DYLG vs. PBP

Last updated Jul 14, 2026

DYLG (Global X Dow 30 Covered Call & Growth ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds - DYLG tracks the Cboe DJIA Half BuyWrite Index - Benchmark TR Gross while PBP tracks the Cboe S&P 500 BuyWrite Index. Both are passively managed. Over the past year, DYLG returned 17.40% vs 17.28% for PBP. A 0.66 correlation means they provide meaningful diversification when combined. DYLG charges 0.35%/yr vs 0.29%/yr for PBP.

Performance

DYLG vs. PBP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Dow 30 Covered Call & Growth ETF (DYLG) 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, DYLG achieves a 7.60% return, which is significantly higher than PBP's 6.88% return.

DYLG

• 1D: -0.20%
• 1M: 2.13%
• 6M: 5.46%
• YTD: 7.60%
• 1Y: 17.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBP

• 1D: -0.22%
• 1M: 2.29%
• 6M: 6.25%
• YTD: 6.88%
• 1Y: 17.28%
• 3Y*: 11.79%
• 5Y*: 8.13%
• 10Y*: 7.21%

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

DYLG vs. PBP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DYLG Global X Dow 30 Covered Call & Growth ETF	7.60%	12.50%	14.46%	4.05%
PBP Invesco S&P 500 BuyWrite ETF	6.88%	8.49%	19.83%	0.47%

Correlation

The correlation between DYLG and PBP is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Jul 26, 2023	0.66

The correlation between DYLG and PBP has been stable across timeframes, ranging from 0.66 to 0.69 - a consistent structural relationship.

DYLG vs. PBP - Sectors Allocation Comparison

Sectors	DYLG	PBP
Financial Services	27.3%	11.1%
Technology	19.1%	39.0%
Industrials	18.1%	7.8%
Healthcare	12.8%	8.3%
Consumer Cyclical	11.0%	9.9%
Consumer Defensive	4.1%	4.5%
Basic Materials	3.7%	1.7%
Energy	2.2%	3.1%
Communication Services	1.8%	10.6%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

DYLG vs. PBP — Risk / Return Rank

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

DYLG

DYLG Risk / Return Rank: 67
DYLG Sharpe Ratio Rank: 73
DYLG Sortino Ratio Rank: 75
DYLG Omega Ratio Rank: 74
DYLG Calmar Ratio Rank: 53
DYLG Martin Ratio Rank: 61

PBP

PBP Risk / Return Rank: 89
PBP Sharpe Ratio Rank: 90
PBP Sortino Ratio Rank: 91
PBP Omega Ratio Rank: 93
PBP Calmar Ratio Rank: 80
PBP 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.

DYLG vs. PBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Dow 30 Covered Call & Growth ETF (DYLG) 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.

	DYLG	PBP	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.40	-0.54
Sortino ratio: Return per unit of downside risk	2.69	3.48	-0.79
Omega ratio: Gain probability vs. loss probability	1.35	1.51	-0.17
Calmar ratio: Return relative to maximum drawdown	2.10	3.32	-1.22
Martin ratio: Return relative to average drawdown	8.56	17.12	-8.56

DYLG vs. PBP - Sharpe Ratio Comparison

The current DYLG Sharpe Ratio is 1.86, which is comparable to the PBP Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of DYLG 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

DYLG vs. PBP - Drawdown Comparison

The maximum DYLG drawdown since its inception was -13.98%, smaller than the maximum PBP drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for DYLG and PBP.

Drawdown Indicators

	DYLG	PBP	Difference
Max Drawdown Largest peak-to-trough decline	-13.98%	-43.43%	+29.45%
Max Drawdown (1Y) Largest decline over 1 year	-8.31%	-5.22%	-3.09%
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	-0.46%	-0.22%	-0.24%
Average Drawdown Average peak-to-trough decline	-1.80%	-6.66%	+4.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	1.01%	+1.03%

Volatility

DYLG vs. PBP - Volatility Comparison

The current volatility for Global X Dow 30 Covered Call & Growth ETF (DYLG) is 1.88%, while Invesco S&P 500 BuyWrite ETF (PBP) has a volatility of 2.07%. This indicates that DYLG experiences smaller price fluctuations and is considered to be less risky than PBP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DYLG	PBP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.88%	2.07%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	7.70%	6.04%	+1.66%
Volatility (1Y) Calculated over the trailing 1-year period	9.43%	7.24%	+2.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.34%	11.88%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.34%	13.66%	-2.32%

DYLG vs. PBP - Expense Ratio Comparison

DYLG has a 0.35% expense ratio, which is higher than PBP's 0.29% expense ratio.

Dividends

DYLG vs. PBP - Dividend Comparison

DYLG's dividend yield for the trailing twelve months is around 9.29%, less than PBP's 11.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DYLG Global X Dow 30 Covered Call & Growth ETF	9.29%	9.63%	16.55%	1.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PBP Invesco S&P 500 BuyWrite ETF	11.09%	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 DYLG and PBP in my portfolio?

DYLG and PBP have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DYLG or PBP?

PBP has higher volatility (2.07%) compared to DYLG (1.88%). In terms of maximum drawdown, DYLG dropped -13.98% vs PBP's -43.43%.

Which ETF is better, DYLG or PBP?

On 1-year performance, DYLG leads with 17.40% vs 17.28% for PBP. On fees, PBP is cheaper at 0.29% per year. On volatility, DYLG has been the lower-risk option at 1.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DYLG or PBP?

Over the 1-year period, DYLG has performed better with a 17.40% return vs 17.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DYLG or PBP?

PBP is cheaper with a 0.29% expense ratio, compared with 0.35% for DYLG.

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

PBP has the higher dividend yield at 11.09%, compared with 9.29% for DYLG.

What is the main difference between DYLG and PBP?

DYLG tracks Cboe DJIA Half BuyWrite Index - Benchmark TR Gross, while PBP tracks Cboe S&P 500 BuyWrite Index. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.35% for DYLG and 0.29% for PBP.

Which has better risk-adjusted returns?

PBP currently has the higher Sharpe Ratio (2.40 vs 1.86), 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.