FGSI vs. PBP

Last updated Jul 2, 2026

FGSI (First Trust Vest Growth Strength & Target Income ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds. FGSI is actively managed, while PBP is passively managed. Over the past year, FGSI returned 9.08% vs 17.08% for PBP. A 0.64 correlation means they provide meaningful diversification when combined. FGSI charges 0.85%/yr vs 0.29%/yr for PBP.

Performance

FGSI vs. PBP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Vest Growth Strength & Target Income ETF (FGSI) and Invesco S&P 500 BuyWrite ETF (PBP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FGSI having a 6.03% return and PBP slightly higher at 6.07%.

FGSI

• 1D: 1.53%
• 1M: -0.53%
• YTD: 6.03%
• 6M: 6.03%
• 1Y: 9.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBP

• 1D: 0.02%
• 1M: 1.07%
• YTD: 6.07%
• 6M: 6.07%
• 1Y: 17.08%
• 3Y*: 11.63%
• 5Y*: 7.92%
• 10Y*: 7.12%

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

FGSI vs. PBP - Yearly Performance Comparison

	2026 (YTD)	2025
FGSI First Trust Vest Growth Strength & Target Income ETF	6.03%	4.53%
PBP Invesco S&P 500 BuyWrite ETF	6.07%	10.94%

Correlation

The correlation between FGSI and PBP is 0.65, 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	0.65
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.64

The correlation between FGSI and PBP has been stable across timeframes, ranging from 0.64 to 0.65 - a consistent structural relationship.

FGSI vs. PBP - Sectors Allocation Comparison

Sectors	FGSI	PBP
Technology	32.6%	39.0%
Healthcare	17.5%	8.3%
Financial Services	15.3%	11.1%
Consumer Cyclical	13.2%	9.9%
Industrials	11.2%	7.8%
Communication Services	6.1%	10.6%
Energy	4.8%	3.1%
Consumer Defensive	2.3%	4.5%
Basic Materials	1.9%	1.7%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

FGSI vs. PBP — Risk / Return Rank

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

FGSI

FGSI Risk / Return Rank: 24
FGSI Sharpe Ratio Rank: 23
FGSI Sortino Ratio Rank: 22
FGSI Omega Ratio Rank: 21
FGSI Calmar Ratio Rank: 26
FGSI Martin Ratio Rank: 29

PBP

PBP Risk / Return Rank: 86
PBP Sharpe Ratio Rank: 86
PBP Sortino Ratio Rank: 88
PBP Omega Ratio Rank: 92
PBP Calmar Ratio Rank: 75
PBP Martin Ratio Rank: 89

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.

FGSI vs. PBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Vest Growth Strength & Target Income ETF (FGSI) 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.

	FGSI	PBP	Difference
Sharpe ratio: Return per unit of total volatility	0.73	2.39	-1.66
Sortino ratio: Return per unit of downside risk	1.10	3.45	-2.35
Omega ratio: Gain probability vs. loss probability	1.13	1.52	-0.38
Calmar ratio: Return relative to maximum drawdown	1.11	3.28	-2.18
Martin ratio: Return relative to average drawdown	3.55	16.92	-13.37

FGSI vs. PBP - Sharpe Ratio Comparison

The current FGSI Sharpe Ratio is 0.73, which is lower than the PBP Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of FGSI 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

FGSI vs. PBP - Drawdown Comparison

The maximum FGSI drawdown since its inception was -8.25%, smaller than the maximum PBP drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for FGSI and PBP.

Drawdown Indicators

	FGSI	PBP	Difference
Max Drawdown Largest peak-to-trough decline	-8.25%	-43.43%	+35.18%
Max Drawdown (1Y) Largest decline over 1 year	-8.25%	-5.22%	-3.03%
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	-0.53%	0.00%	-0.53%
Average Drawdown Average peak-to-trough decline	-1.92%	-6.67%	+4.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	1.01%	+1.55%

Volatility

FGSI vs. PBP - Volatility Comparison

First Trust Vest Growth Strength & Target Income ETF (FGSI) has a higher volatility of 4.02% compared to Invesco S&P 500 BuyWrite ETF (PBP) at 2.57%. This indicates that FGSI'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

	FGSI	PBP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	2.57%	+1.45%
Volatility (6M) Calculated over the trailing 6-month period	10.17%	6.01%	+4.16%
Volatility (1Y) Calculated over the trailing 1-year period	12.53%	7.19%	+5.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.50%	11.88%	+0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.50%	13.66%	-1.16%

FGSI vs. PBP - Expense Ratio Comparison

FGSI has a 0.85% expense ratio, which is higher than PBP's 0.29% expense ratio.

Dividends

FGSI vs. PBP - Dividend Comparison

FGSI's dividend yield for the trailing twelve months is around 8.24%, less than PBP's 11.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGSI First Trust Vest Growth Strength & Target Income ETF	8.24%	4.20%	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	11.18%	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 FGSI and PBP in my portfolio?

FGSI and PBP have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGSI or PBP?

FGSI has higher volatility (4.02%) compared to PBP (2.57%). In terms of maximum drawdown, FGSI dropped -8.25% vs PBP's -43.43%.

Which ETF is better, FGSI or PBP?

On 1-year performance, PBP leads with 17.08% vs 9.08% for FGSI. On fees, PBP is cheaper at 0.29% per year. On volatility, PBP has been the lower-risk option at 2.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FGSI or PBP?

Over the 1-year period, PBP has performed better with a 17.08% return vs 9.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FGSI or PBP?

PBP is cheaper with a 0.29% expense ratio, compared with 0.85% for FGSI.

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

PBP has the higher dividend yield at 11.18%, compared with 8.24% for FGSI.

What is the main difference between FGSI and PBP?

They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.85% for FGSI and 0.29% for PBP.

Which has better risk-adjusted returns?

PBP currently has the higher Sharpe Ratio (2.39 vs 0.73), 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.