period	63.51%	5.94%	+57.57%
Volatility (1Y) Calculated over the trailing 1-year period	82.07%	7.15%	+74.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.41%	11.87%	+78.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.41%	13.67%	+76.74%

COIW vs. PBP - Expense Ratio Comparison

COIW has a 0.99% expense ratio, which is higher than PBP's 0.29% expense ratio.

Dividends

COIW vs. PBP - Dividend Comparison

COIW's dividend yield for the trailing twelve months is around 270.96%, more than PBP's 11.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COIW COIN WeeklyPay™ ETF	270.96%	120.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PBP Invesco S&P 500 BuyWrite ETF	11.37%	11.12%	9.36%	3.35%	1.33%	6.21%	1.41%	5.04%	2.59%	10.86%	2.56%	6.19%

Frequently Asked Questions

Can I hold both COIW and PBP in my portfolio?

COIW and PBP have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COIW or PBP?

COIW has higher volatility (23.13%) compared to PBP (2.37%). In terms of maximum drawdown, COIW dropped -75.01% vs PBP's -43.43%.

Which ETF is better, COIW or PBP?

On 1-year performance, PBP leads with 15.72% vs -69.57% for COIW. On fees, PBP is cheaper at 0.29% per year. On volatility, PBP has been the lower-risk option at 2.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COIW or PBP?

Over the 1-year period, PBP has performed better with a 15.72% return vs -69.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COIW or PBP?

PBP is cheaper with a 0.29% expense ratio, compared with 0.99% for COIW.

Which ETF pays a higher dividend yield, COIW or PBP?

COIW has the higher dividend yield at 270.96%, compared with 11.37% for PBP.

What is the main difference between COIW and PBP?

They also come from different issuers: Roundhill and Invesco. Their fees differ too: 0.99% for COIW and 0.29% for PBP.

Which has better risk-adjusted returns?

PBP currently has the higher Sharpe Ratio (2.21 vs -0.85), 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.